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Ayayai Company has developed the following standard costs for its product for 2022: Product A Cost Component Direct materials Direct labor Manufacturing overhead . . . . Actual results for 2022 are as follows: . . Actual results for 2022 are as follows: . Standard Quantity 4 pounds 3 hours 3 hours The company expected to produce 32,300 units of Product A in 2022 using 96,900 direct labor hours. (a) Materials Quantity Variance (d) (b) Total Direct Labor Variance AYAYAICOMPANY Standard Cost Card (c) Direct Labor Quantity Variance $ $ Total Overhead Variance x Standard Price Direct Materials Price Variance $ $3 8 33,360 units of Product A were produced. Actual direct labor costs were $802.780 for 97,900 direct labor hours worked. Actual direct materials purchased and used during the year cost $378,125 for 137,500 pounds. $ 4 Standard Cost 33,360 units of Product A were produced. Actual direct labor costs were $802,780 for 97.900 direct labor hours worked. Actual direct materials purchased and used during the year cost $378,125 for 137,500 pounds. Actual variable overhead incurred was $168,000 and actual fixed overhead incurred was $220,000. Compute the following variances showing all computations to support your answers. Indicate whether the variances are favorable unfavorable. $12 24 12 $48

Ayayai Company has developed the following standard costs for its product for 2022: Product A Cost Component Direct materials Direct labor Manufacturing overhead . . . . Actual results for 2022 are as follows: . . Actual results for 2022 are as follows: . Standard Quantity 4 pounds 3 hours 3 hours The company expected to produce 32,300 units of Product A in 2022 using 96,900 direct labor hours. (a) Materials Quantity Variance (d) (b) Total Direct Labor Variance AYAYAICOMPANY Standard Cost Card (c) Direct Labor Quantity Variance $ $ Total Overhead Variance x Standard Price Direct Materials Price Variance $ $3 8 33,360 units of Product A were produced. Actual direct labor costs were $802.780 for 97,900 direct labor hours worked. Actual direct materials purchased and used during the year cost $378,125 for 137,500 pounds. $ 4 Standard Cost 33,360 units of Product A were produced. Actual direct labor costs were $802,780 for 97.900 direct labor hours worked. Actual direct materials purchased and used during the year cost $378,125 for 137,500 pounds. Actual variable overhead incurred was $168,000 and actual fixed overhead incurred was $220,000. Compute the following variances showing all computations to support your answers. Indicate whether the variances are favorable unfavorable. $12 24 12 $48

FINANCIAL ACCOUNTING
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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Ayayai Company has developed the following standard costs for its product for 2022: Product A Cost Component Direct materials Direct labor Manufacturing overhead . . . . . Actual results for 2022 are as follows: . Actual results for 2022 are as follows: . Standard Quantity 4 pounds 3 hours The company expected to produce 32,300 units of Product A in 2022 using 96,900 direct labor hours. 3 hours (a) Materials Quantity Variance (d) (b) Total Direct Labor Variance AYAYAICOMPANY Standard Cost Card (c) Direct Labor Quantity Variance $ Total Overhead Variance $ x Standard Price Direct Materials Price Variance $ $3 8 33,360 units of Product A were produced. Actual direct labor costs were $802.780 for 97,900 direct labor hours worked. Actual direct materials purchased and used during the year cost $378,125 for 137,500 pounds. $ 4 Standard Cost 33,360 units of Product A were produced. Actual direct labor costs were $802,780 for 97.900 direct labor hours worked. Actual direct materials purchased and used during the year cost $378,125 for 137,500 pounds. Actual variable overhead incurred was $168,000 and actual fixed overhead incurred was $220,000. Compute the following variances showing all computations to support your answers. Indicate whether the variances are favorable or unfavorable. $12 24 12 $48
Transcribed Image Text:Ayayai Company has developed the following standard costs for its product for 2022: Product A Cost Component Direct materials Direct labor Manufacturing overhead . . . . . Actual results for 2022 are as follows: . Actual results for 2022 are as follows: . Standard Quantity 4 pounds 3 hours The company expected to produce 32,300 units of Product A in 2022 using 96,900 direct labor hours. 3 hours (a) Materials Quantity Variance (d) (b) Total Direct Labor Variance AYAYAICOMPANY Standard Cost Card (c) Direct Labor Quantity Variance $ Total Overhead Variance $ x Standard Price Direct Materials Price Variance $ $3 8 33,360 units of Product A were produced. Actual direct labor costs were $802.780 for 97,900 direct labor hours worked. Actual direct materials purchased and used during the year cost $378,125 for 137,500 pounds. $ 4 Standard Cost 33,360 units of Product A were produced. Actual direct labor costs were $802,780 for 97.900 direct labor hours worked. Actual direct materials purchased and used during the year cost $378,125 for 137,500 pounds. Actual variable overhead incurred was $168,000 and actual fixed overhead incurred was $220,000. Compute the following variances showing all computations to support your answers. Indicate whether the variances are favorable or unfavorable. $12 24 12 $48
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