Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help. I need to know how the answered were found and all the calculation used to get the answers. I want to understand how

Please help. I need to know how the answered were found and all the calculation used to get the answers. I want to understand how it was answered
image text in transcribed
PARTI: Hector Company has developed the following standard costs for its product for 2012: HECTOR COMPANY Standard Cost Card Product A Standard Standard Quantity x Standard Price Cost Element Cost $12 4 pounds Direct materials 3 hours Direct labor Manufacturing overhead 3 hours The company expected to produce 30,000 units of Product A in 2013 and work 90,000 direct labor hours. Actual results for 2013 are as follows: 31,000 units of Product A were produced Actual direct labor costs were $746.200 for 91.000 direct labor hours worked Actual direct materials purchased and used during the year cost S346.500 for 126,000 pounds. Actual variable overhead incumed was $155,000 and actual fixed overhead incurred was $205,000 Instructions Compute the following variances showing all computations to support your answers. (a) whether the variances are favorable or unfavorable. Materials quantity variance. (b) Direct materials price variance. (C) Total direct labor variance. (d) Direct labor quantity variance. (e) Total overhead variance

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

Recommended Textbook for

Financial And Managerial Accounting For School Administrators Tools For School

Authors: Ronald E. Everett, Donald R. Johnson, Bernard W. Madden

1st Edition

1578865816, 978-1578865819

More Books

Students also viewed these Accounting questions

Question

d. What language(s) did they speak?

Answered: 1 week ago