Lloyd publications established the following standard price and costs for a hardcover picture book that the company produces. standard price and variable costssales price $36.00materials cost 8.30labor cost 3.50overhead cost 6.10selling, general, and administrative costs 6.40planned fixed costs manufacturing overhead $131,000selling, general, and administrative 51,000
assume that lloyd actually produced and sold 38,000 books. the actual sales price and costs incurred follow. actual price and variable costssales price $35.00materials cost 8.50labor cost 3.40overhead cost 6.15selling, general, and administrative costs 6.20planned fixed costs manufacturing overhead $116,000selling, general, and administrative 57,000

required: determine the flexible budget variances and also indicate the effect of each variance as favorable (f) or unfavorable (u).flexible budget variancessales revenue variable manufacturing costs materials labor overhead variable selling, general, and administrative costs contribution margin fixed costs manufacturing overhead selling, general, and administrative net income

The board of directors is the highest ranking body in a corporation, and the chairman of the board is the highest ranking individual. the ceo generally works under the board and its chairman, and the board generally has the authority to remove the ceo under certain conditions. the ceo, however, cannot remove the board, but he or she can endeavor to have the board voted out and a new board voted in should a conflict arise. it is possible for a person to simultaneously serve as ceo and chairman of the board, though many corporate control experts believe it is bad to vest both offices in the same person. true false

The prebisch–singer hypothesis concludes that: a. technology lowers the cost of manufactured products, so developing countries should see an increase in their terms of trade. b. developing countries experience a long-run decline in their terms of trade, as the demand for primary products in higher-income countries declines relative to their demand for manufactured goods. c. because of unfair trading practices, labor in developing countries is exploited. d. opec has been responsible for a slowdown in the world's standard of living.

For each of the following cases determine the ending balance in the inventory account. (hint: first, determine the total cost of inventory available for sale. next, subtract the cost of the inventory sold to arrive at the ending balance.)a. jill’s dress shop had a beginning balance in its inventory account of $40,000. during the accounting period jill’s purchased $75,000 of inventory, returned $5,000 of inventory, and obtained $750 of purchases discounts. jill’s incurred $1,000 of transportation-in cost and $600 of transportation-out cost. salaries of sales personnel amounted to $31,000. administrative expenses amounted to $35,600. cost of goods sold amounted to $82,300.b. ken’s bait shop had a beginning balance in its inventory account of $8,000. during the accounting period ken’s purchased $36,900 of inventory, obtained $1,200 of purchases allowances, and received $360 of purchases discounts. sales discounts amounted to $640. ken’s incurred $900 of transportation-in cost and $260 of transportation-out cost. selling and administrative cost amounted to $12,300. cost of goods sold amounted to $33,900.a& b. cost of goods avaliable for sale? ending inventory?