The Sollowing dsta is gives for the Harry Conpiny 26,000 its 7,500 snits $6.50 2

Question

The Sollowing dsta is gives for the Harry Conpiny 26,000 its 7,500 snits $6.50 228,000 Standand price per Actual ounces pschased and used in prodecticn Actual price paid for materials Standard bourly labor tate Standand bours allowod per completed unt Actual labor hours workod Achual total labor cows 1,504,800 $22 per hour 83,000 54,000,000 Actual and budgened fixed overhead Standed variable overbead rate $1,029,800 $24 50 per standand labor Actual variable overhead costs 54520,000 Overhcad is appied on standard labor hoas (Round interim calculations to the neares cent y 23, The direct labor time variance 56,000 favorable b 56,000 usfavoraNe c$33,000 unfavorable d $33,000 faverable The standard costs and actual ce ts for direct material·for the manufacture of 3,000 set unis of product te Direct materials (per complcted un) Direct materials The amount of direct materials price variance is 1,040 kilograms at $8.75 Astual Costs 2.000 kilograms at s8.x a. $2,750 unfavorable variance b S2.750 faverable variance c. $1,500 tavorable variance d $T,500 unfavorable variance 25. A favorable cost variance occurs when a. actual costs are more than standard costs b. standard costs are more than actual costs Copyright Cengage Learong Pewered by Cognr

Explanation / Answer

Answer 23-d. $33,000 (F) Labor Efficiency Variance = (SH - AH) X SR Labor Efficiency Variance = (181,500 - 183,000) X $22 Labor Efficiency Variance = $33,000 (F) Answer 24-c. $1,500 (U) Actual Units Produced = 3,000 Units Direct Material Price Variance = (SR - AR) X AQ Direct Material Price Variance = ($8.75 - $8) X 2,000 kgs Direct Material Price Variance = $1,500 (F) Answer 25-b. standard costs are more than actual costs

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