Costs of matériáls and labor for this product follow: Direct materials 11 lbs. @ $7.95 Direct labor 4 hrs. @ $9.40 During the first month of the year, 20,100 boards were produced. Information concerning actual costs and usage of materials and labor follows: Materials used 220,400 lbs. @ S8.05 Direct labor 79,900 hrs.; total cost: $759,050 $22,250 UO $22,040 UO $771 400

Costs of matériáls and labor for this product follow: Direct materials 11 lbs. @ $7.95 Direct labor 4 hrs. @ $9.40 During the first month of the year, 20,100 boards were produced. Information concerning actual costs and usage of materials and labor follows: Materials used 220,400 lbs. @ S8.05 Direct labor 79,900 hrs.; total cost: $759,050 $22,250 UO $22,040 UO $771 400

Name: Question - 3: Multiple- Choice QuestionsThe direct and indirect varia
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Description: Question - 3: Multiple- Choice QuestionsThe direct and indirect variances-:The materials price variance is -1The standard costs of materials and labor for this product follow:Direct materials 11 lbs. @ $7.95Direct labor 4 hrs. @ $9.40During the firs

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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a. Direct Materials Price Variance Wrong Direct Materials Quantity Variance Wrong Total Direct Materials Cost Variance Wrong b. Direct Labor Rate Variance Wrong Direct Labor (Time) Efficiency Variance Wrong Total Direct Labor Cost Variance Wrong C. Fixed Factory Overhead Volume Variance Standard for amount produced Normal Capacity at 100% Capacity not used Standard Fixed FOH cost rate Factory Overhead Volume Variance Wrong Variable Factory Overhead Controllable Variance Standard Variable FOH Cost for 3,000 hours Actual Variable FOH Cost Factory Overhead Controllable Variance Wrong Total Factory Overhead Cost Variance Wrong
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Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $9,000 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT No. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 900 units, 60% completed 10,566 30 Direct materials, 12,900 units 123,840 134,406 30 Direct labor 21,650 156,056 30 Factory overhead 16,870 172,926 30 Goods transferred, 2 units 30 Bal., 1,400 units, 70% completed Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost…
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