Gibraltar, Inc.A partial balance sheet for the company is provided below. Assume that all of the account balances on the balance sheet are normal balances.
-Refer to the partial balance sheet presented above for Gibraltar,Inc.Compute the total current liabilities for December 31,Year 2,and December 31,Year 1.
Definitions:
Direct Materials Quantity Variance
The deviation of the actual direct materials amount utilized in manufacturing from the expected standard amount, times the set cost per unit.
Standard Price
The predetermined cost of a single unit of product or service, used in budgeting and to measure efficiency.
Direct Labor Rate Variance
The difference between the expected cost of direct labor and the actual cost incurred, based on the rate paid per hour.
Direct Labor Time Variance
The difference between the actual time spent on production and the estimated standard time, multiplied by the standard labor rate.
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