Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show steps and Thank you so much! Problem 12.40A a-h You have been given the following information about the production of Gamma Co., and

image text in transcribedimage text in transcribedimage text in transcribedPlease show steps and Thank you so much!

Problem 12.40A a-h You have been given the following information about the production of Gamma Co., and are asked to provide the plant manager with information for a meeting with the vice-president of operations: Direct materials (5.20 kg at $3.40 per kilogram) Direct labour (0.50 hours at $4.10) Variable overhead (0.50 hours at $3.40 per hour) Fixed overhead (0.50 hours at $6 per hour) Standard Cost Card $17.68 2.05 1.70 3.00 $24.43 The following is a production report for the most recent period of operations: Volume Costs Direct materials Direct labour Variable overhead Fixed overhead Total Standard Cost Price/ Rate $332,384 $5,029 F 38,540 2,685 U 31,960 56,400 Variances Spending/ Quantity/ Budget Efficiency $9,588 U 5,494 U $1,300 F 400 F $11,820 U How many units were produced during the period? Number of units produced How many kilograms of raw material were purchased and used during the period? Raw materials purchased kilograms What was the actual cost per kilogram of raw materials? (Round answer to 2 decimal places, e.g. 15.25.) Actual cost per kilogram /kg How many actual direct labour hours were worked during the period? Actual direct labour hours hours What was the actual rate paid per direct labour hour? (Round answer to 2 decimal places, e.g. 15.25.) Actual rates What was the actual variable overhead cost incurred during the period? Actual variable overheads What is the total fixed overhead cost in the company's master budget? Budgeted fixed costs What were the master budget hours for fixed overhead? Master budget hours hours

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

The Audit Process Principles Practice And Cases

Authors: Stuart Manson, Iain Gray, Iain G. Sheffield, I.H. Gray, I. Etal Gray

2nd Edition

1861520107, 9781861520104

More Books

Students also viewed these Accounting questions