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Concord Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at $6.00 per pound Direct labor-2.00 hours at $12.20 per hour Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit Direct materials (3,600 pounds) Direct labor (6,650 hours) Variable overhead Fixed overhead Total manufacturing costs $22,320 83,790 66,638 The predetermined manufacturing overhead rate is $14 per direct labor hour ($28.00 +2.00). It was computed from a master manufacturing overhead budget based on normal production of 10,000 direct labor hours (5,000 units) for the month. The master budget showed total variable costs of $75,000 ($7.50 per hour) and total fixed overhead costs of $65,000 ($6.50 per hour). Actual costs for October in producing 3,400 units were as follows. 30,462 $6.00 $203,210 24.40 15.00 13.00 $58.40 The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored.

Concord Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at $6.00 per pound Direct labor-2.00 hours at $12.20 per hour Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit Direct materials (3,600 pounds) Direct labor (6,650 hours) Variable overhead Fixed overhead Total manufacturing costs $22,320 83,790 66,638 The predetermined manufacturing overhead rate is $14 per direct labor hour ($28.00 +2.00). It was computed from a master manufacturing overhead budget based on normal production of 10,000 direct labor hours (5,000 units) for the month. The master budget showed total variable costs of $75,000 ($7.50 per hour) and total fixed overhead costs of $65,000 ($6.50 per hour). Actual costs for October in producing 3,400 units were as follows. 30,462 $6.00 $203,210 24.40 15.00 13.00 $58.40 The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored.

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Compute all of the materials and labor variances. Total materials variance Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance (b) $ Total overhead variance $ $ $ $ $ $ Compute the total overhead variance. 0
Transcribed Image Text:Compute all of the materials and labor variances. Total materials variance Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance (b) $ Total overhead variance $ $ $ $ $ $ Compute the total overhead variance. 0
Concord Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at $6.00 per pound Direct labor-2.00 hours at $12.20 per hour "Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit Direct materials (3,600 pounds) Direct labor (6,650 hours) Variable overhead Fixed overhead Total manufacturing costs $6.00 $22,320 83,790 66,638 30,462 $203,210 24.40 15.00 13.00 The predetermined manufacturing overhead rate is $14 per direct labor hour ($28.00 +2.00). It was computed from a master manufacturing overhead budget based on normal production of 10,000 direct labor hours (5,000 units) for the month. The master budget showed total variable costs of $75,000 ($7.50 per hour) and total fixed overhead costs of $65,000 ($6.50 per hour). Actual costs for October in producing 3,400 units were as follows. $58,40 The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored.
Transcribed Image Text:Concord Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at $6.00 per pound Direct labor-2.00 hours at $12.20 per hour "Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit Direct materials (3,600 pounds) Direct labor (6,650 hours) Variable overhead Fixed overhead Total manufacturing costs $6.00 $22,320 83,790 66,638 30,462 $203,210 24.40 15.00 13.00 The predetermined manufacturing overhead rate is $14 per direct labor hour ($28.00 +2.00). It was computed from a master manufacturing overhead budget based on normal production of 10,000 direct labor hours (5,000 units) for the month. The master budget showed total variable costs of $75,000 ($7.50 per hour) and total fixed overhead costs of $65,000 ($6.50 per hour). Actual costs for October in producing 3,400 units were as follows. $58,40 The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored.
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