Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A manufactured product has the following information for June. Standard Quantity and cost Actual Results Direct materials 5 pounds e $7 per pound 39,000 pounds

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
A manufactured product has the following information for June. Standard Quantity and cost Actual Results Direct materials 5 pounds e $7 per pound 39,000 pounds @ $7.20 per pound Direct labor 2 DLH $16 per DLH 15,100 hours $16.60 per hour Overhead 2 DLH $12 per DLH $ 190,000 Units manufactured 7,700 units (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production (4) Compute total cost variance for June. Required 1 Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total Required 1 Required 2 Required 3 Required 4 Compute total budgeted cost for June production. Total budgeted (standard) cost Required 1 Required 2 Required 3 Required 4 Compute total actual cost for June production. Actual cost Required 1 Required 2 Required 3 Required 4 Compute total cost variance for June. (Indicate the effect of the variar Total cost variance RE Favorable No variance Unfavorable A Manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and cost 5 pounds $7 per pound 2 DLR $16 per i 2 DLH $12 per DLH Actual Results 39,000 pounds. $7.20 per pound 15,100 hours $16.60 per hour $ 190,000 7, 700 units Compute the (1) direct materials price variance and (2) direct materials quantity variance (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Standard Cost Direct materials Direct labor Overhead Units manufactured Standard Quantity and cost 5 pounds $7 per pound 2 DLH & $16 per DLH 2 DL $12 per DLR Actual Results 39,000 pounds $7.20 per pound 15,100 hours $16.60 per hour $ 190.000 7,700 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate Actual Cost Standard Cout

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

College Accounting A Practical Approach 1-15

Authors: Jeffrey Slater

4th Edition

013142050X, 978-0131420502

More Books

Students also viewed these Accounting questions

Question

c. What steps can you take to help eliminate the stress?

Answered: 1 week ago