Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kropf Inc. has provided the following data concerning one of the products in its standard cost system. Varlable manufacturing overhead is applied to products on
Kropf Inc. has provided the following data concerning one of the products in its standard cost system. Varlable manufacturing overhead is applied to products on the basis of direct labor-hours. Standard Quantity or loura per Unit of Output 7.50 11ters 0.50 hours 0.50 hours Inputs Direct materials Standard Priee or Rate 7-10 per liter 04:5934 Direet labor $22.70 per hour Variable 6.00 per hour The company has reported the following actual results for the product for September Actual output Rav materials parchased etual cost of raw materials purchased Rav materials used in prodaction Aetual direet labor-houra Aetual direet labor coat Actual variable overhead coat 9,700 units 75,100 liters 563,500 72,770 1itera ,600 hours $110,302 23,414 Required: 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 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 (Le.. zero varlance), Input all amounts as posltive values)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started