At the beginning of the year, you estimated the following -Production - 75,000 unitsRaw Material - 270,000 pounds at a cost of $1,026,000Direct Labor - 187,500 hours at a cost of $4,125,000Variable Overhead - 135,000 machine hours at a cost of $567,000Fixed Overhead - $900,000At the end of year, the actual results were as follows -Production - 73,000 unitsRaw Material - 265,720 pounds purchased and used at a cost of $1,036,308Direct Labor - 179,580 hours at a cost of $3,968,718Variable Overhead - 133,590 machine hours at a cost of $558,406.20Fixed Overhead - $891,000 5) What is the Raw Material Price Variance ?Question 66) The Raw Material Price Variance is Favorable.TrueFalseQuestion 77) What is the Total Variance for Raw Material ?

Name: At the beginning of the year, you estimated the following -Production
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Description: At the beginning of the year, you estimated the following -Production - 75,000 unitsRaw Material - 270,000 pounds at a cost of $1,026,000Direct Labor - 187,500 hours at a cost of $4,125,000Variable Overhead - 135,000 machine hours at a cost of $567,

Ans. For Raw Material Price Variance we need to compare the price of raw material per unit between…

Business

Accounting

75,000 al - 270,000 pounds at a cost of $1,026,000 - 187,500 hours at a cost of $4,125,000 erhead - 135,000 machine hours at a cost of $567,000 ead - $900,000 of year, the actual results were as follows - 73,000 units al - 265,720 pounds purchased and used at a cost of $1,036 170 CO 710

75,000 al - 270,000 pounds at a cost of $1,026,000 - 187,500 hours at a cost of $4,125,000 erhead - 135,000 machine hours at a cost of $567,000 ead - $900,000 of year, the actual results were as follows - 73,000 units al - 265,720 pounds purchased and used at a cost of $1,036 170 CO 710

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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