Diamond Company produces a single product. The company has set the following standards for materials and labor: During the past month, the company purchased 7,000 pounds of direct materials at a cost of $17,500. All of this material was used in the production of 1,300 units of product. Direct labor cost totaled $36,750 for the month. The following variances have been computed: Required: 1. For direct materials: a. Compute the standard price per pound of materials. b. Compute the standard quantity allowed for materials for the month's production. c. Compute the standard quantity of materials allowed per unit of product. 2. For direct labor: a. Compute the actual direct labor cost per hour for the month. b. Compute the labor rate variance.
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Business, 21.06.2019 19:30
Consumer surplus is: the difference between the price of a product and what consumers were willing to pay for the product. the difference between the discounted price of a product and its retail price. the difference between the price paid by consumers and the price required of producers. the difference between the price of a product and consumers' valuation of the last unit of the product purchased.
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Business, 22.06.2019 05:30
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Diamond Company produces a single product. The company has set the following standards for materials...
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