Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Boat Buddy makes a paddle boat with the following standard costs per unit produced: Standard Quantity/Efficiency Standard Price/Rate Direct Materials 3.25 lbs per unit

image text in transcribed

Boat Buddy makes a paddle boat with the following standard costs per unit produced: Standard Quantity/Efficiency Standard Price/Rate Direct Materials 3.25 lbs per unit produced $4.50 per lb Direct Labor Mfg OH .40 hrs per unit produced $19.00 per hr .40 per unit produced $4.25 per hr Actual Results: 8,000 units produced Direct material Actually purchased 25,000 lbs at $4.60 per lb. Direct Labor Payroll totaled $71,250 for actual hours worked of 3,750 hours - Overhead Cost-Actual overhead costs was $18,750 allocated based on actual direct labor hours Required: a. Compute the total product cost (standard and actual) and calculate product cost variance (7pts) b. Compute the total materials quantity variance. (3pts) c. Compute the materials price variance. (3pts) d. Compute the total labor efficiency variance. (3pts) e. Compute the labor rate variance. (3pts) f. Compute the total variable overhead efficiency variance. (3pts) g. Compute the variable overhead rate variance. (3pts)

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

Fundamentals of Advanced Accounting

Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupnik

6th edition

0-07-786223-6, 101259095592, 13: 978-0-07-7, 13978125909559, 978-0077862237

More Books

Students also viewed these Accounting questions

Question

What does a person include in his/her application?

Answered: 1 week ago