​, manufactures lead crystal glasses. ​'s managers recently calculated the​ following:Variances after completing production of ​glasses:Direct materials cost varianceDirect labor cost varianceDirect materials efficiency varianceDirect labor efficiency varianceRead the requirementsLOADING....Requirement 1. For each​ variance, who in ​'s organization is most likely​ responsible?Direct materials cost varianceDirect materials efficiency varianceDirect labor cost varianceDirect labor efficiency varianceRequirement 2. Interpret the direct materials and direct labor variances for ​'s management.The direct materials cost variance indicates that the actual direct materials cost per pound was▼morelessthan the standard cost per pound. This▼decreasedincreased​'s operating income by .The direct materials efficiency variance indicates that the actual pounds used was▼lessmorethan the total pounds allowed to manufacture the glasses. This▼decreasedincreased​'s operating income by .The direct labor price variance means that ​'s employees were paid▼lessmoreper hour than budgeted. This▼decreasedincreased​'s operating income by .The direct labor efficiency variance means that it actually took▼morefewerdirect labor hours than were budgeted to produce glasses. This▼increaseddecreased​'s operating income by .

Full question attached

Answer and Explanation:

Direct material cost variance-

Purchasing

Direct material efficiency variance-

Production

Direct labor cost variance- Human Resources

Direct labor efficiency variance-Production

The $1650 favorable direct material cost variance indicates that actual direct materials cost per pound was less than standard cost per pound. This increased Martin Inc's operating income by 1560.

Therefore Martin Inc bought lower than they normally purchase raw materials(pounds) which invariably increased profit(operating income)

The 650 unfavorable Direct Materials efficiency variance indicates that the actual pounds used was more than the total pounds allowed to manufacture 6500 glasses. This decreased Martin Inc's operating income by $650.

Efficiency was low as more materials were used than planned, therefire more cost and less profit

The $9100 favorable direct labor price variance means that Martin Inc's employees were paid less than budgeted. This increased Martin Inc's operating income by $9100.

Employees(labour) cost lower than expected hence higher profit(operating income)

The $11,700 favouravle direct labor efficiency variance means that it actually took fewer direct labor hours than were budgeted to produce 6500 glasses. Thus increased Martin Inc's operating income by $11,700.

Labour hours were lower than expected hence less cost more profit

If the interest rate this year is 8.8% and the interest rate next year will be 10.8%, what is the future value of $1 after 2 years? What is the present value of a payment of $1 to be received in 2 years?

what is the function of product and service management​

A company's board of directors declared a $0.80 per share cash dividend on its $2 par common stock. On the date of declaration, there were 42,000 shares authorized, 17,000 shares issued, and 6,000 shares held as treasury stock. What is the entry when the dividends are declared?
A. Dividends 5,500
Dividends Payable 5,500
B. Dividends Payable 5,500
Cash 5,500
C. Dividends 24,500
Dividends Payable 24,500
D. Dividends Payable 8,500
Cash 8,500

Easton Company uses the periodic inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit Price 5/1 Beginning Inventory 100 $10 5/5 Purchase 250 $12 5/15 Purchase 200 $14 5/25 Purchase 250 $16 Sales were 580 units at $20. Using the LIFO method, determine the dollar value of Cost of Goods Sold for the month of May.

You have just been hired as a financial analyst for Barrington Industries. Unfortunately, company headquarters (where all of the firm's records are kept) has been destroyed by fire. So, your first job will be to recreate the firm's cash flow statement for the year just ended. The firm had $100,000 in the bank at the end of the prior year, and its working capital accounts except cash remained constant during the year. It earned $5 million in net income during the year but paid $750,000 in dividends to common shareholders. Throughout the year, the firm purchased $5.4 million of machinery that was needed for a new project. You have just spoken to the firm's accountants and learned that annual depreciation expense for the year is $450,000; however, the purchase price for the machinery represents additions to property, plant, and equipment before depreciation. Finally, you have determined that the only financing done by the firm was to issue long-term debt of $1 million at a 5% interest rate. The data has been collected in the Microsoft Excel Online file below. Open the spreadsheet and perform the required analysis to answer the question below.
What was the firm's end-of-year cash balance? Recreate the firm's cash flow statement to arrive at your answer. Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answer to the nearest dollar, if necessary.

had $35 million in sales last year. Its cost of goods sold was $25 million and its average inventory balance was $3 million. What was its average days of inventory

During a recent week, Maya Schneiderman worked 42 regular hours. She earns $9.25/hour, is paid an overtime rate of 1.5 times her regular wage rate, and has requested that 3% of her gross pay be withheld and contributed to a 401(k) retirement plan. Maya's taxable pay for federal income tax withholding is

g Larry recorded the following donations this year: $540 cash to a family in need $2,440 to a church $540 cash to a political campaign To the Salvation Army household items that originally cost $1,240 but are worth $340. What is Larry's maximum allowable charitable contribution if his AGI is $60,400

Sydney accepts delivery of $39,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $26,130.

