The Following Information Comes from the Records of Dina Co

question 76

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The following information comes from the records of Dina Co. for the current period.
a. Compute the direct materials price and quantity variances, direct labor rate and efficiency variances and state whether the variance is favorable or unfavorable.
b. Prepare the journal entries to charge direct materials and direct labor costs to goods in process and the materials and labor variances to their proper accounts. Factory overhead (based on budgeted production of 24,500 units)
Variable overhead $2.25/direct labor hour
Fixed overhead $1.95/direct labor hour

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Definitions:

Procedural Unconscionability

A legal term referring to a situation where the process of making a contract is so unfair or oppressive to one party that it affects the validity of the agreement.

Nonperformance

The failure to fulfill a duty or obligation, particularly in terms of meeting the terms of a contract.

Disaffirm The Contract

The legal right of a party to renounce or revoke consent to a contract, typically due to incapacity or misrepresentation.

By Words

Through verbal expression or speech rather than written documents.