Question
You have been given the following information about the production of Novak Co., and are asked to provide the factory manager with information for a
You have been given the following information about the production of Novak Co., and are asked to provide the factory manager with information for a meeting with the vice-president of operations:
Standard Cost Card | |||
---|---|---|---|
Direct materials (5.80 kg at $3.20 per kilogram) | $18.56 | ||
Direct labour (0.50 hours at $4.00) | 2.00 | ||
Variable overhead (0.50 hours at $3.20 per hour) | 1.60 | ||
Fixed overhead (0.50 hours at $7.00 per hour) | 3.50 | ||
$25.66 |
The following is a production report for the most recent period of operations:
Variances | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Costs | Total Standard Cost | Price/ Rate | Spending/ Budget | Quantity/ Efficiency | Volume | |||||||||
Direct materials | $369,344 | $5,913 | F | $9,088 | U | |||||||||
Direct labour | 39,800 | 2,835 | U | 5,560 | U | |||||||||
Variable overhead | 31,840 | $1,170 | F | ? | ||||||||||
Fixed overhead | 69,650 | 410 | F | $13,650 | U |
(a) Your answer is correct. How many units were produced during the period? Number of units produced 19900 e Textbook and Media Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 (b) Your answer is correct. How many kilograms of raw material were purchased and used during the period? Raw materials purchased 118260 kilograms eTextbook and Media (c) Your answer is correct. What was the actual cost per kilogram of raw materials? (Round answer to 2 decimal places, e.g. 15.25.) Actual cost per kilogram $ 3.15 /kg eTextbook and Media Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 (d) Your answer is correct. How many actual direct labour hours were worked during the period? Actual direct labour hours 11340 hours Your answer is correct. What was the actual rate paid per direct labour hour? (Round answer to 2 decimal places, e.g. 15.25.) Actual rate $ 4.25 /hr e Textbook and Media Attempts: 2 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 (f) X Your answer is incorrect. What was the actual variable overhead cost incurred during the period? Actual variable overhead $ 306.70 e Textbook and Media Save for Later Attempts: 1 of 3 used Submit Answer Using multinle attemnts will imnart your score
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