Sydney pays $440 cash to Express Shipping for delivery charges on the merchandise.
Sydney returns $1,100 of the $39,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737.
Sydney pays Troy for the amount owed. Troy receives the cash immediately.
part 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.
Record the merchandise sold on account.
Record the cost of goods sold.
Record the sales return.
Record the cost of sales return.
Record the cash collected for credit sales.

Decision on Transfer Pricing Materials used by the Instrument Division of XPort Industries are currently purchased from outside suppliers at a cost of $185 per unit. However, the same materials are available from the Components Division. The Components Division has unused capacity and can produce the materials needed by the Instrument Division at a variable cost of $154 per unit. a. If a transfer price of $168 per unit is established and 33,200 units of materials are transferred, with no reduction in the Components Division's current sales, how much would XPort Industries’ total income from operations increase?

At the end of the current year, Leer Company reported total liabilities of $319,000 and total equity of $119,000. The company's debt ratio on the last year-end was:___________.
a. 72.8%.
b. 268%.
c. 3-68%.
d. 37.3%.
e. $438,000

Chelsea Company has sales of $400,000, variable costs of $10 per unit, fixed costs of $100,000, and a target profit of $60,000. How many units were sold?

a. 12,000
b. 18,000
c. 24,000

manufactures an optical switch that it uses in its final product. TechSystems incurred the following manufacturing costs when it produced 73,000 units last​ year: LOADING...​(Click the icon to view the manufacturing​ costs.) Another company has offered to sell TechSystems the switch for $13.00 per unit. If TechSystems buys the switch from the outside​ supplier, none of the fixed costs are avoidable. The company prepared an outsourcing decision analysis to show the cost per unit of making the switches versus the cost per unit of buying​ (outsourcing) the switches. LOADING...​(Click the icon to view the outsourcing decision​ analysis.) TechSystems needs 82,000 optical switches next year​ (assume same relevant​ range). By outsourcing​ them, TechSystems can use its idle facilities to manufacture another product that will contribute $220,000 to operating​ income, but none of the fixed costs will be avoidable. Should TechSystems make or buy the​ switches? Show your analysis. Complete the Best Use of Facilities Analysis. ​(Enter a​ "0" for any zero​ amounts.) TechSystems Best Use of Facilities Analysis Buy and Use Facilities for Other Make Product Expected sales price of the other product × × Total variable cost of obtaining the optical switches Expected net cost of obtaining the optical switches

Last year, Vandalay Industries had $300,000 in taxable income from its operations before the following: $40,000 in interest expense, $10,000 in interest income, $30,000 in dividends paid and $20,000 in dividend income. Assuming that 50% of dividend income is taxable and a 25% tax rate, what was the company's tax liability for the year?
A. $70,000
B. $79,190
C. $90,890
D. $62,500
E. $84,560

The Jackson-Timberlake Wardrobe Co. just paid a dividend of $1.55 per share on its stock. The dividends are expected to grow at a constant rate of 6 percent per year indefinitely. Investors require a return of 14 percent on the company's stock. a. What is the current stock price? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What will the stock price be in 3 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. What will the stock price be in 7 years? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Heels, a shoe manufacturer, is evaluating the costs and benefits of new equipment that would custom fit each pair of athletic shoes. The customer would have his or her foot scanned by digital computer equipment; this information would be used to cut the raw materials to provide the customer a perfect fit. The new equipment costs $107,000 and is expected to generate an additional $43,000 in cash flows for five years. A bank will make a $107,000 loan to the company at a 15% interest rate for this equipment’s purchase. Compute the recovery time for both the payback period and break-even time. (PV of $1, FV of $1, PVA of $1, and FVA of $1) (Use appropriate factor(s) from the tables provided.)
Chart Values are Based on:
10%
Cumulative Cash Inflow Present Value of Inflow Year Present Value PV Factor (Outflow) (Outflow)
(91,000) x 1.0000- (91,000) $ (91,000) 36,000 x 36,000 x 2.5 years

A firm has 1,000 shareholders. Both you and Ms. Hostile are among them. Ms. Hostile owns 150 shares and is trying to fire the management, so management is offering to buy her out for a $10 a share premium. The current market price per share is $30. What will be the value of each of your shares if Ms. Hostile takes this offer?

