Bulluck Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 3.5 grams $ 1.00 per gram $ 11.00 per hour $ 2.00 per hour Direct labor 0.7 hours Variable overhead 0.7 hours The company reported the following results concerning this product in July. Actual output 3,000 units Raw materials used in production 11,370 grams Actual direct labor-hours 1,910 hours 12,100 grams $ 1.20 per gram $ 11.40 per hour $ 2.10 per hour Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for July is:

Bulluck Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 3.5 grams $ 1.00 per gram $ 11.00 per hour $ 2.00 per hour Direct labor 0.7 hours Variable overhead 0.7 hours The company reported the following results concerning this product in July. Actual output 3,000 units Raw materials used in production 11,370 grams Actual direct labor-hours 1,910 hours 12,100 grams $ 1.20 per gram $ 11.40 per hour $ 2.10 per hour Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for July is:

Name: Bulluck Corporation makes a product with the following standard costs
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Description: Bulluck Corporation makes a product with the following standard costs:Standard Quantity orHoursStandard Price or Rate$ 1.00 per gram$ 11.00 per hour$ 2.00 per hourDirect materials3.5 gramsDirect labor0.7 hoursVariable overhead0.7 hoursThe company re

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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