Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need the answer ASAP and thank you Kropf Incorporated has provided the following data concerning one of the products in its standard cost system.

I need the answer ASAP and thank you

image text in transcribed

Kropf Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials Direct labor Variable manufacturing overhead Standard Quantity or Hours per Unit of Output 8.20 liters 0.50 hours 0.50 hours Standard Price or Rate $ 7.80 per liter $ 29.70 per hour $ 6.70 per hour The company has reported the following actual results for the product for September: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost 10,400 units 87,800 liters $ 690,500 85,310 liters 4,700 hours $ 145,302 $ 27,414 Required: a. Compute the materials price variance for September. b. Compute the materials quantity variance for September. C. Compute the labor rate variance for September. d. Compute the labor efficiency variance for September. e. Compute the variable overhead rate variance for September. f. Compute the variable overhead efficiency variance for September. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) a. Materials price variance b. Materials quantity variance c. Labor rate variance d. Labor efficiency variance e. Variable overhead rate variance f. Variable overhead efficiency variance

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

The Changing Face Of American BankingDeregulation, Reregulation, And The Global Financial System

Authors: Ranajoy Ray Chaudhuri

3rd Edition

1137365811, 9781137365811

More Books

Students also viewed these Accounting questions

Question

LO2 Describe the human resource planning process.

Answered: 1 week ago