Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

all 5 please based on direct labor-hours and its standard cost card per unit is as follows: The planning budget for March was based on

all 5 please image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
based on direct labor-hours and its standard cost card per unit is as follows: The planning budget for March was based on producing and selling 19,000 units. However, during March the company actually produced and sold 24,000 units and incurred the following costs: a. Purchased 160,000 pounds of raw materials at a cost of $7.20 per pound. All of this material was used in production. b. Direct laborers worked 72,000 hours at a rate of $18 per hour. c. Total variable manufacturing overhead for the month was $336,960. 5. If Preble had purchased 187,000 pounds of materials at $7.20 per pound and used 160,000 pounds in production, wha be the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, " U " for unfavorable, and "None" for no effect (I.e., zero variance.). Input all amounts as positive values.) Answer is complete but not entirely correct. 6. If Preble had purchased 187,000 pounds of materials at $7.20 per pound and used 160,000 pounds in production, what would be the materials quantity variance for March? (Indicate the effect of each variance by selecting "F" for favorable, " U " for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.) 8. What direct fabor cost would be included in the company's flexible budget for March? 9. What is the labor rate variance for March? (Indicate the effect of each variance by selecting "F" for favorable, " U " for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.) 10. What is the labor efficiency variance for March? (Indicate the effect of each variance by selecting " F " for favorable, " U " for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac

22nd Edition

324401841, 978-0-324-6250, 0-324-62509-X, 978-0324401844

Students also viewed these Accounting questions