Roncy Manufacturing uses enhanced powder plastics (EPP) to manufacture a high-pressure board, Dura-Plastic. Information concerning its operation in June was as follows:
The direct materials usage (efficiency) variance for June, to the nearest dollar, was:
Definitions:
Gross Profit
The financial gain obtained after subtracting the cost of goods sold from the revenue generated from sales.
Operating Expenses
The costs associated with the day-to-day operations of a business, excluding costs related to production.
Depreciation
Depreciation is the accounting process of allocating the cost of a tangible asset over its useful life, reflecting its decrease in value over time.
Income Taxes
Taxes levied by the government on individuals or corporations based on their net income or profit.
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