Calculate direct material variances when the quantity purchased equals the quantity used
Streetsboro Ceramics produces large planters to be used in urban landscaping projects. A special earth clay is used to make the planters. The standard quantity of clay used for each planter is 24 pounds. The company uses a standard cost of $1.96 per pound of clay. Streetsboro produced 3,500 planters in May. In that month, 87,500 pounds of clay were purchased and used at the total cost of $168,000.
Requirements
1. Calculate the direct material price variance.
2. Calculate the direct material quantity variance.

Answer:

Results are below.

Explanation:

To calculate the direct material price and quantity variance, we need to use the following formulas:

Direct material price variance= (standard price - actual price)*actual quantity

Direct material price variance= (1.96 - 1.92)*87,500

Direct material price variance= $3,500 favorable

Actual cost= 168,000 / 87,500 = $1.92

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Direct material quantity variance= (3,500*24 - 87,500)*1.96

Direct material quantity variance= $6,860 unfavorable

Which of the following best describes profit sharing? incentive pay in which payments are a percentage of the organization's profits and do not become part of the employees' base salary a gainsharing program in which employees receive a bonus if the ratio of labor costs to the sales value of production is below a set standard a group incentive program that measures improvements in productivity and effectiveness and distributes a portion of profit to employees an incentive plan where a percentage of the previous year's profits is provided to the employees as a part of their salary a combination of performance measures directed toward the company's profit and used as the basis for awarding incentive pay

Cordner Corporation has two production departments, P1 and P2, and two service departments, S1 and S2. Direct costs for each department and the proportion of service costs used by the various departments for the month of July are as follows: Proportion of Services Used by: DepartmentDirect costsS1 S2 P1 P2 S1$66,000 0.70 0.10 0.20 S2$161,000 0.20 0.30 0.50 P1$166,000 P2$233,000 Under the step method of cost allocation, the amount of S2 costs allocated to S1 would be:

Finishing Touches has two classes of stock authorized: 7%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2021, its first year of operations: January 2 Issues 100,000 shares of common stock for $24 per share. February 6 Issues 1,900 shares of 7% preferred stock for $13 per share. September 10 Purchases 12,000 shares of its own common stock for $29 per share. December 15 Resells 6,000 shares of treasury stock at $34 per share. In its first year of operations, Finishing Touches has net income of $149,000 and pays dividends at the end of the year of $94,000 ($1 per share) on all common shares outstanding and $1,330 on all preferred shares
Required:
Prepare the stockholders' equity section of the balance sheet for Finishing Touches as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

Alpha First Company just began business and made the following four inventory purchases in June: June 1 150 units $1040 June 10 200 units 1560 June 15 200 units 1680 June 28 150 units 1320 $5600 A physical count of merchandise inventory on June 30 reveals that there are 210 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is $1508. $1848. $1456. $1824.

Research question
Technology ,good or bad has a major impact on the way we do things Explain how technology influences the way we make decisions and do business in the logistics and supply chain arena​

Hammes Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During February, the company budgeted for 5,500 units, but its actual level of activity was 5,510 units. The company has provided the following data concerning the formulas to be used in its budgeting: Fixed element per month, Variable element per unit:
Revenue −−−−, $ 43.10
Direct labor $ 0, $ 6.20
Direct materials 0, 15.70
Manufacturing overhead 47,800, 1.40
Selling and administrative expenses 27,300, 0.70
Total expenses $ 75,100, $ 24.00
The activity variance for net operating income in February would be closest to:
A. $191 U
B. $1,651 U
C. $191 F
D. $1,651 F

choosing to sell your house
is an example of property rights providing the right for you to

enjoy property
control property
exchange property
own property

In determining Blue Corporation's current earnings and profits (E & P) for 2019, how should taxable income be adjusted as a result of the following transactions?
Select either "Increase", "Decrease" or "Not be affected", whichever is applicable.
a. A capital loss carryover from 2018, fully used in 2019.
b. Nondeductible meal expenses in 2019.
c. Interest on municipal bonds received in 2019.
d. Nondeductible lobbying expenses in 2019.
e. Loss on a sale between related parties in 2019.
f. Federal income tax refund received in 2019.

