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A manufactured product has the following information for June. Standard Quantity and Cost 7 pounds@ $8 per pound 3 DLH@ $17 per DLH 3 DLH@ $13 per DLH Direct materials, Direct labor Overhead Units manufactured Actual Results 57,300 pounds @ $8.10 per pound 24,000 hours@ $17.50 per hour $ 322,000 8,100 units Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ=Actual Quantity SQ=Standard Quantity stal Drie

A manufactured product has the following information for June. Standard Quantity and Cost 7 pounds@ $8 per pound 3 DLH@ $17 per DLH 3 DLH@ $13 per DLH Direct materials, Direct labor Overhead Units manufactured Actual Results 57,300 pounds @ $8.10 per pound 24,000 hours@ $17.50 per hour $ 322,000 8,100 units Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ=Actual Quantity SQ=Standard Quantity stal Drie

FINANCIAL ACCOUNTING
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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A manufactured product has the following information for June. Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $17 per DLH 3 DLH@ $13 per DLH Direct materials, Direct labor Overhead Units manufactured Actual Results 57,300 pounds @ $8.10 per pound 24,000 hours@ $17.50 per hour. $ 322,000 8,100 units Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ Actual Quantity SQ Standard Quantity AP Actual Price: SP Standard Price
Transcribed Image Text:A manufactured product has the following information for June. Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $17 per DLH 3 DLH@ $13 per DLH Direct materials, Direct labor Overhead Units manufactured Actual Results 57,300 pounds @ $8.10 per pound 24,000 hours@ $17.50 per hour. $ 322,000 8,100 units Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ Actual Quantity SQ Standard Quantity AP Actual Price: SP Standard Price
Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP Actual Price SP Standard Price Actual Cost AH Actual Hours SH= Standard Hours AR Actual Rate SR Standard Rate $ Actual Cost 0 $ + $ Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) 0 0 of $ $ o of 0 $ Standard Cost 0+ Standard Cost
Transcribed Image Text:Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP Actual Price SP Standard Price Actual Cost AH Actual Hours SH= Standard Hours AR Actual Rate SR Standard Rate $ Actual Cost 0 $ + $ Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) 0 0 of $ $ o of 0 $ Standard Cost 0+ Standard Cost
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