Accounting standard costs help?
Rapid Repair Services, Inc. is trying to establish the standard labor cost of a typical oil change.The following data have been collected from time and motion studies conducted over the past month. Actual time spent on the oil change 1.0 hour Hourly wage rate $10 Payroll taxes 10% of wage rate Setup and downtime 10% of actual labor time Cleanup and rest periods 30% of actual labor time Fringe benefits 25% of wage rate Determine the standard direct labor hours per oil change. (Round answer to 1 decimal place, e.g. 10.5.) hours ________ Determine the standard direct labor hourly rate. (Round answer to 2 decimal places, e.g. 10.50.) $ __________ Determine the standard direct labor cost per oil change. (Round answer to 2 decimal places, e.g. 10.50.) $_______________ If an oil change took 1.5 hours at the standard hourly rate, what was the direct labor quantity variance? (Round answer to 2 decimal places, e.g. 10.50.) if you can explain how I do it, that would be a huge help... I keep looking at it and looking at similar examples and I still can't figure it out because the examples aren't close enough. thank you!
Accounting- Can you guess the correct answer?
Yes, I can guess the answers. Can you please give the complete question?
Need help with accounting questions. Please help. Best answer 10 pts.?
1. What is the gross profit? Sales revenue $750,00 Cost of goods sold 406,000 Beginning inventory 75,000 Purchase discounts 20,000 Sales returns and allowances 44,000 Operating expenses 99,000 Ending inventory 72,000 Purchases of inventory 415,000 Sales discounts 25,000 William Browning, withdrawals 61,000 Purchase returns and allowances 36,000 A. $275,000 B. $300,000 C. $344,000 D $319,000 2.The entry to record the return of $25 of inventory to a supplier under the perpetual inventory system is recorded with a debit to A. accounts payable and a credit to inventory. B. purchase returns and allowances and a credit to accounts payable. C. inventory and a credit to accounts payable. D. accounts payable and a credit to purchase discounts. 3. Which of the following accounts should be closed to income summary? A. sales returns and allowances B. owner withdrawals C. ending inventory D. beginning inventory 4. Which of the following processes/concepts does not apply under both international financial reporting standards and accounting standards for private enterprises? A. periodic inventory system B. using LIFO as an inventory method C. perpetual inventory system D. matching of revenues and expenses
Why do we need accounting standards?
Accounting standard is a method or an approach established and issued by recognized expert accountancy body. It is used in preparing financial statement viz., Profit & Loss Account and Balance Sheet of various concerns operating different fields.The main purpose of formulating accounting standard is to standardize the diverse accounting policies with views eliminating to the extent possible the in-comparability of information provided in financial statements within or across the organization. So that the users of aforesaid statements don’t get confused while evaluating the results to take various decisions viz., to subscribe in equality shares, or subscribe in debenture of that concern.Need for Accounting Standards1. It helps in dissemination of timely and useful financial information to all Stakeholders and users.2. It helps to provide a set of standard accounting policies, valuation norms and disclosure requirement.3. It ensures disclosures of accounting principles and treatments, where important information is not otherwise statutorily required to be disclosed.4. It helps to reduce or totally eliminate, accounting alternatives, thereby it leads to better inter-firm and intra-firm comparison of Financial Statements.5. It reduces scope of creative accounting, i.e. twisting of accounting policies to produce Financial Statement favorable to a particular interest group.
In a test there are 80 questions. A candidate gets 1 mark for each correct answer, and a minus of .5 for each wrong answer. If the candidate scores 54.5 marks, how many correct answers did he have?
Getting one question wrong effectively costs the candidate 1.5 marks (the 1 mark he failed to earn and also the -.5 he earned for the wrong answer).54.5 marks out of 80 means that he failed to earn 25.5 marks. 25.5 / 1.5 gives the number of wrong answers.25.5/1.5 = 17→ 17 incorrect answers out of 80 questions means 63 were correct. ← answer
Accounting hwk help!?
Blue Fin Co. produces a product requiring 10 pounds of material at $1.50 per pound. Blue Fin produced 10,000 units of this product during 2009 resulting in a $30,000 unfavorable materials quantity variance. How many pounds of direct material did Blue Fin use during 2011? A. 120,000 pounds (10,000 X 10) + (30,000 / 1.5) = 120,000 Break-Morning Corporation produces a product that requires 2.6 pounds of materials per unit. The allowance for waste and spoilage per unit is .3 pounds and .1 pounds, respectively. The purchase price is $4 per pound, but a 2% discount is usually taken. Freight costs are $.15 per pound, and receiving and handling costs are $.10 per pound. The hourly wage rate is $9.00 per hour, but a raise which will average $.25 will go into effect soon. Payroll taxes are $1.00 per hour, and fringe benefits average $2.00 per hour. Standard production time is 1 hour per unit, and the allowance for rest periods and setup is .2 hours and .1 hours, respectively. The standard direct materials price per pound is C. $4.17 Purchase Price $4.00 Less Cash Discount $0.08 Plus Freight In %0.15 Plus Receiving and Handling $0.10 Equals standard cost per unit of $4.17
BASIC ACCOUNTING PLZ HELPP!!!!!!?
