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 6 pounds @ $8 per pound 48, 4ee

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 6 pounds @ $8 per pound 48, 4ee pounds $8.18 per pound Direct labor 2 DLH @ $io per DLH 15,700 hours $16.50 per hour Overhead 2 DL $12 per DH $ 197,300 Units manufactured 8,000 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total $ 4 Saved Homework Direct materials Direct labor Overhead Units manufactured Standard Quantity and cost 6 pounds @ $8 per pound 2 DLH @ $16 per DLH 2 DLH @ $12 per DLH Actual Results 48, 498 pounds @ $8.10 per pound 15,700 hours $16.50 per hour $ 197,300 8,000 units Compute the (1) direct materials price variance and (2) direct materials quantity variance (Indicate the effect of each varia 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 82 x Actual Cost X 15,700 x $ 259,050 AP $16.50 137,200 SP $ 3,00 Standard Cost SO X SP 133,500 X $ 3.00 $ 400,500 X $ 411,000 $. 11.100 $ (152,550) $ 152,550 11.100

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

Intermediate Accounting Volume 2

Authors: Thomas H. Beechy, Joan E. Conrod, Elizabeth Farrell, Ingrid McLeod-Dick, Kayla Tomulka, Romi-Lee Sevel

8th Edition

1260881245, 9781260881240

More Books

Students also viewed these Accounting questions

Question

What is Accounting?

Answered: 1 week ago

Question

Define organisation chart

Answered: 1 week ago

Question

What are the advantages of planning ?

Answered: 1 week ago