Jackson Industries uses a standard cost system in which direct materials inventory is carried at standard cost. Jackson has established the following standards for one unit of product. Standard Quantity Standard Price or Rate Standard Cost Direct materials 5 pounds $3.60 per pound $18.00 Direct labor 1.25 hours $12.00 per hour $15.00 During May, Jackson purchased 125,000 pounds of direct material at a total cost of $475,000. The total factory wages for May were $344,400. Jackson manufactured 22,000 units of product during May using 108,000 pounds of direct material and 28,000 direct labor-hours.
The price variance for the direct material acquired by Jackson Industries during May is:
a. $21,600 Favorable
b. $25,000 Unfavorable
c. $28,000 Favorable
d. $21,600 Unfavorable
The materials quantity variance for May is:
a. $7,200 Unfavorable
b. $7,600 Favorable
c. $5,850 Unfavorable
d. $7,200 Favorable
The labor rate variance for May is:
a. $8,400 Favorable
b. $7,200 Unfavorable
c. $8,400 Unfavorable
d. $6,000 Favorable
The labor efficiency variance for May is:
a. $5,850 Favorable
b. $7,200 Favorable
c. $6,000 Unfavorable
d. $5,850 Unfavorable

Walter wants to deposit $1,500 into a certificate of deposit at the end of each ofthe next 6 years. the deposits will earn 5 percent compound annual interest. ifwalter follows through with his plan, approximately how much will be in his accountimmediately after the sixth deposit is made?

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Journalize the following transactions that occurred in september 2015 for aquamarines. no explanations are needed. identify each accounts payable and accounts receivable with the vendor or customer name. sep. 3 purchased merchandise inventory on account from shallin wholesalers, $5,000. terms 1/15, n/eom, fob shipping point. 4 paid freight bill of $80 on september 3 purchase. 4 purchased merchandise inventory for cash of $1,700. 6 returned $500 of inventory from september 3 purchase. 8 sold merchandise inventory to hermosa company, $6,000, on account. terms 2/15, n/35. cost of goods, $2,640. 9 purchased merchandise inventory on account from thomas wholesalers, $8,000. terms 2/10, n/30, fob destination. 10 made payment to shallin wholesalers for goods purchased on september 3, less return and discount. 12 received payment from hermosa company, less discount. 13 after negotiations, received a $200 allowance from thomas wholesalers. 15 sold merchandise inventory to jordan company, $2,500, on account. terms 1/10, n/eom. cost of goods, $1,050. 22 made payment, less allowance, to thomas wholesalers for goods purchased on september 9. 23 jordan company returned $400 of the merchandise sold on september 15. cost of goods, $160. 25 sold merchandise inventory to smithsons for $1,100 on account that cost $400. terms of 2/10, n/30 were offered, fob shipping point. as a courtesy to smithsons, $75 of freight was added to the invoice for which cash was paid by aquamarines. 26 after negotiations, granted a $100 allowance to smithsons for merchandise purchased on september 25. 29 received payment from smithsons, less allowance and discount. 30 received payment from jordan company, less return.