are based on costumer’s specification‚ and therefore each product is unique. Process costing can not be used under our present set-up. Possible reasons for cost differences between actual and standard costs under Conley’s system: a. Materials Price and Usage Differences b. Labor Rate Differences c. Labor Efficiency Difference d. Production Volume Difference Standard Cost are usually develop from previous year’s experiences and some adjustments from each department’s managers If our
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Question 2(a) Actual Direct labour cost =4‚813‚000 dollars Budgeted Direct Labour cost= 4‚400‚000 dollars Variance = Actual Direct labour cost - Budgeted Direct Labour cost =4‚813‚000 dollars - 4‚400‚000 dollars = 413‚000 dollars The variance is said to be unfavorable because the actual amount spent on direct labour is more than the amount that is budgeted for‚ meaning that Kaufmann spent more on
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| |Total |42000 | |Begin EI |4000 | |Required Production |38000 | b. Assume the following budgeted data for June: | |Materials Purchases |$50‚000 | | | (Paid for in full in the month of purchase) | | | |Selling and administrative expenses |$12‚000
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Bangladesh Open University CEMBA/CEMPA Program Semester 122 Course : Management and Organization Submit by : September 20‚ 2013 Instructions for Assignment Submission 1. Assignments must be submitted on A4 size paper in own hand writing. 2. Completed cover must be used on the top of each assignment (For specimen cover page‚ see page-3 of the Semester Calendar) 3. Assignments must be submitted to the coordinator of the study center you are attached with. 4. Spiral binding must be avoided
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Analysis of total costs. 5) Build a Spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how the solution will change if the following data change: the April 1 work in process costs were $27‚000 for direct material and $5‚000 for conversion. 1. | | Physical Units | | Work in process‚ April 1 | 10‚000 | | Units started during April | 100‚000 | | Total units to account for | 110‚000 |
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and for the budget to be functional‚ an organization must stick to the budget very closely. No matter how closely a budget is followed‚ there will be variances. Organizations can expect such variances and be able to work such situations into budgetary constraints. This paper assesses certain situations in which budgeting‚ forecasting‚ and variance interact. Managing the Budget within the Forecast According to Cleverly & Cameron‚ (2007‚ p. 331)‚ when management is done by many different people
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Material & Labor Variances Assuming there are no inventories from previous year. Let’s look at Material Price variances as well as labor wage & efficiency variance as the data provided allows us to look at all these parameters. With no understanding of Materials details & measures‚ I will not be looking at material quantity variance. {draw:frame} {draw:frame} In terms of interpretation‚ an easy one to make could be : State Street Shop manager has probably chosen the right supplier
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department 43 103 Supervision costs vary with direct labor costs in each department. 1. Calculate the budgeted cost of trophies and plaques based on a single plant-wide overhead rate‚ if total overhead is allocated based on total direct costs. 2. Calculate the budgeted cost of trophies and plaques based on department overhead rates‚ where forming department overhead costs are allocated based on direct labor costs of the forming department ‚ and assembly
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1. The direct materials quantity standard should A) exclude unavoidable waste. B) exclude quality considerations. C) allow for normal spoilage. D) always be expressed as an ideal standard. Use the following to answer questions 2-4: Stiner Company has a materials price standard of $2.00 per pound. Five thousand pounds of materials were purchased at $2.20 a pound. The actual quantity of materials used was 5‚000 pounds‚ although the standard quantity allowed for the output
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Discuss the implications of increased internet usage by children for creators of language learning materials. How should such resource creators adapt their approach for the next generation of learners? With the proliferation of advanced technology on internet usage‚ the popularity and accessibility of online learning has increased rapidly for children’s using with various learning materials. Employing computers has become a mainstream in many fields‚ language learning in particular. Social networking
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