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Dirickson Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials Direct labor Variable manufacturing overhead The company has reported the following actual results for the product for July: Standard Quantity or Hours per Unit of Output Standard Price or Rate 7.6 0.10 0.10 ounces $ 9.40 hours hours $18.00 $5.30 per ounce per hour per hour

Dirickson Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials Direct labor Variable manufacturing overhead The company has reported the following actual results for the product for July: Standard Quantity or Hours per Unit of Output Standard Price or Rate 7.6 0.10 0.10 ounces $ 9.40 hours hours $18.00 $5.30 per ounce per hour per hour

FINANCIAL ACCOUNTING
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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Dirickson Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials Direct labor Variable manufacturing overhead The company has reported the following actual results for the product for July: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production 7,600 units • $336 U $318 U • $336 F • $318 F 63,000 ounces . $ 541,800 Actual direct labor- hours Actual direct labor cost $ 16,072 Actual variable overhead cost 57,750 ounces 820 $ 4,592 The variable overhead efficiency variance for the month is closest to: Multiple Choice hours Standard Quantity or Hours per Unit of Output Standard Price or Rate 7.6 0.10 0.10 ounces $9.40 hours $18.00 hours $ 5.30 per ounce per hour per hour
Transcribed Image Text:Dirickson Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials Direct labor Variable manufacturing overhead The company has reported the following actual results for the product for July: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production 7,600 units • $336 U $318 U • $336 F • $318 F 63,000 ounces . $ 541,800 Actual direct labor- hours Actual direct labor cost $ 16,072 Actual variable overhead cost 57,750 ounces 820 $ 4,592 The variable overhead efficiency variance for the month is closest to: Multiple Choice hours Standard Quantity or Hours per Unit of Output Standard Price or Rate 7.6 0.10 0.10 ounces $9.40 hours $18.00 hours $ 5.30 per ounce per hour per hour
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