ABC Manufacturing accumulates the following data related to jobs started and finished during the month of October 2023: . Raw Materials Unit Cost (Actual): $2.50 • Raw Materials Unit Cost (Standard): $2.30 . • Raw Materials Units Used (Actual): 11,200 Raw Materials Units Used (Standard): 10,500 • Direct Labor Rate per Hour (Actual): $9.00 • Direct Labor Rate per Hour (Standard): $8.50 ⚫ Direct Labor Hours Used (Actual): 5,200 • Direct Labor Hours Used (Standard): 5,000 1. Compute the materials price variance. 2. Compute the materials quantity variance. 3. Compute the labor rate variance. 4. Compute the labor efficiency variance.

ABC Manufacturing accumulates the following data related to jobs started and finished during the month of October 2023: . Raw Materials Unit Cost (Actual): $2.50 • Raw Materials Unit Cost (Standard): $2.30 . • Raw Materials Units Used (Actual): 11,200 Raw Materials Units Used (Standard): 10,500 • Direct Labor Rate per Hour (Actual): $9.00 • Direct Labor Rate per Hour (Standard): $8.50 ⚫ Direct Labor Hours Used (Actual): 5,200 • Direct Labor Hours Used (Standard): 5,000 1. Compute the materials price variance. 2. Compute the materials quantity variance. 3. Compute the labor rate variance. 4. Compute the labor efficiency variance.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 3EA: A company estimated 100,000 direct labor hours and $800,000 in overhead. The actual overhead was...

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