If fixed costs are $270,000, the unit selling price is $70, and the unit variable costs are $45, what are the old and new break-even sales in units (rounded to a whole number) if the unit selling price increases by $6

Which of the following statements regarding personal and/or rental use of a home is false? Multiple Choice A day for which a taxpayer rents a home to an unrelated party for less than the property's fair market value is considered to be a personal-use day. A day for which a taxpayer rents a home to a relative for full fair market value is considered to be a rental use day (home is not the relative’s principal residence). A day for which an unrelated nonowner stays in the home under a vacation exchange arrangement is considered to be a personal-use day. A day for which the home is available for rent but is not occupied does not count as a personal-use or a rental use day.

interest cost (the increase in pension costs due to the passage of time), the expected return on plan assets (the amount that managers anticipate they will earn on the plan's investments), and other costs were all reflected in operating income. Under the new rules (which are now in effect), service costs will be reported as an operating cost and all the other pension costs and any expected returns will be reported as non-operating items. What will be the change in operating income for GM

The following transactions were carried out during the month of May by Hagen and Associates, a firm of design architects. For each of the five transactions, state whether the transaction represented revenue to the firm during the month of May. Give reasons for your decision in each case. a. The firm received $300,000 cash by issuing additional shares of capital stock. b. Collected cash of $25,000 from an account receivable. The receivable originated in April from services rendered to a client. c. Borrowed $60,000 from Century Bank to be repaid in three months. d. Earned $250 interest on a company savings account during the month of May. No withdrawals were made from this account in May. e. Completed plans for a guesthouse, pool, and spa for a client. The $7,000 fee for this project was billed to the client in May, but will not be collected until June 25.

How can life expectancy and literacy rates affect the quality of labor in the economy?​

Haste Enterprises issues 20-year, $1,000,000 bonds that pay semiannual interest of $50,000. If the effective annual rate of interest is 11%, what is the issue price of the bonds? Some relevant and irrelevant present value factors: * PV of ordinary annuity of $1: n = 20; i = 11% is 7.96333 **PV of $1: n = 20; i = 11% is 0.12403 * PV of ordinary annuity of $1: n = 40; i = 5.5% is 16.04612 **PV of $1: n = 40; i = 5.5% is 0.11746 Multiple Choice $1,000,000. $919,766. $1,802,306. $992,948.

All yearly government spending is broken up into two categories; Mandatory spending which is required by law and Discretionary spending which is spending that must be approved each year by Congress.

Mandatory spending is spending that is required by current law. Most federal mandatory spending is in the form of safety net and entitlement programs, including the Food Stamp program, Social Security, Medicaid, and Medicare. Safety net programs represent “transfer payments” by which the government redistributes the income of the taxpayers by collecting taxes and providing services for those less fortunate and who do not provide any type of good or service in return. Entitlement expenditures include Medicaid and Social Security in which money that has been collected from taxpayers is then given back to those that contributed once they reach a certain age or meet other requirements. Other forms of mandatory spending include veterans benefits. For example, being a veteran means that you have already provided a service for which you were guaranteed, by law, certain benefits and payments (salary once you served your term/retirement, college benefits once you served your term, health insurance after you served your term, etc.). Because the law requires that these benefits be paid once the military personnel has served their term, these expenditures are mandatory and are automatically included in the US budget each year. The amount included for these expenditures is based on the number of citizens who “qualify” for these payments whether safety net, entitlement, or veteran benefits. Many other mandatory expenditures fall under the US budget. Over half of the entire US budget is mandatory which means that it cannot be changed without a change to the law.

About one-third of federal spending is Discretionary. This means that while this spending is for programs that are considered necessary to the operation of the US, they must be re-approved each year by Congress through a vote. The largest category of Discretionary spending is National Defense which must be approved each year. Other categories of Discretionary spending include education assistance, Interstate transportation programs, national parks, the Justice / Court system, and science, space, and technology research programs.

An appropriation is an Act which congress passes to approve discretionary spending. For example, one category of spending on education may be mandatory but congress may want to increase spending through an appropriation (or a special vote) which places the extra spending under the discretionary piece of the budget. One example of an appropriation that increased mandatory spending in the US annual budget is that of the Veteran’s Choice program. Veteran’s health benefits are required by law (they have served and part of their payment for serving is free health care after they retire). However, to receive their health benefits veterans have historically been required to utilize specific Doctors and hospitals. This is the law and therefore part of the mandatory budget. However, an appropriation was passed in 2019 which added extra funding to allow veterans to visit any Doctor they chose and be treated at any hospital of their choosing. The funding for this change is part of the discretionary budget and had to be approved by congress.



Questions:



1) Name and define the two types of spending that are included in the US budget each year.




2) What does it mean that mandatory spending is spending required by law? Give an example.


3) How much of the US yearly budget is required by law?







4) Who must vote to approve additional (Discretionary) spending each year?





5) What is the largest category of spending that must be voted on each year?





6) What is appropriation? Give an example.

