The Following Information Is for the Standard and Actual Costs

question 157

Essay

The following information is for the standard and actual costs for the Happy Corporation:
Standard Costs:
Budgeted units of production - 16,000 [80% or normal capacity]
Standard labor hours per unit - 4
Standard labor rate - $26 per hour
Standard material per unit - 8 lbs.
Standard material cost - $12 per pound
Standard variable overhead rate - $15 per labor hour
Budgeted fixed overhead - $640,000
Fixed overhead rate is based on budgeted labor hours at 80% or normal capacity.
Actual Cost:
Actual production - 16,500 units
Actual material purchased and used - 130,000 pounds
Actual total material cost - $1,600,000
Actual labor - 65,000 hours
Actual total labor costs - $1,700,000
Actual variable overhead - $1,000,000
Actual fixed overhead - $640,000
Determine: a the direct materials quantity variance, price variance, and total cost variance; b the direct labor time variance, rate variance, and total cost variance; and c the factory overhead volume variance, controllable variance, and total factory overhead cost variance.Note: If following text formulas, do not round interim calculations.

Recognize the legal aspects and responsibilities involved in landlord and tenant relationships.

Identify the rights and obligations of parties in mortgage and lease agreements.

Understand the concepts of easements, rights of way, and their acquisition.

Grasp the legal concept of life estates, remainders, and reversionary interests.

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Definitions:

Introspection

A methodological technique in which trained observers are asked to reflect on, and report on, their conscious experience while performing cognitive tasks.

Consciousness

The state of being aware of and able to think about one's own existence, sensations, thoughts, and environment.

Nonjudgmental Observation

Nonjudgmental observation involves noticing and acknowledging thoughts, feelings, and sensations without attaching judgment or analysis.

Working Backward

A problem-solving technique that identifies the final goal and the steps, in reverse order, that are necessary to reach the goal.