Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Part of your company's accounting database was destroyed when Godzilla attacked the city. You have been able to gather the following data from your
Part of your company's accounting database was destroyed when Godzilla attacked the city. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). Round "per unit" answer values to 2 decimal places.) Standard price or rate per unit of input Standard quantity per unit of output Actual quantity used per unit of output Actual price or rate per unit of input Actual output Direct-material price variance Direct-material quantity variance Total direct-material variance Direct Labor Direct Material per hour $ 12.00 per lb hours per unit lbs per unit 2.30 hours lbs per unit $ 16.00 per hour $ 11.00 per lb 7,500 units 7,500 units $ 52,500 F Direct-labor rate variance Direct-labor efficiency variance 33,750 F Total direct-labor variance $ 16,500 F $ 34,500 F
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