The following information is related to Kingbird Company for 2020.

Exercise 21-15 Direct materials and direct labor variances LO P2 The following information describes production activities of Me

Molodets [167]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Actual direct materials used 16,000 lbs. at $4.05 per lb.

Actual units produced 30,000

Budgeted standards for each unit produced are 0.50 pounds of direct material at $4.00 per pound.

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= (4 - 4.05)*16,000

Direct material price variance= $800 unfavorable

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

Standard quantity= 30,000*0.5= 15,000

Direct material quantity variance= (15,000 - 16,000)*4

Direct material quantity variance= $4,000 unfavorable

6 0

2 years ago

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Swifty Corporation had net sales of $2,419,200 and interest revenue of $39,300 during 2020. Expenses for 2020 were cost of goods

damaskus [11]

Answer:

Please find the income statement below;

Explanation:

Single step Income statement

Revenues

Net sales 2,419,200

Interest revenue 39,300

Total revenues 2,458,500

Expenses

Cost of goods sold 1,464,600

Admin. expenses 216,400

Selling expenses 294,800

Interest expense 46,000

Total expenses 2,021,800

Net Income  436,700

6 0

2 years ago

If a player chooses a mixed strategy in a Nash equilibrium, this implies that the payoff from using that mixed strategy is the s

son4ous [18]

Answer:

False.

Explanation:

The concept of "Nash equilibrium" is been by economist and also by "gamers" in game theory. Nash equilibrium is so good for making decisions and the determination of strategies.

In playing this game, the players or participants can use the pure strategy or the mixed strategy. The mixed strategy is the use of different strategies randomly.

"If a player chooses a mixed strategy in a Nash equilibrium, this implies that the payoff from using that mixed strategy is the same as the payoff from using any of the pure strategies in it".

The statement given above is FALSE because the PAYOFF WILL INCREASE IF WE ARE TO PLAY A MIXED STRATEGY.

For instance if we have a head of 1 and -1, and a tail of -1 and 1, the payoff for pure strategy is likely one or minus one but for a mixed strategy it could be zero.

8 0

2 years ago

Lamar has just gotten a new job and is attending a company party where he will meet his colleagues for the first time. His boss

a_sh-v [17]

Lamar's experience demonstrates retroactive interference.

<h3>Explanation:</h3>

When a person tries to recall some information that are older in nature and comes to know about some recent information it refers to Retroactive interference. For instance you may call the name of your grandmother with the name of your mom. There will be a retroactive interference with the two names.

This happens when you forget some tasks that are learnt in past because of the learning of new tasks. In the given example, Lamar only rememnbers the names of the people in the first group and remebers the profession of the last women met by him. His experience demonstrates retroactive interference.

3 0

1 year ago

g On January 1, 2021, Tiny Tim Industries had outstanding $1,000,000 of 11% bonds with a book value of $966,500. The indenture s

pentagon [3]

Answer:

The loss on early extinguishment is $8677.5

Explanation:

First of all,one needs to compute the carrying value of the bond as at the date of the call in order to determine the loss on early redemption.

carrying value =book value+interest expense-coupon payment

book value is $966,500

interest expense=$966,500*13%*6/12=$62,822.50

coupon payment=$1000,000*11%*6/12=$55,000

carrying value=$966,500+$62,822.50-$55,000=$ 974,322.50

Loss on redemption =call price -carrying value of the bond

call price is $983,000

loss on early redemption=$983,000-$974,322.50 =$8,677.5

4 0

2 years ago