Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help with A,B, and additional one thank you! OTTOOS Paste B 1 cu A 2 98 Cell Styles SL Undo Clipboard IV Font Alignment

please help with A,B, and additional one thank you!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
OTTOOS Paste B 1 cu A 2 98 Cell Styles SL Undo Clipboard IV Font Alignment Number 214 X ft V B D F G K H L M N E E26.7 Compute materials and labor variances Levine Inc which produces a single product, has prepared the following standard cost sheet for one unit of the product Direct materials (8 pounds at $2.50 per pound) Direct labor (3 hours at $12 per hour) $20 $36 During the month of April, the company manufactures 230 units and incurs the following actual costs. Direct materials purchased and used (1,900 pounds) $5,035 Direct labor (700 hours) $8,120 3 Instructions Compute the total price and quantity vanances for materials and labor. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a"? a Total Materials Variance: AQ AP Value Value minus 2 GIS minus minus Value SQ Value XX SP) Value (a) Total Materials Variance: C AQ AP (Value Value 2 minus ? 2 ) minus minus Value SQ Value XX SP) Value ) Materials price variance: ( AQ AP (Value Value) 2 minus 2 2 minus minus Value AQ Value XX SP Value Materials quantity variance: AQ SP (Value Value 2 minus ? minus minus Value SQ Value XX SP Value (b) Total Labor Variance: AH AR Value Value 2 minic ( SH XX minus minus Malta XX SR Value Value 6 7 (b) 38 39 ) Total Labor Variance: ( AH AR . Value Value) ? minus ? minus minus Value C C SH Value X X SR Value 10 91 42 13 Labor Price variance: ( AH AR ( Value Value ? minus ? 14 45 46 o ) ) minus minus Value AH Value X X SR Value ) . 18 49 Labor quantity variance: ( AH SR (Value X Value 2 minus ? ) ) minus ( minus ( Value SH Value 50 51 52 53 54 X SR Value SE 54 55 56. After you have completed the requirements of E26.7, consider this additional question, 57 1 Assume that the actual quantity and price paid for direct material and labor changed to the following: Direct materials purchased and used (2,000 pounds) 59 Direct labor (720 hours) 60 Recalculate total variance, price and quantity variances for both direct materials and labor. 58 61 62 63 164 65 65 67 68 69 70 72 73 74

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

Management And Cost Accounting

Authors: Mike Tayles, Colin Drury

11th Edition

147377361X, 978-1473773615

More Books

Students also viewed these Accounting questions