Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show the equations used. I am especially stuck on material price variance. Exercise 8 Mojo Co.makes zippos out of a material called ladi. During

Please show the equations used. I am especially stuck on material price variance.

image text in transcribed

Exercise 8 Mojo Co.makes zippos out of a material called ladi. During the month, Mojo made 100 zippos using 290 kilos of ladi. The ladi cost 63800 Yen. During the month, Mojo also incurred a direct labor cost of 110000 Yen having worked 80 direct labor hours. Company standards show each zippo requires 3 kilos of ladi at a cost of 200 Yen per kilo. It should take 1 hours of direct labor to make one zippo at a standard labor rate of 1000 Yen per hour. 220.00 300.00 2,000.00 : MPV-CAP-SP)AQ What is the actual price of material per kilo? What is the standard quantity given the number of zippos produced? What is the amount of material price variance? Is the MPV favorable or unfavorable? What is the amount of material quantity (efficiency) variance ? Is the MQV favorable or unfavorable? X X X X X X What is the actual labor rate? What is the standard hours allowed for the number of zippos made? What is the amount of labor rate (price) variance ? Is the LRV favorable or unfavorable? What is the amount of labor efficiency (quantity) variance ? Is the LEV favorable or unfavorable? LLLLLL X X X

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

Auditing An International Approach

Authors: Wally J. Smieliauskas, Kathryn Bewley

6th edition

978-0070968295, 9781259087462, 978-0071051415

More Books

Students also viewed these Accounting questions

Question

Which user, represented by an actual name, spent the most?

Answered: 1 week ago

Question

What do you think the ePay Cardholder account is used for?

Answered: 1 week ago

Question

Which date of this dataset had the highest total purchase amount?

Answered: 1 week ago