Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hi, I need Accounting help please Standard Quantities Allowed of Labor and Materials Packard Company produces ready-to-cook oatmeal. Each carton of oatmeal requires 16 ounces

Hi, I need Accounting help please

image text in transcribed

Standard Quantities Allowed of Labor and Materials Packard Company produces ready-to-cook oatmeal. Each carton of oatmeal requires 16 ounces of rolled oats per carton (the unit quantity standard) and 0.07 labor hours (the unit labor standard) During the year, 800,000 cartons of oatmeal were produced. Required: 1. Calculate the total amount of oats allowed for the actual output. ounces 2. Calculate the total amount of labor hours allowed for the actual output. hours Total Materials Variance Lata Inc. produces aluminum cans. Production of 11-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of April, 27o,000 cans were produced using 1,000,000 ounces of aluminum. The actual cost of aluminum was $0.15 per ounce and the standard price was $0.05 per ounce. There is no beginning or ending inventories of aluminum. Required: Calculate the total variance for aluminum for the month of April Unfavorable Materials Variances aluminum Production of 13-ounce cans has a standard unit quantity of 4.6 Lata produces cans. 1,258,000 ounces of aluminum per can. During the month of April, 296,000 cans were produced using ounces of aluminum. The actual cost of aluminum was $0.15 per ounce and the standard price was per ounce. There is no beginning or ending inventories of aluminum. Required: variances using the columnar and formula approaches. Calculate the materials price and usage Unfavorable Materials Price Variance Material Usage Variance s Favorable

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

Internal Auditing As A Career

Authors: Richa Yamini Goel

1st Edition

B09RMBWZ2L, 979-8412866512

More Books

Students also viewed these Accounting questions