Please do not give solution in image format thanku Kohler Clothiers manufactures women's business suits. The company uses a standard cost accounting system. In March 2020, 15,700suits were made. The following standard and actual cost data applied to the month of March when normal capacity was 19,000 directlabour hours. All materials purchased were used in production:Standard (per unit)Actual7 m at $6.85 per metreCost ElementDirect materialsDirect labourOverhead1 hour at $11.55 per hour1 hour at $9.35 per hour(fixed $6.35; variable $3.00)Overhead is applied based on direct labour hours. At normal capacity, budgeted fixed overhead costs were $120,650, and budgetedvariable overhead costs were $57,000.(a) Calculate the total, price, and quantity variances for materials and labour, and calculate the total, overhead, and volume variances formanufacturing overhead.Materials price variance $Materials quantity variance $Total materials variance $Labour price variance.Labour quantity varianceTotal labour variance$755,760 for 107,200 m($7.05 per metre)$167,200 for 15,200 hours($11.00 per hour)$115,500 fixed overhead$48,300 variable overhead$$$Total overhead variance$Overhead budget variance $Overhead volume variance $Unfavourable FavourableNeither favourable nor unfavourableNeither favourable nor unfavourableUnfavourableFavourableNeither favourable nor unfavourableFavourableUnfavourableNeither favourable nor unfavourableFavourableUnfavourableUnfavourableFavourableNeither favourable nor unfavourableUnfavourableFavourableNeither favourable nor unfavourableFavourableUnfavourableNeither favourable nor unfavourableFavourableUnfavourableNeither favourable nor unfavourableFavourableNeither favourable nor unfavourableUnfavourable

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Description: Please do not give solution in image format thanku Kohler Clothiers manufactures women's business suits. The company uses a standard cost accounting system. In March 2020, 15,700suits were made. The following standard and actual cost data applied to

Variance is the difference between the Standard cost incurred for the product less actual cost…

Business

Accounting

Kohler Clothiers manufactures women's business suits. The company uses a standard cost accounting system. In March 2020, 15,70 suits were made. The following standard and actual cost data applied to the month of March when normal capacity was 19,000 di labour hours. All materials purchased were used in production: Cost Element Standard (per unit) 7 m at $6.85 per metre Direct materials Direct labour Overhead 1 hour at $11.55 per hour 1 hour at $9.35 per hour (fixed $6.35; variable $3.00) Actual $755,760 for 107,200 m ($7.05 per metre) $167,200 for 15,200 hours ($11.00 per hour) $115,500 fixed overhead $48,300 variable overhead Overhead is applied based on direct labour hours. At normal capacity, budgeted fixed overhead costs were $120,650, and budget variable overhead costs were $57,000. (a) Calculate the total, price, and quantity variances for materials and labour, and calculate the total, overhead, and volume variand manufacturing overhead. Materials price variance $ UnfavourableFavourableNeither favourable nor unfavourable

Kohler Clothiers manufactures women's business suits. The company uses a standard cost accounting system. In March 2020, 15,70 suits were made. The following standard and actual cost data applied to the month of March when normal capacity was 19,000 di labour hours. All materials purchased were used in production: Cost Element Standard (per unit) 7 m at $6.85 per metre Direct materials Direct labour Overhead 1 hour at $11.55 per hour 1 hour at $9.35 per hour (fixed $6.35; variable $3.00) Actual $755,760 for 107,200 m ($7.05 per metre) $167,200 for 15,200 hours ($11.00 per hour) $115,500 fixed overhead $48,300 variable overhead Overhead is applied based on direct labour hours. At normal capacity, budgeted fixed overhead costs were $120,650, and budget variable overhead costs were $57,000. (a) Calculate the total, price, and quantity variances for materials and labour, and calculate the total, overhead, and volume variand manufacturing overhead. Materials price variance $ UnfavourableFavourableNeither favourable nor unfavourable

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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