Safari File Edit View History Bookmarks Develop Window Help LON-CAPA FS15 11-1 | || | + Apple iCloud https s2lite.msu .edu/res/msu/convery/ACC%20202%20FS15%20and%20beyond /CH%2011%20Variance%20Analysis/FS15%2011-1.problem#17 Reader Twitter wikipedia Yahoo! News Popular www.buzzfeed.com LON-CAPA FS15 11-1 Direct Material Quantity Variance Formula | Analysis I Example ACC202, Fall 2015 Principles of Management Accounting Messages Courses Help Logout Connor Austin Sisco (Student -section: 011) Main Menu Contents Grades Course Contents ... GRADED LON-CAPA Homework FS15 11-1 Timer Notes Evaluate Feedback Print Info FireFly manufactures hot air balloons and uses a standard costing system. FireFly allocates overhead based on the number of direct labor hours. The following are the company's cost and standards data: Standards: Direct material 20.0 yards per hot air balloon at $13.20 per yard Direct labor 6.0 hours per balloon at $10.60 per hour Variable MOH standard rate $4.40 per direct labor hour Predetermined fixed MOH standard rate $9.80 per direct labor hour Total budgeted fixed MOH cost $81,700 Actual cost and operating data from the most recent month follows: Purchased 43,440 yards at a total cost of $547,851 Used 39,000 yards in producing 2,500 balloons Actual direct labor cost of $92,642 for a total of 8,250 hours Actual variable MOH cost $44,602 Actual fixed MOH cost $86,300 Answer the following questions. Each question is worth 1 point. 1. Calculate the standard cost of one air balloon: $412.80 You are correct Your receipt no. is 157-8159 ie 2. Calculate direct material variances. Enter as a positive if favorable and negative if unfavorable a. Direct material price variance:-1750 Ou