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A company uses the following standard costs to produce a single unit of output. During the latest month, the company purchased and used 58,000 pounds of direct materials at a price of $1.00 per pound to produce 10,000 units of output. Direct labor costs for the month totaled
$56,350 based on 4,900 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $15,000 and fixed manufacturing overhead incurred was $10,400.
-Based on this information, the direct materials quantity variance for the month was:
FICA-OASDI
The Federal Insurance Contributions Act - Old Age, Survivors, and Disability Insurance tax deducted from employee wages for Social Security and Medicare.
Kitchen Salaries
The total amount of wages paid to employees working in a kitchen over a specific period.
Federal Income Tax
A tax levied by the U.S. government on the annual earnings of individuals, corporations, trusts, and other legal entities.
FICA Taxes
Federal Insurance Contributions Act taxes, which fund Social Security and Medicare, required deductions from employees' paychecks and matched by employers.
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