NMC101H1 Lecture 10: Lecture 10
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29 Jan 2012
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Refer to the table below:
Agency | Number of Employees (2011) |
SOCIAL REGULATION | Ā |
Consumer safety and Health | 39,037 |
. Food and Drug Administration (FDA) | Ā |
. Food Safety and Inspection Service, etc. | Ā |
Homeland Security | 150,201 |
. Transportation Security Administration (TSA) | Ā |
. Customs and Border security | Ā |
. Immigration and Customs, etc. | Ā |
Transportation | 9,863 |
. Federal Aviation Administration (FAA) | Ā |
. Federal Motor Carriers Safety Administration | Ā |
. Federal Railroad Administration, etc. | Ā |
Workplace | 12,351 |
. Occupational safety and Health Administration (OSHA) | Ā |
. Mine Safety and Health Administration | Ā |
. Employment standards Administration, etc. | Ā |
Environment | 26,900 |
. Environmental protection Agency (EPA) | Ā |
. Forest and Rangeland Research | Ā |
. Fish and Wildlife Service, etc | Ā |
Energy | 4,064 |
. Nuclear Regulatory Agency, etc | Ā |
ECONOMIC REGULATION | Ā |
General Business | 17,517 |
. Patent and Trademark office | Ā |
. Securities and Exchange Commission (SEC) | Ā |
. Federal Trade Commission (FTC), etc. | Ā |
Finance and Banking | 14,985 |
. Federal Reserve System | Ā |
. Federal Deposit insurance Corporation (FDIC) | Ā |
. Comptroller of the Currency, etc | Ā |
Industry-Specific Regulation | 6,914 |
. Agricultural Marketing Service | Ā |
. Federal Communications (FCC), etc. | Ā |
Total Regulatory Employment: | 281,832 |
If the average U.S. worker produces $60,000 of output per year, what is the annual opportunity cost of the federal regulatory workforce?
Narcisco Publications established the following standard price and costs for a hardcover picture book that the company produces.
Standard price and variable costs | |||
Sales price | $ | 90.00 | |
Materials cost | 18.00 | ||
Labor cost | 9.00 | ||
Overhead cost | 12.60 | ||
Selling, general, and administrative costs | 14.40 | ||
Planned fixed costs | |||
Manufacturing overhead | $ | 270,000 | |
Selling, general, and administrative | 108,000 | ||
Assume that Narcisco actually produced and sold 32,000 books. The actual sales price and costs incurred follow.
Actual price and variable costs | |||
Sales price | $ | 87.00 | |
Materials cost | 18.40 | ||
Labor cost | 8.80 | ||
Overhead cost | 12.70 | ||
Selling, general, and administrative costs | 14.00 | ||
Actual fixed costs | |||
Manufacturing overhead | $ | 250,000 | |
Selling, general, and administrative | 116,000 | ||
Required
a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)
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