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I need part D only Monteiro Company uses a standard cost system. Job 822 is for the manufacturing of 700 units of the product P521.
I need part D only
Monteiro Company uses a standard cost system. Job 822 is for the manufacturing of 700 units of the product P521. The company's standards for one unit of product P521 are as follows Requirements Determine the direct material price variance for job 822 based on the actual quantity (a) (b) (c) materials used Determine the direct material quantity variance for job 822 based on the actual quantity of materials used. Quantity Price Determine the actual quantity of direct labor hours used job 822. Direct material 8 ounces 2 per ounce (d) Determine the actual labor costs incurred for job 822. 9 per hour Direct labor 5 hours (Click the icon for information regarding the formula selections.) The job required 4,500 ounces of raw material costing $11,250. An unfavorable labor rate variance of $1,380 and a favorable labor efficiency variance of $450 also were determined for this job X i Labor efficiency variance Reference AH SH SR direct labor hours used is 3450 hou Rearranging the formula you detemined in the preceding step, the actual quantity ADActual number of direct labor hours Requirement (d) Determine the actual labor costs incurred for job 822 AQ Actual quantity of materials used AR Actual wage rate SH=Number of direct labor hours allowed given the level of output achieved Begin by determining the basic formula used to calculate the labor rate variance. AR SR AH Labor rate variance = sQ Standard quantity of materials allowed for the production level the preceding step to determine the actual labor rate per hour. (Round Begin by rearranging the formula you determined achieved The actual labor rate per hour is SR Standard wage rate Enter your answer in the answer box and then click Check Answer. Print DoneStep by Step Solution
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