Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help solve this problem. Here is the complete question. Oddo Corporation makes a product with the following standard costs: Standard Quantity or Standard Price

Please help solve this problem. Here is the complete question.

image text in transcribed
Oddo Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Standard Cost Hours Rate Per Unit Direct materials 3.0 ounces $8.60 per ounce $25.80 Direct labor 0.7 hours $23.00 per hour $16.10 Variable overhead 0.7 hours $4.00 per hour $2.80 The company reported the following results concerning this product in December. Originally budgeted output 4,560 units Actual output 4,360 units "Raw materials used in production 3,330 ounces Actual direct labor-hours 3,302 hours Purchases of raw materials 15,170 ounces Actual price of raw materials $8.40 per ounce Actual direct labor rate $19.90 | per hour Actual variable overhead rate $4.10 | per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for December Is: $2,150 F $2,100 F $2,100 U $2,150 U

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

Comprehensive Assurance & Systems Tool An Integrated Practice Set

Authors: Laura R Ingraham, J Greg Jenkins

3rd Edition

0133251969, 9780133251968

More Books

Students also viewed these Accounting questions

Question

1. Effort is important.

Answered: 1 week ago