Budgeted productionActual productionMaterials:Standard price per lbStandard pounds per completed unitStandard hourly labor rateStandard hours allowed per completed unitActual labor hours workedActual total labor costsOverhead:Actual and budgeted fixed overheadStandard variable overhead rateActual pounds purchased and used in production 11,800Actual price paid for materials$23,000Labor:Actual variable overhead costsOverhead is applied on standard labor hours.The direct material price variance is:600F600U1,000 units980 units80F$2.0012$14 per hour4.54,560$62,928$27,000$3.50 per standard labor hour$15,500

Budgeted production Actual production Materials: Standard price per lb Standard pounds per completed unit 1,000 units 980 units Standard hourly labor rate Standard hours allowed per completed unit $2.00 12 Actual pounds purchased and used in production 11,800 Actual price paid for materials $23,000 Labor: $14 per hour 4.5

Budgeted production Actual production Materials: Standard price per lb Standard pounds per completed unit 1,000 units 980 units Standard hourly labor rate Standard hours allowed per completed unit $2.00 12 Actual pounds purchased and used in production 11,800 Actual price paid for materials $23,000 Labor: $14 per hour 4.5

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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