Direct materials Direct labor Variable overhead Standard Quantity or Hours 2.70 ounces 0.20 hours 0.20 hours c. Compute the labor efficiency variance. d. Compute the labor rate variance. e. Compute the variable overhead efficiency variance. Standard Price or Rate $ 7.00 per ounce $ 17.00 per hour $6.00 per hour In July the company produced 5,200 units using 14,450 ounces of the direct material and 1,070 direct labor-hours. During the month the company purchased 15,600 ounces of the direct material at a price of $7.2 per ounce. The actual direct labor rate was $16.2 per hour and the actual variable overhead rate was $5.4 per hour. The materials price variance is computed when materials are purchased. Variable overhead is applied on the basis of direct labor-hours. Required: a. Compute the materials quantity variance. b. Compute the materials price variance.

Direct materials Direct labor Variable overhead Standard Quantity or Hours 2.70 ounces 0.20 hours 0.20 hours c. Compute the labor efficiency variance. d. Compute the labor rate variance. e. Compute the variable overhead efficiency variance. Standard Price or Rate $ 7.00 per ounce $ 17.00 per hour $6.00 per hour In July the company produced 5,200 units using 14,450 ounces of the direct material and 1,070 direct labor-hours. During the month the company purchased 15,600 ounces of the direct material at a price of $7.2 per ounce. The actual direct labor rate was $16.2 per hour and the actual variable overhead rate was $5.4 per hour. The materials price variance is computed when materials are purchased. Variable overhead is applied on the basis of direct labor-hours. Required: a. Compute the materials quantity variance. b. Compute the materials price variance.

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Description: Answer complete question please, otherwise skip it, answer in text form please (without image) Doby Corporation makes a product with the following standard costs:Direct materialsDirect laborVariable overheade. Compute the variable overhead effici

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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