Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prince Harry Inc. has provided the following data concerning one of the products in its standard cost system, Harry's Hot Pockets. Variable manufacturing overhead is

image text in transcribed

Prince Harry Inc. has provided the following data concerning one of the products in its standard cost system, Harry's Hot Pockets. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Standard Quantity or Hours per Unit Standard Price or Inputs of Output Rate Direct materials 8.7 ounces $ 6.80 per ounce Direct labor 0.6 hours $28.70 per hour Variable manufacturing overhead 0.6 hours $ 5.10 per hour The company has reported the following actual results for the product for April: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost 6,300 units 55,140 ounces $316,540 54,820 ounces 3,530 hours $105,850 $ 17,090 Required: a. Compute the materials price variance for April. b. Compute the materials quantity variance for April. c. Compute the labor rate variance for April. d. Compute the labor efficiency variance for April. e. Compute the variable overhead rate variance for April. f. Compute the variable overhead efficiency variance for April. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Input all amounts as positive values.)

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

Ethical Obligations And Decision Making In Accounting Text And Cases

Authors: Steven Mintz

6th Edition

1264135947, 9781264135943

More Books

Students also viewed these Accounting questions

Question

3. Laugh at the right time for the right time.

Answered: 1 week ago

Question

3. How much information do we need to collect?

Answered: 1 week ago

Question

2. What types of information are we collecting?

Answered: 1 week ago

Question

5. How quickly can we manage to collect the information?

Answered: 1 week ago