Dawson Corporation Has the Following Information A Determine the Materials Price Variance and Whether It Is

question 15

Essay

Dawson Corporation has the following information: $\begin{array} { l r l r } \text { Direct Materials: }&&\text { Direct Labour: }\\\text { Standard Quantity } & 2,500 & \text { Standard Hours } & 600 \\ \text { Actual Quantity } & 2,400 & \text { Actual Hours } & 625 \\ \text { Standard Price } & \$ 22 & \text { Standard Rate } & \$ 15 \\ \text { Actual Price } & \$ 20 & \text { Actual Rate } & \$ 15 \end{array}$ A. Determine the materials price variance and whether it is favourable or unfavourable.
B. Determine the materials usage variance and whether it is favourable or unfavourable.
C. Determine the labour rate variance and whether it is favourable or unfavourable.
D. Determine the labour efficiency variance and whether it is favourable or unfavourable.

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Definitions:

UCC

All commercial activities in the United States are subject to the intricate legal structure of the Uniform Commercial Code.

Promissory Estoppel

A legal concept that bars a person from canceling a promise made to someone else if that individual has sensibly relied on the promise to their misfortune.

Contract

A contract between two or more parties that is recognized and enforceable under the law.

Consideration

Something of value that is exchanged between parties in a contract, making the agreement legally binding.