Massachusetts Institute of Technology

The following information was retrieved from the financial records of GGG Corp. for the month of March 2024.   GGG uses a standard cost system.

Pounds of Raw material purchased: 850 lbs.

Total actual purchase cost of Raw Material: $40,375

Standard cost per pound of Raw Material: $49

Actual Raw Materials requested for production: 825 lbs.

Standard Raw Materials allowed for production: 750 lbs.

Actual Direct Labour Hours for the month: 12,000 Direct Labour Hours

Actual Direct Labour paid for the month: $360,000

Standard cost of Direct Labour for the month: $368,000

Standard Direct Labour Hours per unit: 23

Actual Output in units: 500

Required: Given the standard cost system, prepare all required journal entries for the price and efficiency variance for the above events.

The restaurant is now completing a strategic analysis to determine whether it should make adjustments in its menu, pricing, or wait service, to better meet customer needs and to become more competitive. Marchand's has chosen to use Quality Function Deployment (QFD) to analyze customer preferences and its cost structure. The analysis focuses on costs that can be managed in the short term, and therefore excludes facility related costs.

The data that Marchand's has collected so far includes information about customer preferences (Marchand's surveyed customers regarding their preferences for taste, comfort and atmosphere) and the unit cost of the three key elements of its service: food preparation, wait staff, and food ingredients.

First: Customer Criteria and Ranking:

                          Importance                  Relative Importance

Taste                   80                                  45.00%

Comfort             60                                  25.00%

Atmosphere     110                                   30.00%

Total                   250                                100.00%

Second: Product Components and Cost:

                                              Cost        Percent of Total

Food Preparation            $ 8                  32%

Wait Staff                            12                   48%

Food Ingredients              5                    20%

Total                                  $ 25                100.00%

Next, Marchand completed an analysis, using the expertise of its managers, wait staff and kitchen staff, to determine the contribution of each of the three elements of its service to satisfying the three components of customer satisfaction.

Third: Determine How Components Contribute to Customer Satisfaction:

                                              Customer Criteria

Components             Taste               Comfort          Atmosphere

Food preparation      20%                  10%                   15%

Wait staff                     30%                  75%                   60%

Food ingredients       50%                 15%                    25%

                                       100%                  100%               100%

 Required:

Determine which of the three cost elements (food preparation, wait staff, and food ingredients) should be given increased or decreased emphasis based on a QFD analysis. Explain your answer with appropriate calculations.

Salary paid to workers of inspection and maintenance departments are treated as ____ by a manufacturing firm.

Direct Labour

Indirect labour charged to manufacturing Overhead

Selling, General and administrative cost, charged as Period cost

Other staff expenses charged as Period cost

correct

To save costs, SHR purchases its anemometers in bulk from a third-party supplier in Mexico. The purchase price for SHR is a cost + 25% mark-up. The last purchase in 2023 was in October, when SHR purchased 10 anemometers for MXN 180,000,000. At December 31, 2023, there were 5 anemometers remaining from this purchase and none from other purchases. Another purchase was made in March 2024, for which the price of anemometers increased. SHR again purchased 10 anemometers, but for MXN 200,000,000. The following FX rates were noted based on the Bank of Canada rates: Date Exchange Rate 2023 Purchase: October 27, 2023 1 MXN : 0.08 CAD December 31, 2023 1 MXN : 0.07 CAD 2024 Purchase: March 1, 2023 1 MXN : 0.06 CAD No adjustment has been made at year-end given the MXN cost is lower than the fair value.

prepare a memo requested by the partner that includes: 

• A “competent” discussion of the appropriate accounting treatments including all relevant alternatives, ASPE references and specific facts relating to SHR’s financial statements. 

• The impacts of your analysis on the financial statements, quantified when possible. 

• The impacts of your analysis on the key financial ratios, quantified when possible. 

• The implications this will have for the users, including a competent discussion of the users. 

• An appropriate discussion of any other material issues addressed with SHR’s management and board of directors.

list three situations in which the condition of the patients skin can interfere with electrode contact

[Topic #20] Write pseudocode to define a multiplication operation (i.e., A * B) using only addition, subtraction, and equality operations.