1. Windy Corporation, which uses the allowance method, has accounts receivable of $51,400 and an allowance for uncollectible accounts of $9,800. An account receivable from Tom Novak of $4,400 is deemed to be uncollectible and is written off. What is the amount of net accounts receivable before and after the write-off? Since Accounts Receivable and Allowance for Doubtful Accounts will both be decreased by the same amount, net Accounts Receivable will be the same before and after the write-off. The transaction would be: Dr Allowance for Doubtful Accounts 4,400 Cr Accounts Receivable 4,400 Before Write-off: 51,400 - 9,800 = 41,600 After Write-off: 47,000 - 5,400 = 41,600 2. The higher the interest rate assumed, the b. lower the present value of a sum due in the future. 3. Heidi wishes to deposit an amount into her savings account that will enable her to withdraw $800 per year for the next four years. She should deposit $800, This is an ordinary annuity, so it's either (b) or (c). I never use factors when doing these types of problems, so I'm not sure whether you multiply or divide. b. multiplied by the present value of an ordinary annuity factor. c. divided by the present value of an ordinary annuity factor. (This can't be it) 4. Fabian Company is considering the purchase of a machine that will save the company $2,000 per year in operating costs for a period of seven years. The most it should pay for the machine is equal to To be honest, I just don't know on this one. . 5. Which of the following does not imply the existence of a contingent liability? d. Discounted notes receivable 6. A customer is injured using a company's product. The potential liability that may result is called a(n) d. contingent liability. 7. A contingent liability is recorded in the accounting records c. if it probably will become an actual liability and the amount can be reasonably estimated. 8. A business accepts a 12 percent, $43,000 note due in three years. Assuming simple interest, how much will the business receive when the note falls due? This is simple interest, not compound interest. (43,000 x 12%) x 3 = 15,480 interest 43,000 + 15,480 = b. $58,480
How do I answer questions in Chegg and earn points?
During a certain period you can see list of questions allocated to users. This list of questions comes depending upon the specialisation you have chosen during registration..Once you start answering questions , you will money for every right answer whose price starts from 100Rs per right answer and it can upto 500rs…Cheers
What is the average inventory-turnover of restaurants industry, is it high?
What is a satisfactory inventory-to-food-cost ratio? Some cost-control experts suggest that an appropriate ratio for food-service operations in general should be anywhere between one and five turns per month. In practice, the best measure for an individual operation depends on its industry segment, menu design, sales levels, and marketing strategies, among other factors. In the on-site arena, the leading managed-services companies have established benchmarks for inventory turnover by segment. For example, an executive at ARAMARK told me that his operators in the business and industry (B&I) segment strive for approximately two turns per month. He explained that that is a reasonable goal, given that many operations carry more than 1,500 different inventory items to accommodate their diverse menu offerings. Read the full (long) article "Inventory-turnover analysis: its importance for on-site food service" at the link.
Standards for comparisons in financial statement analysis include: thank you!?
This is a list of standards for comparisons in financial statement analysis. • • Process benchmarking - the initiating firm focuses its observation and investigation of business processes with a goal of identifying and observing the best practices from one or more benchmark firms. Activity analysis will be required where the objective is to benchmark cost and efficiency; increasingly applied to back-office processes where outsourcing may be a consideration. • Financial benchmarking - performing a financial analysis and comparing the results in an effort to assess your overall competitiveness and productivity. • Benchmarking from an investor perspective- extending the benchmarking universe to also compare to peer companies that can be considered alternative investment opportunities from the perspective of an investor. • Performance benchmarking - allows the initiator firm to assess their competitive position by comparing products and services with those of target firms. • Product benchmarking - the process of designing new products or upgrades to current ones. This process can sometimes involve reverse engineering which is taking apart competitors products to find strengths and weaknesses. • Strategic benchmarking - involves observing how others compete. This type is usually not industry specific, meaning it is best to look at other industries. • Functional benchmarking - a company will focus its benchmarking on a single function to improve the operation of that particular function. Complex functions such as Human Resources, Finance and Accounting and Information and Communication Technology are unlikely to be directly comparable in cost and efficiency terms and may need to be disaggregated into processes to make valid comparison. • Best-in-class benchmarking - involves studying the leading competitor or the company that best carries out a specific function. • Operational benchmarking - embraces everything from staffing and productivity to office flow and analysis of procedures performed.[4] • Energy benchmarking - developing an accurate model of a building's energy consumption with the purpose of measuring reductions in usage. Looking at this list I would say the answer to your question is A, D and E