H13. Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, eg. 52.75 andfinal answers to O decimal places, e.g. 52.)(1) Total materials variance(2)Materials price varianceMaterials quantity varianceTotal labor varianceLabor price varianceLabor quantity variance$$$$$ Sheffield Corporation accumulates the following data relative to jobs started and finished during the month of June 2022.Costs and Production DataRaw materials unit costRaw materials unitsDirect labor payrollDirect labor hoursManufacturing overhead incurredManufacturing overhead appliedMachine hours expected to be used at normal capacityBudgeted fixed overhead for JuneVariable overhead rate per machine hourFixed overhead rate per machine hourActual$2.4011,500$177,60014,800$202,000Standard$210,600$171,76015,200$205,20041,500$62,250$3.00$1.50Overhead is applied on the basis of standard machine hours. Three hours of machine time are required for each direct labor hour. Thejobs were sold for $495,000. Selling and administrative expenses were $39.300. Assume that the amount of raw materials purchasedequaled the amount used.

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Description: H13. Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, eg. 52.75 andfinal answers to O decimal places, e.g. 52.)(1) Total materials variance(2)Materials price varianceMaterials qua

Materials price variance = (Actual rate - Standard rate) * Actual quantity, Material quantity…

Business

Accounting

(a) Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 52.) (1) Total materials variance (2) Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance. $ $ $ $ $ $

(a) Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 52.) (1) Total materials variance (2) Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance. $ $ $ $ $ $

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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