{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-29T01:57:29-04:00", "answer_date": "2024-06-29 01:57:29", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4443710", "url": "\/study-help\/questions\/acme-inc-has-the-following-information-available-actual-price-paid-4443710", "question_creation_date_js": "2024-06-29T01:57:29-04:00", "question_creation_date": "Jun 29, 2024 01:57 AM", "meta_title": "[Solved] Acme Inc. has the following information a | SolutionInn", "meta_description": "Answer of - Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1 | SolutionInn", "meta_keywords": "acme,inc,information,actual,price,paid,material,$1.00,standard,$1.20,quantity,purchased", "question_title_h1": "Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.20 Actual quantity purchased and used in production", "question_title": "Acme Inc. has the following information available: Actual price paid for material", "question_title_for_js_snippet": "Acme Inc has the following information available Actual price paid for material $1 00 Standard price for material $1 20 Actual quantity purchased and used in production 100 Standard quantity for units produced 110 Actual labor rate per hour $15 00 Standard labor rate per hour $16 00 Actual hours 200 Standard hours for units produced 220 Required Compute the material price and quantity, and the labor rate and efficiency variances Describe the possible causes for this combination of favorable and unfavorable variances Show Work and Solution ", "question_description": "

Acme Inc. has the following information available:<\/p>

Actual price paid for material<\/p><\/td>

$1.00<\/p><\/td> <\/tr>

Standard price for material<\/p><\/td>

$1.20<\/p><\/td> <\/tr>

Actual quantity purchased and used in production<\/p><\/td>

100<\/p><\/td> <\/tr>

Standard quantity for units produced<\/p><\/td>

110<\/p><\/td> <\/tr>

Actual labor rate per hour<\/p><\/td>

$15.00<\/p><\/td> <\/tr>

Standard labor rate per hour<\/p><\/td>

$16.00<\/p><\/td> <\/tr>

Actual hours<\/p><\/td>

200<\/p><\/td> <\/tr>

Standard hours for units produced<\/p><\/td>

220<\/p><\/td> <\/tr> <\/tbody><\/table><\/figure>

<\/p>

Required<\/u>:<\/strong><\/p>

  1. Compute the material price and quantity, and the labor rate and efficiency variances.<\/li>
  2. Describe the possible causes for this combination of favorable and unfavorable variances.<\/li> <\/ol>

    <\/p>

    Show Work and Solution<\/u>:<\/strong><\/p>", "transcribed_text": "", "related_book": { "title": "Cost Management Measuring Monitoring And Motivating Performance", "isbn": "1118168879, 9781118168875", "edition": "2nd Canadian Edition", "authors": "Leslie G. Eldenburg, Susan Wolcott, Liang Hsuan Chen, Gail Cook", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/635f99b5717e0_1157.jpg", "uri": "\/textbooks\/cost-management-measuring-monitoring-and-motivating-performance-2nd-canadian-edition-1157", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CGQTM4GL", "uri": "\/textbooks\/liberate-sports-tracking-devices-for-traveling-outdoor-fitness-backup-b0cgqtm4gl", "name": "Liberate Sports Tracking Devices For Traveling Outdoor Fitness Backup", "edition": "" }, "question_posted": "2024-06-29 01:57:29", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/electric-air-heater-consists-of-horizontal-array-of-thin", "description": "An electric air heater consists of a horizontal array of thin metal strips that are each 10 mm long in the direction of an airstream that is in parallel flow over the top of the strips. Each strip is...", "stars": 3 }, { "url": "\/study-help\/psychology\/how-do-you-account-for-the-results-what-are-the-1979933", "description": "How do you account for the results? What are the competing explanations, and how did the authors deal with them? What competing explanations can you think of other than those the author discussed?", "stars": 3 }, { "url": "\/the-dynaco-manufacturing-company-produces-a-particular-product-in-an", "description": "The Dynaco Manufacturing Company produces a particular product in an assembly line operation. One of the machines on the line is a drill press that has a single assembly line feeding into it. A...", "stars": 3 }, { "url": "\/study-help\/questions\/the-following-lable-gives-dala-on-the-price-of-rye-9857401", "description": "The following lable gives dala on the price of rye and the number of busheds of rye sald in 2 0 2 0 and 2 0 2 1 . \\ table [ [ Year , \\ table [ [ Prica ] , [ ( Dellars per bushel ) ] ] , \\ table [ [...", "stars": 3 }, { "url": "\/study-help\/questions\/ethics-and-governance-computerised-shipping-documents-fremantle-fisheries-ff-operates-6224526", "description": "ETHICS AND GOVERNANCE COMPUTERISED SHIPPING DOCUMENTS Fremantle Fisheries (FF) operates a fleet of fishing boats out of three ports in Western Australia - Fremantle, Bunbury and Geraldton. Each port...", "stars": 3 }, { "url": "\/study-help\/questions\/indicate-whether-each-of-the-following-expenditure-items-should-be-1493501", "description": "Indicate whether each of the following expenditure items should be classified as a function (F), organization unit (OU), activity (A), character (C), or object (O). Answer is complete and correct....", "stars": 3 }, { "url": "\/study-help\/questions\/you-recently-attended-an-industry-conference-while-there-you-met-5476063", "description": "You recently attended an industry conference. While there, you met up with a friend Roni, who works for a competitor. During a break, Roni implies that if you could get your company to charge for a...", "stars": 3 }, { "url": "\/study-help\/questions\/consider-a-firm-with-an-ebitda-of-1100000-and-an-1416687", "description": "Consider a firm with an EBITDA of $1,100,000 and an EBIT of $1,000,000. The firm finances its assets with $4,550,000 debt (costing 8.3 percent, all of which is tax deductible) and 203,000 shares of...", "stars": 3 }, { "url": "\/study-help\/questions\/control-on-a-monthly-basis-the-financial-analyst-performs-the-5399789", "description": "Control: On a monthly basis, the financial analyst performs the reconciliation of the AR subledger system to the general ledger. All reconciling items in excess of US$15,000 are investigated and...", "stars": 3 }, { "url": "\/study-help\/questions\/tb-problem-qu-9402-static-hislop-tech-is-a-forprofit-7385744", "description": "TB Problem Qu. 9-402 (Static) Hislop Tech is a for-profit vocational... Hislop Tech is a for-profit vocational school. The school bases its budgets on two measures of activity (i.e., cost drivers),...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/11-ten-women-attend-a-business-luncheon-each-woman-checks-4443709", "next": "\/study-help\/questions\/in-an-investment-lp-problem-m1-amount-4443711" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Acme Inc. has the following information available: Actual price paid for material", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/acme-inc-has-the-following-information-available-actual-price-paid-4443710" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }