Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need the bottom Question 5 of 6 1.83/4 E Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
I need the bottom
Question 5 of 6 1.83/4 E Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $1.46 per tube) Direct labor (1 hour @ $24 per hour) Variable overhead (1 hour @ $6.00 per hour) Fixed overhead (1 hour @ $10.00 per hour) Total standard cost per test $2.92 24.00 6.00 10.00 $42.92 The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity for the month of November 2020, when 1.475 tests were conducted, resulted in the following Direct materials (3,050 test tubes) Direct labor (1.550 hours) Variable overhead Fixed overhead $4,270 35,650 7.400 15,000 Monthly budgeted fixed overhead is $14,000. Revenues for the month were $75,000, and selling and administrative expenses were $5,000 Compute the price and quantity variances for direct materials and direct labor. 183 i Materials price variance Materials quantity variance Favorable $ 190 Unfavorable Labor price variance $ 1550 Favorable Labor quantity variance $ 1800 1 Unfavorable e Textbook and Media Question 5 of 6 1.83 / 4 (b) Your Answer Correct Answer Your answer is partially correct. Compute the total overhead variance. Total Overhead variance $ 1.NO Favorable e Textbook and Media Solution List of Accounts Attempts: 3 of 3 used W dtv Question 5 of 6 1.83/4 $ Favorable > Unfavorable Favorable c Unfavorable

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

Audit Education

Authors: Karen Van Peursem, Elizabeth Monk, Richard M.S. Wilson, Ralph Adler

1st Edition

1138192856, 978-1138192850

More Books

Students also viewed these Accounting questions

Question

4. Gives suggestion, direction, implying autonomy for others

Answered: 1 week ago