Liabilities Balance on loans $925
Payroll $1,000
(1 salesperson who works 20 hours/month)
Total $1,925

Review the liabilities section of the balance sheet for Rings and Things. What problem can you identify with the payroll information, particularly as it relates to how much the one employee gets paid? What solution would you offer Janet and Omar?

Levine inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. direct materials (9 pounds at $1.80 per pound) $16.20 direct labor (6 hours at $14.00 per hour) $84.00 during the month of april, the company manufactures 270 units and incurs the following actual costs. direct materials purchased and used (2,500 pounds) $5,000 direct labor (1,660 hours) $22,908 compute the total, price, and quantity variances for materials and labor.