Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jackson Industries uses a standard cost system in which direct materials inventory is carried at standard cost. Jackson has established the following standards for one

image text in transcribed
Jackson Industries uses a standard cost system in which direct materials inventory is carried at standard cost. Jackson has established the following standards for one unit of product: Direct materials Direct labor Standard Quantity 5 pounds 1.90 hours Standard Price or Rate $3.20 per pound $11.00 per hour Standard Cost $16.00 $20.90 During May, Jackson purchased 96,750 pounds of direct material at a total cost of $328,950. The total factory wages for May were $372,600, 90 percent of which were for direct labor. Jackson manufactured 16,000 units of product during May using 77,300 pounds of direct material and 30,900 direct labor-hours. The labor rate variance for May is: $4,560 Favorable $3,360 Unfavorable $4,560 Unfavorable 0 $2,160 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

Accounting for Governmental and Nonprofit Entities

Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus

15th Edition

978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960

More Books

Students also viewed these Accounting questions

Question

Describe the three broad categories of customer value propositions.

Answered: 1 week ago