Compute a materials price variance for the plates purchased last month and a materials quantity variance for the plates used last month. Materials Price Variance measures the difference between what is paid for a given quantity of materials and what should have been paid according to the standard. (Actual Quantity x Actual Price) – (Actual Quantity x Standard Price) or AQ (AP-SP) Materials Price Variance = 12‚000 plates x ($2.50 - $2.35) = $1‚800 Materials Quantity Variance measures the difference
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• Question 1 A decision support system supports customer care employees and salespersons who need to make quick‚ real-time decisions. Answer False • Question 2 A value proposition is an analysis of the benefits of using the specific model (tangible or intangible) in business decision making. Answer True • Question 3 _______ provides routine information for planning‚ organizing‚ and controlling operations in functional areas. Answer
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Information supplied from PWI’s cost accounting department in case study: Title Material Direct Labor Overhead Departmental Administrative Total 100 Plastic Rings 17.65 65.50 131.00 65.50 279.65 100 Steel Rings 321.90 196.50 393.00 196.50 1107.90 1 Some
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method because the older milk will be sold first. International Accounting Standards No. 2 (IASCF) does not permit the use of LIFO for foreign affairs. Therefore‚ companies must use FIFO to report any inventory outside of the US effective as of January 1‚ 2009. On the hand‚ we have LIFO which is last in‚ first out. There has been a gradual increase of LIFO method by companies from 1973-2008. This method assumes that shirts bought in May 2012 will be sold before the shirts made in January 2012. Generally
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ECO550 Week 4 Discussion 1 and 2 Name Course University 5/3/2014 Question 1 "Production Economics" Please respond to the following: From the scenario for Katrina’s Candies‚ determine the relevant costs for the expansion decision‚ and distinguish between the short run and the long run costs. Recommend the key decision-making criteria that Katrina’s Candies should use for expansion decisions in the short run and in the long run. Provide rationale for your response. Given that Katrina’s candies
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Master Budget The master budget is a comprehensive summary of a business’ long and short-term goals. “It is a set of interrelated budgets that constitutes a plan of action for a specified time period” (Weygandt‚ Kimmel‚ & Kieso‚ 2008‚ p.4). It brings together long-range plans and short-term budgets. It provides calculated targets for sub-activities such as target sales‚ distribution‚ production‚ and finance. In addition it helps calculate any other item of financial interest to the business owner
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Question 1 4 out of 4 points Select the best definition of ethics: Answer Selected Answer: a set of relatively unclear principles regarding what we should do. Correct Answer: a set of relatively unclear principles regarding what we should do. Question 2 4 out of 4 points The best example of a source for virtue ethics for a business is Answer Selected Answer: the corporate mission statement. Correct Answer: the corporate mission
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Question 2: Select one example of a literary work or work of visual art from the 1800s—either Romantic or Realist in style—that responds in some way to the Industrial Revolution. Identify the work and the artist or writer‚ and explain how it responds to the Industrial Revolution. Then describe one example of how either black slaves or white abolitionists used literature or the visual arts as a form of protest against slavery. Art is Reacting to Industrial Revolution Chapter 28 (pp. 920-948)
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In the file ACC 561 Week 3 Discussion Question 1 you will find right answers on the following task: "Select a costing method: process‚ job‚ or activity based. Describe the nature of your chosen method. What types of organizations should choose that method? How is this method different from the costing methods you did not choose? Use your selected costing method to create a real-life business management scenario that includes realistic numbers. What management decisions may one make based on your
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for training and job duties. The general duties for handling patient records differ between a record administrator and a records technician . A technician has to have knowledge about medical records and implement the skills that go into filling out all the documents in the files. An administrator hires and teaches medical record technicians how properly to complete medical documentations. Three specific examples of differences between a record administrator and a records technician are a technician
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