Answer:
material price variance (standard price - actual price) * quantity purchased
MPV= ( 3.30 - 3.50) 2300 =$460 Unfavorable
Material quantity variance = ( standard quantity - actual quantity) standard price
MQV = ( 1920 -2300) 3.30 = $1254 Unfavorable
Labour price (rate) variance = (Standard rate - actual rate) actual hours
LRV = (12- 11.8) * 280 = $56 Favorable
Labor hours variance = ( standard hours - actual hours) * standard rate
LHV = ( 240 - 280) * $12 = $480 unfavorable
Explanation:
the complete question:
Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $3.30 per pound) $26.40 Direct labor (1 hours at $12.00 per hour) $12.00 During the month of April, the company manufactures 240 units and incurs the following actual costs. Direct materials purchased and used (2,300 pounds) $8,050 Direct labor (280 hours) $3,304 Compute the total price, and quantity variances for materials and labor.
Fresh Leaf’s demand for iceberg lettuce to be elastic
.
Option A
<u>Explanation:
</u>
The quantity of a product is the demand for a given time period, which the customers are prepared to buy at different prices. The price-quantity relationship required is also called the demand slope.
Demand for a good is said to have been "elastic," when a small price change leads to people wanting more or even less good. The demand for a commodity is ' inelastic ' if a small price increase does not cause people to give up what they want of it or even change what they want.
This means that the required quantity proportional change is separated by the percentage from one of the dependent variables.
Price elasticity is often used in economics to demonstrate that the quantity needed by the product or service to a rise in prices with price change are the only reactivity, or elasticity, of the product or service.
Answer:
$57,600
Explanation:
The computation of the increase in Piper's deferred income tax liability for this temporary difference is shown below:-
Purchase of voting Common stock of Betz inc. by Piper Corp.= ( Betz's reported earnings - Betz Paid Dividends ) × (Percentage of the voting Common stock of Betz inc.)
= ($720,000 - $240,000) × 40%
= $480,000 × 40%
= $192,000
Now, the rise in Piper's deferred income tax liability for this temporary difference is
Purchase of voting Common stock of Betz inc. by Piper Corp. × enacted tax rate
= $192,000 × 30%
= $57,600
Answer:
Slope = -1
Explanation:
Demand is buyers ability & willingness to buy at a price, time.
Demand Curve is graphical representation of quantity demanded at various prices at y axis, demand at x axis.
Slope = Change in Y i.e ∆Y / Change in X i.e ∆X
'Slope of Demand Curve' is a varied version of 'Price Elasticity of Demand' i.e quantity demanded responsiveness to change in price. Former shows relative change in quantity demanded over a change in price & latter shows change in price for a given change in quantity demanded.
Demand Curve Price at Y axis, Quantity at Axis, Slope= ∆Y/∆X becomes
= ∆P/∆Q. As per given details, ∆P/∆Q = (9-10)/(5-4) = -1/1 = -1
