Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Brown Corporation's May operations, during which 2,000 finished units of product were

Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Brown Corporation's May operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours.

Standard Units Costs Total Actual Costs
Direct material
Standard (3 lb. @ $4.00/lb.) $12
Actual (6,400 lb. @ $4.30/lb.) $27,520
Direct labor
Standard (0.5 hr. @ $16/hr.) $8
Actual (950 hrs. @ $15.80/hr.) 15,010
Variable overhead
Standard (0.5 hr. @ $6/hr.) $3
Actual - 6,300
Total $23 $48,830

Determine the following variances:

Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable.

Materials Variances
Actual cost: Answer
Split cost: Answer
Standard cost: Answer
Materials price Answer AnswerFU
Materials efficiency Answer AnswerFU

Labor Variances
Actual cost: Answer
Split cost: Answer
Standard cost: Answer
Labor rate Answer AnswerFU
Labor efficiency Answer AnswerFU

Variable Overhead Variances
Actual cost: Answer
Split cost: Answer
Standard cost: Answer
Variable overhead spending Answer AnswerFU
Variable overhead efficiency Answer AnswerFU

PreviousSave AnswersFinish attempt ...

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

Financial Accounting SG

Authors: Meigs

7th Edition

0070422591, 978-0070422599

More Books

Students also viewed these Accounting questions

Question

2. Outline the functions of nonverbal communication

Answered: 1 week ago