Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Prince Harry Inc. has provided the following data concerning one of the products in its standard cost system, Harry's Hot Pockets. Variable manufacturing overhead is

image text in transcribed

Prince Harry Inc. has provided the following data concerning one of the products in its standard cost system, Harry's Hot Pockets. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials Direct labor Variable manufacturing overhead Standard Quantity or Hours per Unit of Output 7.9 ounces 0.5 hours 0.5 hours Standard Price or Rate $ 8.00 per ounce $25.70 per hour $ 6.30 per hour The company has reported the following actual results for the product for April: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost 7,500 units 63,010 ounces $379,910 59,260 ounces 3,440 hours $ 92,520 $ 21,034 Required: a. Compute the materials price variance for April. b. Compute the materials quantity variance for April. c. Compute the labor rate variance for April. d. Compute the labor efficiency variance for April. e. Compute the variable overhead rate variance for April. f. Compute the variable overhead efficiency variance for April. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variancel. Innut all amounts as nositive values.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions