Required information [The following information applies to the questions displayed below.] Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: The planning budget for March was based on producing and selling 19,000 units. However, during March the company actually produced and sold 24,000 units and incurred the following costs: a. Purchased 160,000 pounds of raw materials at a cost of $7.20 per pound. All of this material was used in production. b. Direct laborers worked 60,000 hours at a rate of $15 per hour. c. Total variable manufacturing overhead for the month was $336,600. Required: 1. What raw materials cost would be included in the company's planning budget for March? Required information [The following information applies to the questions displayed below.] Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: The planning budget for March was based on producing and selling 19,000 units. However, during March the company actually produced and sold 24,000 units and incurred the following costs: a. Purchased 160,000 pounds of raw materials at a cost of $7.20 per pound. All of this material was used in production. b. Direct laborers worked 60,000 hours at a rate of $15 per hour. c. Total variable manufacturing overhead for the month was $336,600. 2. What raw materials cost would be included in the company's flexible budget for March? Required information [The following information applies to the questions displayed below] Preble Company manufactures one product. its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: The planning budget for March was based on producing and selling 19,000 units. However, during March the company actually produced and sold 24,000 units and incurred the following costs: a. Purchased 160.000 pounds of raw materials at a cost of $7.20 per pound. All of this material was used in production. b. Direct laborers worked 60,000 hours at a rate of $15 per hour. c. Total variable manufacturing overhead for the month was $336,600. 3. What is the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.) Required information [The following information applies to the questions displayed below.] Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: The planning budget for March was based on producing and selling 19,000 units. However, during March the company actually produced and sold 24,000 units and incurred the following costs: a. Purchased 160,000 pounds of raw materials at a cost of $7.20 per pound. All of this material was used in production. b. Direct laborers worked 60,000 hours at a rate of $15 per hour. c. Total variable manufacturing overhead for the month was $336,600. What is the materials quantity variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for nfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.) 5. If Preble had purchased 175,000 pounds of materials at $7.20 per pound and used 160,000 pounds in production, what would be the materials price variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.) 6. If Preble had purchased 175,000 pounds of materials at $7.20 per pound and used 160,000 pounds in production, what would be the materials quantity variance for March? (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.) 7. What direct labor cost would be included in the company's planning budget for March? 8. What direct labor cost would be included in the company's flexible budget for March? 9. What is the labor rate variance for March? (Indicate the effect of each variance by selecting " F " for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance.). Input all amounts as positive values.)
