Standard Cost System-Disposition of Variances

question 61

Essay

Standard cost system-disposition of variances
The cost of goods sold at standard cost for Field Company for 2018 amounted to $425,000 and was 60% of net sales.As of the end of 2018,the total of balances remaining in cost variance accounts was a net unfavorable cost variance of $8,000,which is not considered material.
(a)What is the amount shown in Field 's 2018 income statement for cost of goods sold? $________
(b)What is the amount reported in Field 's 2018 income statement for gross profit on sales? $________
(If required,round your answer to nearest whole dollar value. )

Define productive and allocative efficiency and differentiate between them.

Assess how changes in determinants of demand and supply, such as consumer income or resource prices, affect market equilibrium.

Explain the impact of changes in the prices of substitute goods on the demand for a product.

Identify the outcomes of simultaneous shifts in both supply and demand curves on equilibrium price and quantity.

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Definitions:

Feminization Of Poverty

The theory that (1) women are more likely to be low-income earners than men, and (2) the low-income gap between women and men is growing.

Low-Income Earners

Individuals or families whose income falls below a certain threshold, often determined by national or regional standards, leading to potential financial instability.

Female-Male Poverty Gap

The disparity between the poverty rates of females and males, often highlighting greater economic challenges faced by women.

Petite-Bourgeoisie

A social class between the middle class and lower class, often referring to small business owners and workers who own their means of production.