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The following data is given for the Harry Company: Budgeted production 1,049 units Actual production 928 units Materials: Standard price per ounce $1.974 Standard ounces
The following data is given for the Harry Company:
Budgeted production | 1,049 units |
Actual production | 928 units |
Materials: | |
Standard price per ounce | $1.974 |
Standard ounces per completed unit | 11 |
Actual ounces purchased and used in production | 10,514 |
Actual price paid for materials | $21,554 |
Labor: | |
Standard hourly labor rate | $14.32 per hour |
Standard hours allowed per completed unit | 4.3 |
Actual labor hours worked | 4,779 |
Actual total labor costs | $77,659 |
Overhead: | |
Actual and budgeted fixed overhead | $1,073,000 |
Standard variable overhead rate | $28.00 per standard labor hour |
Actual variable overhead costs | $133,812 |
Overhead is applied on standard labor hours. (Round interim calculations to the nearest cent.) |
The direct labor rate variance is
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