24 %24 %24 %24 %24 Current Attempt in Progress Pronghorn Company has developed the following standard costs for its product for 2022: PRONGHORNCOMPANY Standard Cost Card Product A Cost Component Standard Quantity Standard Price Standard Cost. Direct materials, $12 spunod Direct labor 8. Manufacturing overhead 3hours 12 4. The company expected to produce 31,300 units of Product A in 2022 using 93,900 direct labor hours. Actual results for 2022 are as follows: 32,310 units of Product A were produced. Actual direct labor costs were $778,180 for 94,900 direct labor hours worked. Actual direct materials purchased and used during the year cost $364,375 for 132,500 pounds. Actual variable overhead incurred was $163,000 and actual fixed overhead incurred was 5212,000. Compute the following variances showing all computations to support your answers. Indicate whether the variances are favorable or unfavorable. (e) Materials Quantity Variance () Total Direct Labor Variance (c) Direct Labor Quantity Variance (P) Direct Materials Price Variance Total Overhead Variance e Textbook and Media Szvefor Lacer Attempts: 0 of 3 used Submit Answer

24 %24 %24 %24 %24 Current Attempt in Progress Pronghorn Company has developed the following standard costs for its product for 2022: PRONGHORNCOMPANY Standard Cost Card Product A Cost Component Standard Quantity Standard Price Standard Cost. Direct materials, $12 spunod Direct labor 8. Manufacturing overhead 3hours 12 4. The company expected to produce 31,300 units of Product A in 2022 using 93,900 direct labor hours. Actual results for 2022 are as follows: 32,310 units of Product A were produced. Actual direct labor costs were $778,180 for 94,900 direct labor hours worked. Actual direct materials purchased and used during the year cost $364,375 for 132,500 pounds. Actual variable overhead incurred was $163,000 and actual fixed overhead incurred was 5212,000. Compute the following variances showing all computations to support your answers. Indicate whether the variances are favorable or unfavorable. (e) Materials Quantity Variance () Total Direct Labor Variance (c) Direct Labor Quantity Variance (P) Direct Materials Price Variance Total Overhead Variance e Textbook and Media Szvefor Lacer Attempts: 0 of 3 used Submit Answer

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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