Standard labor-hours per unit of output 8.7 hours; Standard labor rate $18.10 per hour
The following data pertain to operations concerning the product for the last month:
Actual hours worked 3,800 hours; Actual total labor cost $67,640; Actual output 500 units
What is the labor efficiency variance for the month?
A. $9,790 F
B. $11,095 U
C. $9,955 F
D. $11,095 F
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In Year 6, a donor gives $112,000 to a private not-for-profit entity to enable it to buy a new bus for transportation purposes. Near the end of Year 7, this money is used for the stipulated purpose. The donor created no provisions about the accounting for this acquisition. Which of the following is true about the statement of activities for Year 7?
a. Net assets without donor restrictions increased by$112,000.
b. Net assets with donor restrictions did not change.
c. Net assets without donor restrictions did not change.
d. Net assets with donor restrictions goes up by $112,000 and also down by$112,000.
The income statement for Delta-tec Inc. for the year ended December 31, Year 2, was as follows:
The balance sheet dated December 31, Year 1, showed a Retained Earnings balance of $825,000. During Year 2, the company purchased trading investments for the first time at a cost of$346,000. In addition, trading investments with a cost of $66,000 were sold at a gain during Year 2. The company paid$65,000 in dividends during Year 2.
a. Determine the December 31, Year 2, Retained Earnings balance.
b. Provide the December 31, Year 2, balance sheet presentation for Trading Investments.