Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Only need help with questions 6, 7 and 8. Standard Quantity or Hours Direct materials Direct labor Standard Price or Rate $4.50 per yard Standard

image text in transcribed

image text in transcribed

Only need help with questions 6, 7 and 8.

Standard Quantity or Hours Direct materials Direct labor Standard Price or Rate $4.50 per yard Standard Cost $ ? Variable manufacturing overhead Total standard cost per unit per direct labor- 2 hour $ Overhead is applied to production on the basis of direct labor-hours. During March, 530 backpacks were manufactured and sold. Selected information relating to the month's production is given below: Materials Used $ 9,540 $ 8,645 Direct Labor $5,936 Variable Manufacturing Overhead $1,484 $1,690 Total standard cost allowed* Actual costs incurred Materials price variance Materials quantity variance Labor rate variance Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance $ 1,575 U *For the month's production. The following additional information is available for March's production: Actual direct labor-hours Difference between standard and actual cost per backpack produced during March 795 A2 F WICH Deyhiy Ul elluny inventores of 5. What is the standard direct labor rate per hour? 6. What was the labor rate variance for March? The labor efficiency variance? 7. What was the variable overhead rate variance for March? The variable overhead efficiency variance? 8. Prepare a standard cost card for one backpack

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Advanced Accounting

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

11th Edition

978-0132568968, 9780132568968

Students also viewed these Accounting questions