Subject: acounting Lily Corporation manufactures a single product. The standard cost per unit of product is shown belowDirect materials-1 pound plastic at $6.00 per poundDirect labor-2.00 hours at $11.85 per hourVariable manufacturing overheadFixed manufacturing overheadTotal standard cost per unitDirect materials (3,890 pounds)Direct labor (7.300 hours)Variable overheadFixed overheadTotal manufacturing costsThe predetermined manufacturing overhead rate is $12 per direct labor hour ($2400-2.00). It was computed from a mastermanufacturing overhead budget based on normal production of 11,800 direct labor hours (5,900 units) for the month. The masterbudget showed total variable costs of $70.800 (56.00 per hour) and total fixed overhead costs of $70,800 ($6.00 per hour). Actualcosts for October in producing 3.700 units were as follows(a)Total materials varianceMaterials price varianceMaterials quantity varianceThe purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materialsinventories, therefore, can be ignoredCompute all of the materials and labor variancesTotal labor varianceLabor price varianceLabor quantity variance(b)$Total overhead variance S5S$$$23.72987.965$63.93426.966$202.594Compute the total overhead variance$60023.7012.0012.00$53.70くくくくくく

Name: Subject: acounting Lily Corporation manufactures a single product. The
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Subject: acounting Lily Corporation manufactures a single product. The standard cost per unit of product is shown belowDirect materials-1 pound plastic at $6.00 per poundDirect labor-2.00 hours at $11.85 per hourVariable manufacturing overheadFixed m