Bulluck Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or Rate $ 1.00 Direct materials 3.5 Direct labor 0.7 Variable overhead0.7 grams hours hours $11.00 $ 2.00 The company reported the following results concerning this product in July. Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials 12,100 grams Actual price of raw materials purchased$ 1.20 per gram Actual direct labor rate. Actual variable overhead rate 3,000 units 11,370 grams 1,910 hours per gram per hour per hour $11.40per hour $ 2.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.

Bulluck Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or Rate $ 1.00 Direct materials 3.5 Direct labor 0.7 Variable overhead0.7 grams hours hours $11.00 $ 2.00 The company reported the following results concerning this product in July. Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials 12,100 grams Actual price of raw materials purchased$ 1.20 per gram Actual direct labor rate. Actual variable overhead rate 3,000 units 11,370 grams 1,910 hours per gram per hour per hour $11.40per hour $ 2.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.

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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