Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need some help with the following questions, thanks! Vaughn Corporation accumulates the following data relative to jobs started and finished during the month of June

Need some help with the following questions, thanks!

image text in transcribed
Vaughn Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Actual Standard Is unit cost $2.10 $2 Raw materials units 11,400 11,000 Direct labor payroll $169,860 $165,680 Direct labor hours 14,900 15,200 Manufacturing overhead incurred $211,720 Manufacturing overhead applied $214,320 Machine hours expected to be used at normal capacity 43,500 Budgeted fixed overhead for June $73,950 Variable overhead rate per machine hour $3.00 Fixed overhead rate per machine hour $1.70 Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. The jobs were sold for $487,000. Selling and administrative expenses were $39,300. Assume that the amount of raw materials purchased equaled the amount used. (a) Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 52.) (1) Total materials variance $ Materials price variance Materials quantity variance $ (2) Total labor variance Labor price variance Labor quantity variance $

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting Tools For Business Decision Making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, Ibrahim M. Aly

2nd Canadian Edition

0471413658, 978-0471413653

More Books

Students also viewed these Accounting questions

Question

Please help me evaluate this integral. 8 2 2 v - v

Answered: 1 week ago

Question

=+d. Is there another print vehicle you would suggest?

Answered: 1 week ago