Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

28. lgel Corporation makes a product with the following standard costs: Standard Cost Per Unit Inputs. Direct materials.. Direct labor.. Variable overhead.. Standard Quantity or

image text in transcribed
28. lgel Corporation makes a product with the following standard costs: Standard Cost Per Unit Inputs. Direct materials.. Direct labor.. Variable overhead.. Standard Quantity or Hours 4.3 pounds 0.7 hours 0.7 hours Standard Price or Rate S6.00 per pound $20.00 per hour S2.00 per hour S25.80 $14.00 S1.40 The company reported the following results concerning this product in September. 1,900 units 1,700 units 7,210 pounds 7,600 pounds 1,260 hours $43,320 S25,578 S2,394 Originally budgeted output Actual output. Raw materials used in productio Actual direct labor-hours Actual cost of raw materials purchases.... Actual direct labor cost Actual variable overhcad cost. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. (8 Points) Required: a. Compute the materials quantity variance. b. Compute the materials price variance. c. Compute the labor efficiency variance. d. Compute the direct labor rate variance. e. Compute the variable overhead efficiency variance f. Compute the variable overhead rate variance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Decision Making Approach

Authors: Thomas E. King, Valdean C. Lembke, John H. Smith

2nd Edition

0471328235, 978-0471328230

More Books

Students also viewed these Accounting questions

Question

What is a vertical asymptote?

Answered: 1 week ago