Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Budgeted standards for each unit produced are 0.50 pound of direct material at $5.95 per pound and 10 minutes of direct labor at $21.90

Budgeted standards for each unit produced are 0.50 pound of direct material at $5.95 per pound and 10 minutes of direct labor at $21.90 per hour. AH Actual Hours SH= Standard Hours AR Actual Rate SR Standard Rate AQ=Actual Quantity SQ=Standard Quantity AP= Actual Price SP Standard Price (1) Compute the direct materials price and quantity variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) (2) Compute the direct labor rate and efficiency variances and classify each as favorable or unfavorable. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate and efficiency variances and classify each as favorable or unfavorable. (Do not round intermediate calculations.) Actual Cost Standard Cost < Required 1 Reen

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Actual enst Standard cost AQ X AP AQ X SP SQ X SP 35000 x 595 3000 x 59... 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

Fundamental accounting principle

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

21st edition

1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587

More Books

Students also viewed these Accounting questions