Universal Industries uses a standard cost system to monitor costs. For one of their best-selling products, they purchase both valves and fittings from outside vendors. Data for the most recent week related to this product are as follows: Valve usage variance $22,200 unfavorable
Valve rate variance $1,000 unfavorable
Fitting usage variance $1,000 favorable
Fitting rate variance $6,000 favorable
Labor efficiency variance $18,000 favorable
Labor rate variance $9,000 favorable

Based on an analysis of the six variances from standard, which of the following management initiatives is indicated?

a. Request that the purchasing group substitute a less costly fitting.
b. Determine why salaries paid were higher than expected.
c. Implement a remedial training program to improve employee performance.
d. Review operations to determine the cause of excessive valve use.

An important application of regression analysis in accounting is in the estimation of cost. by collecting data on volume and cost and using the least squares method to develop an estimated regression equation relating volume and cost, an accountant can estimate the cost associated with a particular manufacturing volume. consider the following sample of production volumes and total cost data for a manufacturing operation. production volume (units) total cost ($) 400 4000 450 5000 550 5400 600 5900 700 6400 750 7000 compute b 1 and b 0 (to 2 decimals if necessary). b 1 b 0 complete the estimated regression equation (to 2 decimals if necessary). = + x what is the variable cost per unit produced (to 1 decimal)? $ compute the coefficient of determination (to 4 decimals). note: report r 2 between 0 and 1. r 2 = what percentage of the variation in total cost can be explained by the production volume (to 2 decimals)? % the company's production schedule shows 500 units must be produced next month. what is the estimated total cost for this operation (to 2 decimals)? $

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