Hernandez Corporation Uses a Standard Cost System and Has Established

question 33

Essay

Hernandez Corporation uses a standard cost system and has established the following standards for one unit of product: During October,the company purchased 240,000 pounds of material at a total cost of $588,000.The total factory wages for October were $49,400.During October,21,000 units of product were manufactured using 211,000 pounds of material and 5,200 direct labor hours.Material quantity and price variances are recorded when materials are used.
a.Compute the material quantity and labor efficiency variances.
b.Compute the material price and labor rate variances.Show whether each of the above variances was either favorable or unfavorable.

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Definitions:

Hip Surgery

A surgical procedure on the hip joint, often conducted to repair damage from injury or diseases such as arthritis.

Contraindicated Position

A body position or posture that is advised against because it may be harmful or worsen a condition for a particular patient or in a specific situation.

Professional Standards

These are guidelines and criteria set by professional bodies that outline the ethical and performance expectations for individuals within a specific profession.

Clinical Decisions

The judgments and actions taken by healthcare professionals based on clinical knowledge and evidence to provide patient care.