Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Nona Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at
Nona Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.
Direct materials (8 pounds at $2.50 per pound) | $20.00 | |
Direct labor (3 hours at $12.00 per hour) | $36.00 |
During the month of April, the company manufactures 235 units and incurs the following actual costs.
Direct materials purchased and used (1,900 pounds) | $5,035 | |
Direct labor (700 hours) | $8,260 |
Total material variance=(AQ x AP)-(SQ x SP) --> (1,900 x $2.65) - (1,880 x $2,50) = $335 Unfavorable | ||||
Total Material price variance=(AQ x AP) - (AQ x SP)--> (1,900 x $2.65) - (1,900 x $2.50) = $285 Unfavorable | ||||
Material quanity variance = (AQ x SP) - (SQ x SP)--> (1,900 x $2.50) - (___ x $2.50) = $____ Fav. or Unfav. | ||||
Total lavor variance = (AH x AR) - (SH x SR)--> (___x___) - (___x___) = $____ Fav. or Unfav. | ||||
Labor price variance = (AH x AR) - (AH x SR)--> (___x___) - (___x___) = $____ Fav. or Unfav. | ||||
Labor quantity variance - (AH x SR) - (SH x SR)--> (___x___) - (___x___) = $____ Fav. or Unfav. |
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