Kropf Incorporated 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 Standard Quantity or Hours per Unit of Output Act 8.50 0.60 0.60 Actual direct labor cost Actual variable overhead cost 93,100 The company has reported the following actual results for the product for September: Actual output 10,700 Raw materials purchased Actual cost of raw materials purchased Raw materials used in production $ 771,500 90,960 6,000 Standard Price or Rate $ 160,302 $ 35,414 liters hours hours units liters liters hours $8.10 $ 25.70 $7.00 per liter per hour per hour Required: Compute the materials price variance for September. Compute the materials quantity variance for September. Compute the labor rate variance for September. Compute the labor efficiency variance for September. Compute the variable overhead rate variance for September. Compute the variable overhead efficiency variance for September. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
Kropf Incorporated 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 Standard Quantity or Hours per Unit of Output Act 8.50 0.60 0.60 Actual direct labor cost Actual variable overhead cost 93,100 The company has reported the following actual results for the product for September: Actual output 10,700 Raw materials purchased Actual cost of raw materials purchased Raw materials used in production $ 771,500 90,960 6,000 Standard Price or Rate $ 160,302 $ 35,414 liters hours hours units liters liters hours $8.10 $ 25.70 $7.00 per liter per hour per hour Required: Compute the materials price variance for September. Compute the materials quantity variance for September. Compute the labor rate variance for September. Compute the labor efficiency variance for September. Compute the variable overhead rate variance for September. Compute the variable overhead efficiency variance for September. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Kropf Incorporated 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
Standard Quantity or Hours per Unit of
Output
8.50
0.60
0.60
93,100
$771,500
90,960
6,000
Standard Price or
The company has reported the following actual results for the product for September:
Actual output
10,700
Raw materials purchased
Actual cost of raw materials purchased
Raw materials used in production
Actual direct labor-hours
Actual direct labor cost
Actual variable overhead cost
$ 160,302
$ 35,414
liters
hours
hours
units
liters
liters
Rate
hours.
$ 8.10
$
25.70
$ 7.00
per liter
per
hour
per
hour
Required:
Compute the materials price variance for September.
Compute the materials quantity variance for September.
Compute the labor rate variance for September.
Compute the labor efficiency variance for September.
. Compute the variable overhead rate variance for September.
. Compute the variable overhead efficiency variance for September.
(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).
Input all amounts as positive values.)
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