Kent County Company produces a single product. The standard cost card for the product follows: Direct material. Direct labor. 3 pounds @ $4/pound $12 per unit 2 hours @ $8/hour- S16 per unit 2 hours @ $5/hour $10 per unit Variable overhead. During a recent period the company produced 500 units of product. Various costs associated with the production of these units are given below: Units produced. Direct material used. Direct material purchased (3,000 pounds) Direct labor cost (950 hours). Variable overhead cost incurred 500 1,600 pounds $12,300 $7,790 $4,655 The materials quantity variance is: $400 U $410 F $410 U $6,000 U
Kent County Company produces a single product. The standard cost card for the product follows: Direct material. Direct labor. 3 pounds @ $4/pound $12 per unit 2 hours @ $8/hour- S16 per unit 2 hours @ $5/hour $10 per unit Variable overhead. During a recent period the company produced 500 units of product. Various costs associated with the production of these units are given below: Units produced. Direct material used. Direct material purchased (3,000 pounds) Direct labor cost (950 hours). Variable overhead cost incurred 500 1,600 pounds $12,300 $7,790 $4,655 The materials quantity variance is: $400 U $410 F $410 U $6,000 U
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Kent County Company produces a single product. The standard cost card for the product follows:
Direct material...
Direct labor...
3 pounds @ $4/pound $12 per unit
2 hours @ $8/hour $16 per unit
2 hours @ $5/hour $10 per unit
Variable overhead
During a recent period the company produced 500 units of product. Various costs associated with the production of these units are given
below:
Units produced..
Direct material used.
Direct material purchased (3,000 pounds) ...
Direct labor cost (950 hours).....
Variable overhead cost incurred
500
1,600 pounds
$12,300
$7,790
$4,655
The materials quantity variance is:
$400 U
$410 F
$410 U
$6,000 U
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