ABC Manufacturing compiles the following data for job production in November 2023: Cost and Production Data Actual Standard $3.40 $3.25 Raw materials unit cost Raw materials units used 8,500 8,000 Direct Labor Rate $12.50 $12.00 Direct Labor hours worked 5,200 5,000 Manufacturing overhead incurred $95,000|| Manufacturing overhead applied $92,500|| Calculate the total materials variance and indicate whether it is favorable or unfavorable.

ABC Manufacturing compiles the following data for job production in November 2023: Cost and Production Data Actual Standard $3.40 $3.25 Raw materials unit cost Raw materials units used 8,500 8,000 Direct Labor Rate $12.50 $12.00 Direct Labor hours worked 5,200 5,000 Manufacturing overhead incurred $95,000|| Manufacturing overhead applied $92,500|| Calculate the total materials variance and indicate whether it is favorable or unfavorable.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 7EA: A company estimates its manufacturing overhead will be $750,000 for the next year. What is the...

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