Concord Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at $8.00 per pound Direct labor-2.00 hours at $12.15 per hour Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit Direct materials (4,480 pounds) Direct labor (8,480 hours) Variable overhead Fixed overhead Total manufacturing costs $36,288 The predetermined manufacturing overhead rate is $10 per direct labor hour ($20.00 +2.00). It was computed from a master manufacturing overhead budget based on normal production of 11,200 direct labor hours (5,600 units) for the month. The master budget showed total variable costs of $67,200 ($6.00 per hour) and total fixed overhead costs of $44,800 ($4.00 per hour). Actual costs for October in producing 4.300 units were as follows. 106,424 $8.00 24.30 12.00 61,918 25,882 $230,512 8.00 $52.30

Concord Corporation manufactures a single product. The standard cost per unit of product is shown below. Direct materials-1 pound plastic at $8.00 per pound Direct labor-2.00 hours at $12.15 per hour Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit Direct materials (4,480 pounds) Direct labor (8,480 hours) Variable overhead Fixed overhead Total manufacturing costs $36,288 The predetermined manufacturing overhead rate is $10 per direct labor hour ($20.00 +2.00). It was computed from a master manufacturing overhead budget based on normal production of 11,200 direct labor hours (5,600 units) for the month. The master budget showed total variable costs of $67,200 ($6.00 per hour) and total fixed overhead costs of $44,800 ($4.00 per hour). Actual costs for October in producing 4.300 units were as follows. 106,424 $8.00 24.30 12.00 61,918 25,882 $230,512 8.00 $52.30

Name: The purchasing department buys the quantities of raw materials that a
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Description: The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Rawmaterials inventories, therefore, can be ignored.(a)Compute all of the materials and labor variances.Total materials varianceMat

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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