It is important to understand your new company culture because _____. a. your boss will test you on it b. your pay will increase if you know it c. it is more ethical to know it d. it will help orient you to your workplace

recession definition economics​

If your economics class was graded on a curve and everyone agrees to study only half as much, everyone would get the same grade that they otherwise would earn. You, however, will earn an A if you study more than the others, a C if you study the same amount as others, and an F if everyone else studies more than you. You don't like studying, but you'd rather study and get an A than get a C without studying, or study and get a C than get an F without studying. All the students in your class get together and agree not to study but have no way of verifying if anyone does study. What is it in your best interest to do?
not study
randomize over studying and not studying
drop the class
study

Imagine yourself sitting in your car in a campus parking lot that is currently full, waiting for someone to pull out so that you can park your car. Somebody pulls out, but at the same moment a driver who has just arrived overtakes you in an obvious attempt to park in the vacated spot before you can. Suppose this driver would be willing to pay up to $10 to park in that spot and up to $30 to avoid getting into an argument with you. (That is, the benefit of parking is $10 and the cost of an argument is $30.) At the same time he guesses, accurately, that you too would be willing to pay up to $30 to avoid a confrontation and up to $10 to park in the vacant spot.
a. Model this situation as a two-stage decision tree in which his bid to take the space is the opening move and your strategies are (1) to protest and (2) not to protest. If you protest (initiate an argument), the rules of the game specify that he has to let you take the space. Show the payoffs at the end of each branch of the tree.
b. What is the equilibrium outcome?
c. What would be the advantage of being able to communicate credibly to the other driver that your failure to protest would be a significant psychological cost to you?

Daniel, age 38, is single and has the following income and expenses in 2020:
Salary income $165,000
Net rent income 12,500
Dividend income 2,900
Payment of alimony (divorce finalized in March 2019) 20,000
Mortgage interest on residence 8,300
Property tax on residence 3,400
Contribution to traditional IRA (assume the amount is fully deductible) 4,800
Contribution to United Church 1,700
Loss on the sale of real estate (held for investment) 575
Medical expenses 5,300
State income tax 1,500
Federal income tax 4,400
Daniel's standard deduction for 2019 is $12,200.
a. Classify the following expenses as either "Deductible for AGI", "Deductible from AGI", or "Not deductible
Payment of alimony
Mortgage interest on residence
Property tax on residence
Contribution to traditional IRA (assume the amount is fully deductible)
Contribution to United Church
Loss on the sale of real estate (held for investment)
Medical expenses
State income tax
Federal income tax
What is Daniel's gross income and his AGI?
Gross income:
$ AGI:
b. Should Daniel itemize his deductions from AGI or take the standard deduction?

Which of the following are examples of possible fixed costs?
A. Rent
B. Property taxes
C. Both of the above
D. None of the above

When a group of people must decide whether to buy a shared public good or service, the free-rider problem frequently occurs because:

how can gdp per capita and poverty rates indicate standards of living in each system?​​

Please Help answering both questions

1. Think about the business cycle; What are the parts of the business cycle? How does each part of the business cycle impact employment?


2. Think about economic indicators; What is GDP and how does it show if an economy is doing well or poorly? Describe two ways that a GDP shows overall whether an economy is doing well or poorly.

Fierce is a product of the Ferris Company. Ferris's sales forecast for Fierce is 1,150 units, and they currently have 186 units on hand. Chester wants to have an extra 10% on hand above their forecasted units in case sales are better than expected, to avoid stocking out. Taking current inventory into account, what will Fierce's Fulfillment After Adjustment have to be in order to have a 10% reserve of units available for sale

According to the Census Bureau, in October 2016, the average house price in the United States was $27,358. 8 years earlier, the average price was $21,808. What was the annual increase in the price of the average house sold

Jake Entertainment Corporation has three segments with revenue, operating income, and depreciation and amortization information (in millions) as follows: Segment Revenue Operating Income Depreciation and Amortization Film $5,000 $1,500 $525 Theme Park 1,000 320 112 Video Game 500 175 53 Totals $6,500 $1,995 $690 The EBITDA for the Theme Park segment is

What is the oldest form of money still in use today?

Fig Garden is a popular chain of restaurants for authentic Italian food. Recently, a customer found a dead insect in the pasta he was served. The customer's negative review about the restaurant went viral. Fig Garden's chief executive officer (CEO) publicly apologized for the mishap and posted pictures of the restaurant's kitchen, after being fumigated, on several social networking websites. In this scenario, which of the following does Fig Garden's CEO demonstrate?
A. Audience control
B. Crisis management
C. Letharsy
D. Experiential selling

The local supermarket buys lettuce each day to ensure really fresh produce. Each morning any lettuce that is left from the previous day is sold to a dealer that resells it to farmers who use it to feed their animals. This week the supermarket can buy fresh lettuce for $6.00 a box. The lettuce is sold for $18.00 a box and the dealer that sells old lettuce is willing to pay $3.60 a box. Past history says that tomorrow's demand for lettuce averages 254 boxes with a standard deviation of 37 boxes. How many boxes of lettuce should the supermarket purchase tomorrow? (Use Excel's NORMSINV() function to find the Z-score. Round intermediate calculations to four decimal places. Round your answer to the nearest whole number.) Number of boxes