Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

P11-1 What is the materials price variance? A $ (1,020) U B $ 1,020 F C $ (1,500) U D $ 1,500 F P11-1 What

image text in transcribed

P11-1 What is the materials price variance?
A $ (1,020) U
B $ 1,020 F
C $ (1,500) U
D $ 1,500 F
P11-1 What is the materials quantity variance?
A $ 1,400 F
B $ (2,100) U
C $ 1,300 F
D $ (1,300) U
P11-1 What is the total materials variance?
A $ 2,420 F
B $ (2,420) U
C $ 3,500 F
D $ (3,120) U
P11-1 What is the labor price variance?
A $ (2,700) U
B $ 2,700 F
C $ (3,700) U
D $ 3,750 F
P11-1 What is the labor quantity variance?
A $ 4,080 F
B $ (4,080) U
C $ 3,360 F
D $ (3,450) U
P11-1 What is the total labor variance?
A $ (340) U
B $ 330 F
C $ 250 F
D $ (250) U
P11.1 ( LO2,3), AP Rogen Corporation manufactures a single product. The standard cost per unit of product is shown below. The predetermined manufacturing overhead rate is $10 per direct labor hour ($16.001.6). It was computed from a master manufacturing overhead budget based on normal production of 8,000 direct labor hours (5,000 units) for the month. The master budget showed total variable costs of $60,000 ( $7.50 per hour) and total fixed overhead costs of $20,000 ( $2.50 per hour). Actual costs for October in producing 4,800 units were as follows. The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored. Instructions a. Compute all of the materials and labor variances. a. MPV $1,020U b. Compute the total overhead variance. Compute variances, and prepare income statement

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

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

Students also viewed these Accounting questions

Question

Disordered eating in dance professionals

Answered: 1 week ago