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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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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 Actual output Raw materials used in production The company reported the following results concerning this product in July. 3,000 units 11,370 grams 1,910 hours 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 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.
Transcribed Image Text: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 Actual output Raw materials used in production The company reported the following results concerning this product in July. 3,000 units 11,370 grams 1,910 hours 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 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.
10 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 $11.40per hour Actual variable overhead rate $ 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. 3,000 units 11,370 grams 1,910 hours The variable overhead rate variance for July is: O $191 U O $191 F O $2100 O $210 F
Transcribed Image Text:10 The company reported the following results concerning this product in July. Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials 12,100 grams Actual price of raw materials purchased$ 1.20 per gram Actual direct labor rate $11.40per hour Actual variable overhead rate $ 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. 3,000 units 11,370 grams 1,910 hours The variable overhead rate variance for July is: O $191 U O $191 F O $2100 O $210 F
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