Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is information related to X Company, a company that uses a standard cost system: Standard cost card for 1 unit of Product A:

The following is information related to X Company, a company that uses a standard cost system:

Standard cost card for 1 unit of Product A:

Direct materials Raw Material A (1 kilogram @ $ 20/kg.) $ 20

Direct materials Raw Material B (1 kilogram @$ 10/kg.) $ 10

Direct labour (1 hour @ $15/hr.) $ 15

Variable overhead (1 hour @ $ 5/hr.) $ 5

Fixed overhead (1 hour @ $ 10/hr.) $ 10

Total budgeted fixed overhead: $ 1,000

Budget total units of production: 100 units

Actual units produced 88 units

Actual costs incurred: Total

Direct materials Raw Material A (130 kilograms $ 2,860

Direct materials Raw Material B ( 60 kilograms) $ 660

Direct labour (100 hours) $ 1,600

Variable overhead (100 hours) $ 480

Fixed overhead $ 1,120

Required:

Calculate the direct labour variances.

Calculate the two variable overhead variances.

Calculate the direct material variances.

Pls write clearly

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_2

Step: 3

blur-text-image_3

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

Comparative International Accounting

Authors: Christopher Nobes, R. H. Parker

6th Edition

0273646028, 978-0273646020

More Books

Students also viewed these Accounting questions

Question

List the activities involved in employer-designed HRD programs

Answered: 1 week ago