A Chemical Company in the Midwest Produces a Solvent Used

question 123

Essay

A chemical company in the Midwest produces a solvent used by manufacturers of plastics.Three basic chemicals go into this solvent.The standards for one-liter of this product are:
Chemical A: 500 ml.@ $10 per liter
Chemical B: 100 ml.@ $50 per liter
Chemical C: 400 ml.@ $20 per liter
During the last period,10,000 liters of the solvent were produced and the company purchased the following amounts of each chemical:
Chemical A: 6,400 liters @ $9.00 per liter
Chemical B: 900 liters @ $75.00 per liter
Chemical C: 4,200 liters @ $20.00 per liter
Because these chemicals are volatile,the company uses them immediately upon purchase,so there are no beginning and ending inventories.Required:
(Be sure to indicate whether the variance is favorable or unfavorable. )
a.Compute the direct material price variances.b.Compute the direct material efficiency variances.c.Compute the direct material mix variances.d.Compute the direct material yield variances.

Describe the significance of conservative reactions to classical sociological theories.

Define and analyze the concept of social facts and their application in sociological inquiry.

Investigate Montesquieu's contributions to sociological theory and their relevance today.

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Definitions:

Operating Activities

Operating activities are daily business functions related to producing and selling goods or services, which are reflected in a company's cash flow.

Net Income

The total profit of a company after subtracting all expenses, taxes, and losses from total revenue.

Comparative Balance Sheets

Financial statements that present the financial position of an entity at different points in time, side by side, to facilitate comparison.

Dividends

Payments made by a corporation to its shareholder members, distributing a portion of the company's earnings.