Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Saved 4 Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. 2.5 points Direct

image text in transcribed
image text in transcribed
Saved 4 Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. 2.5 points Direct materials (16 lbs. per ib. $5 $80 Direct labor (3 hrs. $15 per 45 hr. eBook During June the company incurred the following actual costs to produce 8,500 units. Hint Direct materials (138,700 lbs. e $658,825 $4.75 per lb.) Print Direct labor (30,300h $15.10 457,530 per hr.) eferences AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price AH Actual Hours SH Standard Hours AR Actual Rate SR Standard Rate (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether eoch variance is favorable or unfavorable. Complete this question by entering your answers in the tabs below. Required Required Compute the direct materials price and quantity variances and classify it as favorable or unfavorable Required 1 Required 2 4 Reed Corp has set the folowing standard direct materials and direct labor costs per unit for the product t 2.5 points Direct materials (6 1bs.S per lb. ) Direct labor (3 hrs. $15 per 4 hr. ) eBook During June the company incured the following ectual costs to produce R.500 unts Hint Direet materials (338,700 ibs. 4.75 per ib.) Direet labor (30,300 hrs.15.10 457.530 658,825 Print per hr.). Reference AO Actua Queey SO Standand Quantity AP Actual Price SP-Standard Price AH- Actual Hours SH#Standard Hous AR Actual Rate SR-Standard Rate 10 Compute the direct materials price and quentity variances (2) Compute the direct labor rate variance and the direct lebor efficiency verience. Indicate whether each varlance s evorable or unfevorable Complete this question by entering your answers in the tabs below Compute the direct labor rate varigance and the direct labor efmiciency variance. Indicate whether esch variance is favorable or unfavorable

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

Audit Findings Of RAC MAC HAC And PSI Review Process

Authors: Mrs. Jyoti Sharma

1st Edition

1511689609, 978-1511689601

More Books

Students also viewed these Accounting questions

Question

1. Which position would you take?

Answered: 1 week ago