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Problem 24-03A a-b (Video) Concord Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2020, 10,400 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 16,000 direct labor hours. All materials purchased were used Cost Element Direct materials Direct labor Overhead Standard (per unit) Actual 10 yards at $4.20 per yard 1.10 hours at $13.00 per hour 1.10 hours at $6.20 per hour (fixed $3.70; variable $2.50)$49,600 fixed overhead $37,500 variable overhead $419,600 for 104,900 yards ($4.00 per yard) $161,336 for 12,040 hours ($13.40 per hour) Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $59,200, and budgeted variable overhead was $40,000 Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.) (1) Total materials variance Materials price variance Materials quantity variance Total labor variance (2) Labor price variance Labor quantity variance Compute the total overhead variance Total overhead variance Click if you would like to Show Work for this question: Open Sh Problem 24-04A a-i (Video) Nash Company uses a standard cost accounting system. In 2020, the company produced 27,500 units. Each unit took several pounds of direct materials and 1.6 standard hours of direct labor at a standard hourly rate of $11.00. Normal capacity was 49,500 direct labor hours. During the year, 130,000 pounds of raw materials were purchased at $0.90 per pound. All materials purchased were used during the year. If the materials price variance was $1,300 favorable, what was the standard materials price per pound? (Round answer to 2 decimal places, e.g. 2.75.) Standard materials price per pound LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM If the materials quantity variance was $18,200 unfavorable, what was the standard materials quantity per unit? Standard materials quantity per unit pounds LINK TO TEXTLINK TO TEXT VIDEO: SIMILAR PROBLEM What were the standard hours allowed for the units produced? Standard hours allowed hours LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM If the labor quantity variance was $4,400 unfavorable, what were the actual direct labor hours worked? Actual hours worked hours LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM If the labor price variance was $4,440 favorable, what was the actual rate per hour? (Round answer to 2 decimal places, e.g. 2.75.,) Actual rate per hour g LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR
