3. (30 points) Thompson Company uses a standard cost system for its single produ

Question

3. (30 points)Thompson Company uses a standard cost system for its single product. The following data are available:

Actual experience for the current year:

Purchases of raw materials (_____ yards at $___ per yard) $________

Raw materials used ________ yards

Direct labor costs (______hours at $____ per hour $________

Actual variable overhead cost $________

Units produced _______ units

Standards per unit of product:

Raw materials __.__ yards at $____ per yard

Direct labor __.__ hours at $____ per hour

Variable overhead $___ per direct labor hour

Required:

Compute the following variances for raw materials, direct labor, and variable overhead, assuming that the price variance for materials is recognized at point of purchase:

Input your own numbers to complete the problem.

Complete ALL parts of the problem.

Explanation / Answer

But where are the numerical data dear? Seems as if you missed to mention them. Please check the same & re-post after rating this answer. Please consider the time devoted to make this reply by rating this as 5 star. Thank u in advance. God bless u :)

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