ABC Company began operations on September 1, 2022. For its first month of operations, ABC Company set the following standards for each unit of its single product: direct materials direct labor variable overhead standard quantity/hours 4 pounds 8 hours 8 hours standard price/rate $6.25 per pound $14.00 per hour $11.30 per hour ABC Company reported the following information for September: 1. 28,000 pounds of direct materials were purchased at a cost of $7.10 per pound. 2. 56,000 direct labor hours were worked at a total cost of $852,440. 3. The variable overhead cost for the month totaled $620,000. 4. 6,800 units were produced. At September 30, ABC Company had 4, 300 pounds of direct materials on hand. calculate the direct material quantity variance for September. If the variance is favorable, place a minus sign in front of your answer (1.e., -5000). If the variance is unfavorable, simply enter your answer as a number (1.e., 5000).

ABC Company began operations on September 1, 2022. For its first month of operations, ABC Company set the following standards for each unit of its single product: direct materials direct labor variable overhead standard quantity/hours 4 pounds 8 hours 8 hours standard price/rate $6.25 per pound $14.00 per hour $11.30 per hour ABC Company reported the following information for September: 1. 28,000 pounds of direct materials were purchased at a cost of $7.10 per pound. 2. 56,000 direct labor hours were worked at a total cost of $852,440. 3. The variable overhead cost for the month totaled $620,000. 4. 6,800 units were produced. At September 30, ABC Company had 4, 300 pounds of direct materials on hand. calculate the direct material quantity variance for September. If the variance is favorable, place a minus sign in front of your answer (1.e., -5000). If the variance is unfavorable, simply enter your answer as a number (1.e., 5000).

Name: ABC Company began operations on September 1, 2022. For its firstmonth
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Description: ABC Company began operations on September 1, 2022. For its firstmonth of operations, ABC Company set the following standards foreach unit of its single product:standard price/rate$6.25 per pound$14.00 per hour$11.30 per hourABC Company reported the

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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