Jake's Cheese Company Produces Gourmet Cheese for Resale at Local

question 10

Essay

Jake's Cheese Company produces gourmet cheese for resale at local grocery stores.Jake's expected to use 3.0 pounds of direct materials to produce one unit (batch)of product at a cost of $8 per pound.Actual results are in for last year,which indicates 45,000 batches of cheese were sold.The company purchased 160,000 pounds of materials at $7.50 per pound,and used 145,000 pounds in production.
(1)Calculate the materials price variance.
(2)Calculate the materials quantity variance.
(3)Suggest several possible reasons for the materials price and quantity variances calculated in requirements (1)and (2).

Identify effective strategies for engaging passive job seekers.

Understand the significance of realistic job previews in the recruitment process.

Comprehend the career development stages and the concept of career paths.

Understand the concept and application of various recruitment methods and career paths.

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Definitions:

ROA

Return on Assets, a profitability ratio that measures how efficiently a company can manage its assets to produce profit during a period.

Effective Utilization

Effective utilization refers to how efficiently resources, such as labor and equipment, are used to produce goods or services.

EBIT

Earnings before interest and taxes; a measure of a company's profitability that excludes interest and income tax expenses.

Quick Ratios

The quick ratio, also known as the acid-test ratio, measures a company's ability to meet its short-term obligations with its most liquid assets.