Chemical, Inc

question 29

Essay

Chemical, Inc., has set the following standards for direct materials and direct labor for each 20-pound bag of Weed-Be-Doom: The company manufactured 100,000 bags of Weed-Be-Doom in December and used 2,700,000 pounds of XF-2000 and 5,200 direct labor-hours. During the month the company purchased 3,000,000 lbs. of XF-2000 at $0.075 per pound and incurred a total payroll of $182,000 for direct labor. The company records purchases at standard cost and therefore recognizes material price variances at point of purchase.
Required
1. Compute the price and usage variances for direct materials, and the rate and efficiency variances for direct labor.
2. Prepare journal entries to record the preceding events.

Explain the role and types of joints and their functional anatomy in human motion.

Identify the biochemical processes and muscle structures involved in exercise.

Discuss how genetic mutations can affect muscle function.

Understand the structural differences between muscle types and their functional implications.

---

Definitions:

Account Group

A classification system used in accounting to organize and categorize financial transactions and balances.

Assets

Assets are resources owned or controlled by a business or individual that have economic value and can provide future benefits, including cash, property, and equipment.

Horizontal Analysis

A method of financial analysis in which figures in financial statements over different periods are compared line by line to identify trends.

Statement of Cash Flows

A financial report that details the inflows and outflows of cash within an organization over a specific period.