Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A ) The Maxit Corporation has a standard costing system in which variable manufacturing overhead is assigned to production on the basis of standard machine

A) The Maxit Corporation has a standard costing system in which variable manufacturing overhead is assigned to production on the basis of standard machine-hours. The following data are available for July:* Actual variable manufacturing overhead cost incurred: $24,820* Actual machine-hours worked: 2,600 hours* Variable overhead rate variance: $4,920 U* Total variable overhead spending variance: $6,820 UThe variable overhead efficiency variance for July is:Multiple Choice* $1,900 F* $11,740 F* $1,900 U* $11,740 UB)Gipple Corporation makes a product that uses a material with the quantity standard of 8.3 grams per unit of output and the price standard of $7.00 per gram. In January the company produced 4,400 units using 25,870 grams of the direct material. During the month the company purchased 28,400 grams of the direct material at $7.20 per gram. The direct materials purchases variance is computed when the materials are purchased.The materials price variance for January is:Multiple Choice* $5,680 U* $5,680 F* $7,304 F* $7,304 UC)Chhom Corporation makes a product whose direct labor standards are 0.9 hours per unit and $27 per hour. In November the company produced 7,300 units using 6,070 direct labor-hours. The actual direct labor cost was $127,470.The labor efficiency variance for November is:Multiple Choice* $13,500 F* $49,920 F* $49,920 U* $13,500 U

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_2

Step: 3

blur-text-image_3

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 Information For Decisions

Authors: John J Wild

3rd Edition

0072974729, 978-0072974720

More Books

Students also viewed these Accounting questions