Hurren Corporation makes a product with the following standard costs: 8 Standard

Question

Hurren Corporation makes a product with the following standard costs: 8 Standard Quantity or Standard Price Standard Cost Per Unit Inputs or Rate $4.00 per $17.00 per $6.00 per Hours 012201D Direct materials 4.2 grams Direct labor Variable $16.80 $28.90 $10.20 7 hours hour 7 hours overhead hour The company reported the following results concerning this product in June Originally budgeted output Actual output Raw materials used in production 7.200 units ,100 units 2836 grams 4,300 hours 31,600 grams Actual direct labor-hours Purchases of raw materials Actual price of raw materials 1S 2 3 45 6 78 W E R T Y

Explanation / Answer

Actual Quantity of raw material used, AQ 28360 grams Standard Quantity of raw material allowed, SQ 29820 grams (4.2*7100) Standard Price of raw material, SP $4 per gram Material Quantity Variance (SQ-AQ)*SP (29820-28360)*4 5840 Material Quantity Variance $5,840

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