> >> %24 %24 %24 Concord Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2022, 10,400 suits were produced. The following standard and actual cost data applied to the month of May, when normal capacity was 16,000 direct labor hours. All materials purchased were used. Cost Element Standard (per unit) Direct 10 yards at 54.20 per yard $419,600 for 104,900 yards ($4.00 per yard) materials %24161,336 for 12,040 hours ($13.40 per hour) Direct labor 1.10 hours at $6.20 per hour (fixed $3.70, variable $2.50) 549,600 fixed overhead $37,500 variable overhead Overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $59,200, and budgeted variable overhead was $40,000. () Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round per unit values to 2 decimal placeseg.52.75 and final answers to 0 decimal places, e.g. 52.) (1) Total materials variance Materials price variance Materials quantity variance (2) Total laborvariance Labor price variance Labor quantity variance (b) Compute the total overhead variance. Total overhead variance e Textbook and Media Szvefor Later Attempts: 0 of 3 used Submit Answver
> >> %24 %24 %24 Concord Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2022, 10,400 suits were produced. The following standard and actual cost data applied to the month of May, when normal capacity was 16,000 direct labor hours. All materials purchased were used. Cost Element Standard (per unit) Direct 10 yards at 54.20 per yard $419,600 for 104,900 yards ($4.00 per yard) materials %24161,336 for 12,040 hours ($13.40 per hour) Direct labor 1.10 hours at $6.20 per hour (fixed $3.70, variable $2.50) 549,600 fixed overhead $37,500 variable overhead Overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $59,200, and budgeted variable overhead was $40,000. () Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round per unit values to 2 decimal placeseg.52.75 and final answers to 0 decimal places, e.g. 52.) (1) Total materials variance Materials price variance Materials quantity variance (2) Total laborvariance Labor price variance Labor quantity variance (b) Compute the total overhead variance. Total overhead variance e Textbook and Media Szvefor Later Attempts: 0 of 3 used Submit Answver
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Unit VIII question 10
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Concord Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In
May 2022, 10,400 suits were produced. The following standard and actual cost data applied to the month of May, when normal
capacity was 16,000 direct labor hours. All materials purchased were used.
Cost Element
Standard (per unit)
Direct
10 yards at 54.20 per yard
$419,600 for 104,900 yards ($4.00 per yard)
materials
%24161,336 for 12,040 hours ($13.40 per hour)
Direct labor
1.10 hours at $6.20 per hour (fixed $3.70, variable
$2.50)
549,600 fixed overhead $37,500 variable
overhead
Overhead
Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $59,200, and budgeted
variable overhead was $40,000.
()
Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round per unit values to 2 decimal placeseg.52.75 and
final answers to 0 decimal places, e.g. 52.)
(1)
Total materials variance
Materials price variance
Materials quantity variance
(2)
Total laborvariance
Labor price variance
Labor quantity variance
(b)
Compute the total overhead variance.
Total overhead variance
e Textbook and Media
Szvefor Later
Attempts: 0 of 3 used
Submit Answver
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