Answered step by step
Verified Expert Solution
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!
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
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