Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A manufactured product has the following information for June. Standard Actual Direct materials 6 lbs. @ $8 per lb. 44,900 lbs. @ $8.20 per lb.

A manufactured product has the following information for June.

Standard Actual
Direct materials 6 lbs. @ $8 per lb. 44,900 lbs. @ $8.20 per lb.
Direct labor 3 hrs. @ $16 per hr. 21,800 hrs. @ $16.40 per hr.
Overhead 3 hrs. @ $13 per hr. $ 294,300
Units manufactured 7,400

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

image text in transcribed

Actual Cost Standard Cost

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

Operational Auditing Principles And Techniques For A Changing World

Authors: Hernan Murdock

2nd Edition

1000388247, 9781000388244

More Books

Students also viewed these Accounting questions