Kincaid Ltd. produces and sells leather wallets. In the current year, the company budgeted for the production and sale of 18,000 wallets; however, 21,000 wallets were actually produced and sold. Each wallet has a standard requiring eight square inches of material at a cost of .20 per inch and ten minutes of assembly time at a cost of $.15 per minute. Actual costs for the production of 21,000 wallets were $36,080 for materials (164,000 inches purchased and used @ $.22 per inch) and $36,000 for labor (225,000 minutes @ $.16 per minute).
Required: Compute each of the following variances. Indicate whether the variance is favorable (F) or unfavorable (U).
Definitions:
Distraction
Anything that diverts attention away from the focus of activity, potentially decreasing productivity or quality of work.
Mind Map
A visual diagram that represents ideas, tasks, or other items linked to and arranged around a central concept.
Recall
The transfer of information from long-term memory into short-term memory.
Credit Cards
Financial tools issued by financial institutions allowing cardholders to borrow funds within a pre-approved limit for purchases or cash advances.
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