Excalibur bought 3,000 pounds of materials for $2,850. They used 2,800 pounds to produce 1,000 units of output. Direct labor costs totaled $18,000 for 600 hours of work. Standards have been set as follows:Direct Materials: 2 pounds @ $1.10 per pound Direct Labor: .5 hours @ $32 per hour The materials efficiency variance is:
Read DetailsBasix Inc. calculates direct manufacturing labor variances and has the following information: Actual hours worked: 200Standard hours: 250Actual rate per hour: $12Standard rate per hour: $10 Given the information above, which of the following is correct regarding direct manufacturing labor variances?
Read DetailsMary Jacobs, the controller of the Jenks Company is working on Jenks’ cash budget for year 2. She has information on each of the following items: I. Wages due to workers accrued as of December 31, year 1.II. Limits on a line of credit that may be used to fund Jenks’ operations in year 2.III. The balance in accounts payable as of December 31, year 1, from credit purchases made in year 1. Which of the items above should Jacobs take into account when building the cash budget for year 2?
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