Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Smitham Corp makes a product with the following standard costs: Standard Quantity or Standard Price Standard Cost Per Unit $17.42 Hours or Rate Direct 6.7

Smitham Corp makes a product with the following standard costs: Standard Quantity or Standard Price Standard Cost Per Unit $17.42 Hours or Rate Direct 6.7 ounces $2.60 materials per ounce Direct labor 0.6 hours $ 13.80 per hour $ 8.28 Variable 0.3 hours $5.80 overhead per hour $6.10 Smitham Corp reported the following results concerning this product in April. Originally budgeted output 3,000 units Actual output 4,300 units Raw materials used in production 23,700 ounces Purchases of raw materials 25,000 ounces Actual direct labor-hours 500 hours Actual cost of raw materials purchases $ 44,900 Actual direct labor cost Actual variable overhead cost $ 18,700 $6,600 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for April is closest to: A $3,700 U B $3,515 U C $3,700 F D $3,515 F

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

Managerial Accounting

Authors: Mcgrawhil/Irwin

1st Edition

B008CMOMTS

More Books

Students also viewed these Accounting questions

Question

(a) Determine an appropriate coding for this experiment. Pg45

Answered: 1 week ago