Skychefs, inc., prepares in-flight meals for a number of major airlines. one of the company’s products is grilled salmon in dill sauce with baby new potatoes and spring vegetables. during the most recent week, the company prepared 4,300 of these meals using 1,250 direct labor-hours. the company paid its direct labor workers a total of $11,250 for this work, or $9.00 per hour. according to the standard cost card for this meal, it should require 0.30 direct labor-hours at a cost of $8.50 per hour. required: 1. what is the standard labor-hours allowed (sh) to prepare 4,300 meals? 2. what is the standard labor cost allowed (sh × sr) to prepare 4,300 meals? 3. what is the labor spending variance? 4. what is the labor rate variance and the labor efficiency variance?

Acrosswalk_when there are no pavement markings.

Walsh company manufactures and sells one product. the following information pertains to each of the company’s first two years of operations: variable costs per unit: manufacturing: direct materials $ 25 direct labor $ 12 variable manufacturing overhead $ 5 variable selling and administrative $ 4 fixed costs per year: fixed manufacturing overhead $ 400,000 fixed selling and administrative expenses $ 60,000 during its first year of operations, walsh produced 50,000 units and sold 40,000 units. during its second year of operations, it produced 40,000 units and sold 50,000 units. the selling price of the company’s product is $83 per unit. required: 1. assume the company uses variable costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 2. assume the company uses absorption costing: a. compute the unit product cost for year 1 and year 2. b. prepare an income statement for year 1 and year 2. 3. reconcile the difference between variable costing and absorption costing net operating income in year 1.

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period