Question
1- [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Actual Direct materials 6 lbs.
1-[The following information applies to the questions displayed below.] A manufactured product has the following information for June.
| Standard | Actual | |||
| Direct materials | 6 lbs. @ $8 per lb. | 46,100 | lbs. @ $8.20 per lb. | |
| Direct labor | 2 hrs. @ $16 per hr. | 15,000 | hrs. @ $16.50 per hr. | |
| Overhead | 2 hrs. @ $12 per hr. | $ | 189,200 | |
| Units manufactured | 7,600 | |||
Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price
2-A manufactured product has the following information for June.
| Standard | Actual | |||
| Direct materials | 6 lbs. @ $8 per lb. | 46,100 | lbs. @ $8.20 per lb. | |
| Direct labor | 2 hrs. @ $16 per hr. | 15,000 | hrs. @ $16.50 per hr. | |
| Overhead | 2 hrs. @ $12 per hr. | $ | 189,200 | |
| Units manufactured | 7,600 | |||
Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Advanced Financial Accounting
Authors: Richard Lewis, David Pendrill
5th Edition
0273622919, 978-0273622918
