he lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity or the month of November 2020, when 800 tests were conducted, resulted in the following. Direct materials (1.680 test tubes) Direct labor (824 hours) Variable overhead Fixed overhead $1,512 23,896 4,320 9,600 Monthly budgeted foxed overhead is $15.600. Revenues for the month were $52,000, and selling and administrative expenses were
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Please help me with part c
![(a)
Your Answer
Compute the price and quantity variances for direct materials and direct labor.
Correct Answer (Used)
Materials price variance
Materials quantity variance $
Labor price variance
Labor quantity variance
(b)
Your Answer
$
$
Total Overhead variance
S
Correct Answer (Used)
Compute the total overhead variance.
168
BO
720
Favorable
Unfavorable
Favorable
Unfavorable
HART LABS, INC.
Income Statement
V](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F531d22d6-41e3-4ab6-9b43-fd8dca83c239%2Fc28e8a83-fc0c-45e0-a13d-b33af5e6270c%2Fbk4hlh_processed.jpeg&w=3840&q=75)
![ricultural agencies. Because the
Hart Labs, Inc. provides mad cow disease testing for both state and federal governme
company's customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs must constantly monitor and
control its testing costs. Shown below are the standard costs for a typical test.
Direct materials (2 test tubes @ $1.00 per tube)
Direct labor (1 hour @ $30 per hour)
Variable overhead (1 hour $6.00 per hour)
Fixed overhead (1 hour @ $12.00 per hour)
Total standard cost per test
Direct materials (1.680 test tubes)
Direct labor (824 hours)
Variable overhead
Fixed overhead
$1.512
23,896
The
lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity
for the month of November 2020, when 800 tests were conducted, resulted in the following.
4,320
$2.00
30.00
9,600
6.00
12.00
$50.00
Monthly budgeted foxed overhead is $15,600. Revenues for the month were $52,000, and selling and administrative expenses were
$3.500](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F531d22d6-41e3-4ab6-9b43-fd8dca83c239%2Fc28e8a83-fc0c-45e0-a13d-b33af5e6270c%2Fchvivk8_processed.jpeg&w=3840&q=75)
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)