Crenshaw Manufacturing, Inc. planned to produce 25,000 units of its only product during the year. The standard cost data for this product are as follows: Direct materials (3 lb. @ $2 per lb.) Direct labor (0.5 hr. @ $8 per hr.).. Variable overhead (0.5 hr. @ $4 per hr.) Total standard cost per unit ******** ********* ******* ****** Direct materials (74,000 lb. @ $1.80).. Direct labor (13,000 hr. @ $8.10). Variable overhead Total actual cost *** *************** **** ************ .... ********** The actual level of production was 24,000 units, with the following actual total costs incurred: ************** Per Unit $6 ************* *************** $12 Total Cost $133,200 105,300 50,200 $288,700 Required a. Calculate the variances for materials, labor, and variable overhead. b. Is the difference between total actual cost and total standard cost equal to the sum of all the variances? Why?

Crenshaw Manufacturing, Inc. planned to produce 25,000 units of its only product during the year. The standard cost data for this product are as follows: Direct materials (3 lb. @ $2 per lb.) Direct labor (0.5 hr. @ $8 per hr.).. Variable overhead (0.5 hr. @ $4 per hr.) Total standard cost per unit **** * * ** Direct materials (74,000 lb. @ $1.80).. Direct labor (13,000 hr. @ $8.10). Variable overhead Total actual cost * ***** .... The actual level of production was 24,000 units, with the following actual total costs incurred: Per Unit $6 * ********* $12 Total Cost $133,200 105,300 50,200 $288,700 Required a. Calculate the variances for materials, labor, and variable overhead. b. Is the difference between total actual cost and total standard cost equal to the sum of all the variances? Why?

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Description: Please do not give solution in image format thanku Crenshaw Manufacturing, Inc. planned to produce 25,000 units of its only product during the year. The standardcost data for this product are as follows:Direct materials (3 lb. @ $2 per lb.)Direct lab

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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