Pontefract Company produced 2,500 widgets during November using 4,000 units of materials at a cost of $5.00 each. It also used 5,000 direct labor hours at a rate of $7.00. Its direct materials standard is 2 units per widget. Its direct labor standard is 2.5 hours per widget.
Its materials price variance was a favorable $8,000 and its labor rate variance was an unfavorable $1,000.
Definitions:
Financial Outcomes
The results of financial transactions and events, affecting the financial health and performance of a business or individual over a period.
Critical Success Factors
Key areas in which satisfactory results will ensure successful competitive performance for the organization.
Continuous Improvement
A continuous endeavor to enhance products, services, or processes by making both small and significant improvements.
World-class
A term used to describe products, services, processes, or operations that are considered to be among the best in the world.
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