Find Replace i] Select all Editing Fifth assignment Student name: Student number: Galeazzi Corporation makes a product with the following standard costs: \table[[, \table[[Standard Quantity], [or Hours]], \table[[ Standard Price], [or Rate]]], [Direct materials, 3.1 pounds,$6.00 per pound], [Direct labor,0.8 hours, $18.00 per hour], [Variable overhead,0.8 hours,$6.00 per hour]] In October the company produced 3,000 units using 8, 380 pounds of the direct material and 2, 610 direct labor - hours. During the month, the company purchased 9, 500 pounds of the direct material at a total cost of $55, 100. The actual direct labor cost for the month was $48, 546 and the actual variabl hoverhead cost was $16,965. The company applies variable overhead on the basis of direct labor - hours. The direct materials purchases variance is computed when the materials are purchased. Required: a. Compute the materials quantity variance. b. Compute the materials price variance. c. Compute the labor efficiency variance. d. Compute the labor rate variance.e. Compute the variable overhead efficiency variance. f. Compute the variable overhead rate variance.
Find Replace i] Select all Editing Fifth assignment Student name: Student number: Galeazzi Corporation makes a product with the following standard costs: \table[[, \table[[Standard Quantity], [or Hours]], \table[[ Standard Price], [or Rate]]], [Direct materials, 3.1 pounds,$6.00 per pound], [Direct labor,0.8 hours, $18.00 per hour], [Variable overhead,0.8 hours,$6.00 per hour]] In October the company produced 3,000 units using 8, 380 pounds of the direct material and 2, 610 direct labor - hours. During the month, the company purchased 9, 500 pounds of the direct material at a total cost of $55, 100. The actual direct labor cost for the month was $48, 546 and the actual variabl hoverhead cost was $16,965. The company applies variable overhead on the basis of direct labor - hours. The direct materials purchases variance is computed when the materials are purchased. Required: a. Compute the materials quantity variance. b. Compute the materials price variance. c. Compute the labor efficiency variance. d. Compute the labor rate variance.e. Compute the variable overhead efficiency variance. f. Compute the variable overhead rate variance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A5
![Find Replace i] Select all Editing Fifth assignment Student name: Student number: Galeazzi Corporation makes a product with the following standard costs: \table[[, \table[[Standard Quantity], [or Hours]], \table[[
Standard Price], [or Rate]]], [Direct materials, 3.1 pounds,$6.00 per pound], [Direct labor,0.8 hours, $18.00 per hour], [Variable overhead,0.8 hours,$6.00 per hour]] In October the company produced 3,000 units
using 8, 380 pounds of the direct material and 2, 610 direct labor - hours. During the month, the company purchased 9, 500 pounds of the direct material at a total cost of $55, 100. The actual direct labor cost for
the month was $48, 546 and the actual variabl hoverhead cost was $16,965. The company applies variable overhead on the basis of direct labor - hours. The direct materials purchases variance is computed when
the materials are purchased. Required: a. Compute the materials quantity variance. b. Compute the materials price variance. c. Compute the labor efficiency variance. d. Compute the labor rate variance.e.
Compute the variable overhead efficiency variance. f. Compute the variable overhead rate variance.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2375c06c-c2fd-4086-be02-4d7395994926%2F1e18aed0-2439-4a2c-a8cb-25d4e522adc2%2Fd3thol_processed.png&w=3840&q=75)
Transcribed Image Text:Find Replace i] Select all Editing Fifth assignment Student name: Student number: Galeazzi Corporation makes a product with the following standard costs: \table[[, \table[[Standard Quantity], [or Hours]], \table[[
Standard Price], [or Rate]]], [Direct materials, 3.1 pounds,$6.00 per pound], [Direct labor,0.8 hours, $18.00 per hour], [Variable overhead,0.8 hours,$6.00 per hour]] In October the company produced 3,000 units
using 8, 380 pounds of the direct material and 2, 610 direct labor - hours. During the month, the company purchased 9, 500 pounds of the direct material at a total cost of $55, 100. The actual direct labor cost for
the month was $48, 546 and the actual variabl hoverhead cost was $16,965. The company applies variable overhead on the basis of direct labor - hours. The direct materials purchases variance is computed when
the materials are purchased. Required: a. Compute the materials quantity variance. b. Compute the materials price variance. c. Compute the labor efficiency variance. d. Compute the labor rate variance.e.
Compute the variable overhead efficiency variance. f. Compute the variable overhead rate variance.
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