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The following data is given for the stringer Company: Budgeted production 1,034 units Actual production 913 units Materials: Standard price per ounce $1.78 Standard pounds
The following data is given for the stringer Company:
Budgeted production | 1,034 units |
Actual production | 913 units |
Materials: | |
Standard price per ounce | $1.78 |
Standard pounds per completed unit | 10 |
Actual pounds purchased and used in production | 8,856 |
Actual cost of materials | $18,155 |
Labor: | |
Standard hourly labor rate | $14.00 per hour |
Standard hours allowed per completed unit | 4.0 |
Actual labor hours worked | 4,701.95 |
Actual total labor costs | $71,705 |
Overhead: | |
Actual and budgeted fixed overhead | $1,068,974 |
Standard variable overhead rate | $27.00 per standard labor hour |
Actual variable overhead costs | $131,655 |
Overhead is applied on standard labor hours. |
Determine the direct material quantity variance.
Select the correct answer.
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