Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding Industries. In addition, the variances for one month's production

The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding Industries. In addition, the variances for one month's production are given. Assume that all inventory accounts have zero balances at the beginning of the month.

Standard Cost Per Unit Standard Monthly Costs
Materials $ 4.30 $ 8,600
Direct Labor 2 hrs. @ $2.50 5.00 10,500
Factory Overhead:
Variable 1.70 3,570
Fixed 5.00 10,500
$ 16.00 $ 33,170

Variances:
Material price 330.00 unfavorable
Material quantity 860.00 unfavorable
Labor rate 600.00 favorable
Labor efficiency 2,200.00 unfavorable

What was the actual quantity of materials used during the month?

2,077.

2,000.

2,200.

1,800.

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

Blood Audit

Authors: Edward S Blythe

1st Edition

ISBN: 1480180394, 978-1480180390

More Books

Students also viewed these Accounting questions

Question

2. Name and explain the three properties of probability.

Answered: 1 week ago