Simpkins Corporation does not pay any dividends because it is expanding rapidly and needs to retain all of its earnings. However, investors expect Simpkins to begin paying dividends, with the first dividend of $2.00 coming 3 years from today. The dividend should grow rapidly - at a rate of 80% per year - during Years 4 and 5. After Year 5, the company should grow at a constant rate of 5% per year. If the required return on the stock is 13%, what is the value of the stock today (assume the market is in equilibrium with the required return equal to the expected return)

Once a company has reached the decline phase, it should just go out of business and be done with it.


False

True

On December 31, 2019, The Bates Company's revenue is $440,000 and expenses total $340,000 before consideration of the following: Accrued wages total $21,000; Accrued revenues total $56,000; Depreciation expense is $27,000; Rental revenue of $7,000 was earned; the rent from a tenant was initially recorded by Bates as unearned rent revenue; The income tax rate is 40% of income before income taxes. What is Bates' net income after consideration of the above information

The original cost of the truck was $32,000. What would be the journal entry for Combs Co. to record the disposal of the delivery truck

Oklahoma Oil Corp. paid interest of $792,000 during 2021, and the interest payable account decreased by $129,500. What was interest expense for the year

You and a partner are considering the purchase of a convenience store.? The store has annual sales of $500,000 and is paying annual payroll of $100,000. The cost of goods sold every year is $150,000. The firm has miscellaneous expenses (taxes, insurance, garbage, electricity, natural gas, security, maintenance, property taxes, training, advertising, accounting fees, bank charges, etc.) of roughly $68,000 per year. If depreciation is equal to $15,000 per year and the tax rate is equal to 38% then what is the net income?

Which of the following best describes why German firms were nationalized after World War II?
A. Extract money.
B. Job preservation.
C. Ideology.
D. Happenstance.

Nancy Company has an idle machine that originally cost $200,000. The book value of the machine is $100,000. The company is considering three alternative uses of the idle machine: Alternative 1: Disposal of machine. Disposal value of machine is $50,000. Alternative 2: Use the idle machine to increase production of Product A. Contribution margin from additional sales of Product A is estimated to be $60,000. Alternative 3: Use the idle machine to increase production of Product B. Contribution margin from additional sales of Product B is estimated to be $70,000. When considering Alternative 2, what is the opportunity cost of the idle machine

Explain the risks associated with leveling resources, compressing or crashing projects, and imposed durations or "catch-up" as the project is being implemented. Why is it critical to develop a time-phased baseline? Subscribe to unlock

The formula for computing Ordering cost Error factor is represented by:

A: Estimated ordering cost / Actual ordering cost

 

B: Estimated demand / Actual ordering cost

 

C: Actual ordering cost / Estimated ordering cost

 

D: Actual ordering cost / Estimated demand​

Simpleton, Inc. budgeted a material cost of $10 per lb. They ended up purchasing 2,300 lbs at $16 per lb. and using 1,800 lbs for production. The material price variance is:

Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May of the current year. The company expected to operate the department at 100% of normal capacity of 8,700 hours.
TIGER EQUIPMENT INC.
Factory Overhead Cost Budget—Welding Department
For the Month Ended May 31
1 Variable costs:
2 Indirect factory wages $40,020.00
3 Power and light 20,880.00
4 Indirect materials 17,400.00
5 Total variable cost $78,300.00
6 Fixed costs:
7 Supervisory salaries $19,800.00
8 Depreciation of plant and equipment 35,700.00
9 Insurance and property taxes 18,450.00
10 Total fixed cost 73,950.00
11 Total factory overhead cost $152,250.00
During May, the department operated at 9,080 standard hours, and the factory overhead costs incurred were indirect factory wages, $42,268; power and light, $22,064; indirect materials, $18,700; supervisory salaries, $19,800; depreciation of plant and equipment, $35,700; and insurance and property taxes, $18,450.
Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 9,080 hours. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter favorable variances as negative amounts.
Factory Overhead Cost Variance Report
Shaded cells have feedback.
Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 8,860 hours. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter favorable variances as negative amounts.
Score: 106/174
TIGER EQUIPMENT INC.
Factory Overhead Cost Budget - Welding Department
For the Month Ended May 31
1 Productive capacity for the month 8,700 hours
2 Actual production for the month 9,080 hours
3
4 Budget (at Actual Production) Actual Variances: Favorable Variances: Unfavorable
5 Variable factory overhead costs:
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10 Fixed factory overhead costs:
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Ivanhoe Construction Company had a contract starting April 2021, to construct a $23000000 building that is expected to be completed in September 2023, at an estimated cost of $21000000. At the end of 2021, the costs to date were $7560000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $3800000 and the cash collected during 2021 was 3100000. Ivanhoe uses the percentage-of-completion method. At December 31, 2021 Ivanhoe would report Construction in Process in the amount of: