Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Need help with split cost. Thank you! Question 2 Partially correct Mark 12.00 out of 14.00 p Flag question Material and Labor Variances The following
Need help with split cost. Thank you!
Question 2 Partially correct Mark 12.00 out of 14.00 p Flag question Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 11,700 lbs. @ 55.30 12,000 lbs. @ $5.10 Direct labor 18,600 hrs. @ $8.40 18,000 hrs. @ $8.70 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: $ 62,010 $ Split cost: 2x Standard cost: $ 61,200 a. Materials price 2,340U b. Materials efficiency 1,530 F $ $ Actual cost Split cost: Standard cost: C. Labor rate d. Labor efficieny Labor Variances $ 156,240 $ 156,600 x 156,600 $ 5,580 F $ 5,220 U $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