The Stratt Corporation had the following information for its…
The Stratt Corporation had the following information for its product: For direct materials, the company determined that each unit should have 1.5 pounds of direct materials purchased at $8 per pound. Actual production information revealed that 44,000 pounds of direct materials were used at an average cost of $8.07 per pound. For direct labor, the company determined that each unit should be produced in 1 minute at a direct labor cost of $12 per hour. Actual production information revealed that 580 direct labor hours were used at an average cost of $12.50 per hour. If actual production was 30,000 units, what was the direct labor price variance for the company? Use a positive number to indicate a favorable variance or a negative number to indicate an unfavorable variance.
Read DetailsThe Grace Corporation had the following transactions Aug….
The Grace Corporation had the following transactions Aug. 1 Owner invested $38,000 to start the company Aug. 1 Purchased $500 of supplies Aug. 1 Purchased a three month insurance policy for $585 on account Aug. 22 Paid $380 for advertising Aug. 29 Performed $800 of services for customers Aug. 30 Reported supplies on hand of $100 What amount of total assets would the company have at the end of the month?
Read DetailsThe Ryland Company purchased equipment for $25,240 on May 1,…
The Ryland Company purchased equipment for $25,240 on May 1, 2022 and estimated that it would have a useful life of four years and a salvage value of $4,600 at that time. What amount of depreciation expense would it report in 2026 for the equipment? Enter as a positive number.
Read DetailsThe Stratt Corporation had the following information for its…
The Stratt Corporation had the following information for its product: For direct materials, the company determined that each unit should have 1.5 pounds of direct materials purchased at $8 per pound. Actual production information revealed that 44,000 pounds of direct materials were used at an average cost of $8.07 per pound. For direct labor, the company determined that each unit should be produced in 1 minute at a direct labor cost of $12 per hour. Actual production information revealed that 580 direct labor hours were used at an average cost of $12.50 per hour. If actual production was 30,000 units, what was the total direct materials variance for the company? Use a positive number to indicate a favorable variance or a negative number to indicate an unfavorable variance.
Read DetailsThe Ryland Company purchased a new storage facility on Janua…
The Ryland Company purchased a new storage facility on January 1, 2021 for $17,040 and expects to use it for eight years at which time it can be sold for an estimated $1,200. If the company sold the equipment on January 31, 2024 for $10,600, what amount of gain or loss would it report on the sale? Use a positive number to indicate a gain or a negative number to indicate a loss.
Read DetailsIf the total direct materials standard cost variance was unf…
If the total direct materials standard cost variance was unfavorable then which of the following could be true? A favorable direct materials price variance was less than an unfavorable direct materials quantity variance. [response1] Actual sales were less than budgeted sales. [response2] Total budgeted standard direct labor costs were less than total actual standard direct labor costs. [response3]
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