The Moore Company Produces and Sells a Single Product The Company Manufactured and Sold 18,000 Units of Product During

question 66

Essay

The Moore Company produces and sells a single product.A standard cost card for the product follows:
Standard Cost Card-per unit of product: $\begin{array}{lrr}\text { Direct materials, } 4 \text { yards at } \$ 4.00 \text { per yard .......... } & \$ 16.00 \\\text { Direct labor, 1.5 hours at } \$ 10.00 \text { per hour .......... } & 15.00 \\\text { Variable overhead, 1.5 hours at } \$ 3.00 \text { per hour ..... } & 4.50 \\\text { Fixed overhead, 1.5 hours at } \$ 7.00 \text { per hour......... } &\underline{ 10.50 }\\\text { Standard cost per unit............................ } &\underline{ \$ 46.00}\end{array}$ The company manufactured and sold 18,000 units of product during the year.A total of 70,200 yards of material was purchased during the year at cost of $4.20 per yard.All of this material was used to manufacture the 18,000 units.The company records showed no beginning or ending inventories for the year.
The company worked 29,250 direct labor-hours during the year at a cost of $9.75 per hour.Overhead cost is applied to products on the basis of standard direct labor-hours.The denominator activity level (direct labor-hours)was 22,500 hours.Budgeted fixed manufacturing overhead costs as shown on the flexible budget were $157,500,while actual fixed manufacturing overhead costs were $156,000.Actual variable overhead costs were $90,000.
Required:
a.Compute the direct materials price and quantity variances for the year.
b.Compute the direct labor rate and efficiency variances for the year.
c.Compute the variable overhead rate and efficiency variances for the year.
d.Compute the fixed manufacturing overhead budget and volume variances for the year.

Identify and explain the use of monocular and binocular cues in depicting depth.

Describe perceptual grouping principles according to Gestalt psychology including similarity, continuity, closure, and proximity.

Explain the concept of perceptual constancy and its role in maintaining a stable perception despite changes.

Understand the impact of experience and culture on susceptibility to visual illusions and the processing of perceptual cues.

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Definitions:

Original Investment

The initial amount of money put into an investment or project, serving as the baseline for measuring future earnings or losses.

Nominal Interest Rate

The interest rate before adjustments for inflation, as opposed to the real interest rate.

Periodic Interest Rate

The interest rate applied to a loan or investment for a specific period, usually shorter than a year.

Compound-Interest GIC

A Compound-Interest Guaranteed Investment Certificate is a type of investment where the interest earned is reinvested, allowing the initial investment to grow at an exponential rate over time due to the compound interest effect.