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Please Answer E and F and explain how you get the answer! Haynes Company manufactures a single product that has the following standards: The standard
Please Answer E and F and explain how you get the answer!
Haynes Company manufactures a single product that has the following standards: The standard fixed manufacturing overhead rate above is based on expected capacity of 80,00 direct labor hours and the total budgeted fixed manufacturing overhead of dollar 660,000. The following data pertain to actual operations for July 2015: Calculate the materials price variance. Calculate the materials usage variance. Haynes Company has calculated the following direct labor variances: Labor Rate Variance = dollar 42,000 U Labor Efficiency Variance = dollar 40,000 F Using this information and other data provided in the problem, prepare the journal entry to record the direct manufacturing labor used during the July 2015 production period. (Assume none of the labor costs have been paid yet). Haynes Company has calculated the following variable manufacturing overhead variances: Variable MOH Spending Variance = dollar 84,000 U Variable MOH Efficiency Variance = dollar 32,000 F Using this information-and other data provided in the problem, prepare the journal entry to record the variable manufacturing overhead variances for the July 2015 production period. Calculate the fixed manufacturing overhead spending variance. Calculate the fixed manufacturing overhead production-volume varianceStep by Step Solution
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