Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours 5 pounds 2 hours 2 hours Standard Price or Rate $11.00 per pound $17.00 per hour $ 3.00 per hour. Direct materials. Direct labor Variable manufacturing overhead During the most recent period, the following additional information was available: • 20,000 pounds of material was purchased at a cost of $10.50 per pound. • 8,000 direct labor-hours were recorded at a total cost of $132,000. • The direct labor efficiency variance is $3,400 U. How many units were produced during the period? Multiple Choice 3,800 units < Prev 4 of 20 HH Next > Standard Cost $55.00 $34.00 $ 6.00

Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours 5 pounds 2 hours 2 hours Standard Price or Rate $11.00 per pound $17.00 per hour $ 3.00 per hour. Direct materials. Direct labor Variable manufacturing overhead During the most recent period, the following additional information was available: • 20,000 pounds of material was purchased at a cost of $10.50 per pound. • 8,000 direct labor-hours were recorded at a total cost of $132,000. • The direct labor efficiency variance is $3,400 U. How many units were produced during the period? Multiple Choice 3,800 units < Prev 4 of 20 HH Next > Standard Cost $55.00 $34.00 $ 6.00

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Description: Assume the following information appears in the standard cost card for a company that makes only one product:Standard Quantityor Hours5 pounds2 hours2 hoursStandard Priceor Rate$11.00 per pound$17.00 per hour$ 3.00 per hour.Direct materials.Direct l

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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The materials price variance for January is: Multiple Cholce $280 U $420 F $420 U $280 F
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Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 3.80 per hour $ 7.60 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance?
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