Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours 6.5 ounces 0.5 hours 0.5 hours. Direct materials Direct labor Variable overhead. The company reported the following results concerning this product in February. Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate Standard Price or Rate $ 4.00 per ounce $ 16.00 per hour. $ 4.00 per hour Multiple Choice 5,500 units 8,300 units 30,600 ounces 1,960 hours 33,000 ounces $72.90 per ounce $ 82.40 per hour $ 3.20 per hour. Standard Cost Per Unit $26.00 $ 8.00 $ 2.00 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for February is:

Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours 6.5 ounces 0.5 hours 0.5 hours. Direct materials Direct labor Variable overhead. The company reported the following results concerning this product in February. Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate Standard Price or Rate $ 4.00 per ounce $ 16.00 per hour. $ 4.00 per hour Multiple Choice 5,500 units 8,300 units 30,600 ounces 1,960 hours 33,000 ounces $72.90 per ounce $ 82.40 per hour $ 3.20 per hour. Standard Cost Per Unit $26.00 $ 8.00 $ 2.00 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for February is:

Name: Majer Corporation makes a product with the following standard costs:D
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Description: Majer Corporation makes a product with the following standard costs:Direct materialsDirect laborVariable overheadStandard Quantity orHours6.5 ounces0.5 hours.0.5 hoursNThe company reported the following results concerning this product in February.Or

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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Tharaldson Corporation makes a product with the following standard costs. Direct materials. Direct labor Variable overhead The variable overhead rate variance for June is: The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost Multiple Choice $1,200 F Standard Quantity or Hours $1,212 U 6.0 ounces 0.3 hours 0.3 hours $ 42,300 $ 13,600 $ 3,700 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. $1,212 F Standard Price or Rate $3.00 per ounce $11.00 per hour $5.00 per hour 3,600 units 3,200 units 21,000 ounces 22,100 ounces 500 hours Standard Cost Per Unit $18.00 $3.30 $ 1.50
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Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 6.5 ounces 0.2 hours 0.2 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The labor rate variance for June is: Standard Price or Rate $ 2.00 per ounce $23.00 per hour $ 6.00 per hour 2,700 units 2,800 units 19,380 ounces 21,400 ounces 500 hours $ 40,660 $ 12,050 $ 3,100 Standard Cost Per Unit $ 13.00 $ 4.60 $ 1.20 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
Rainbow Company uses standard cost system for its production process. Rainbow Company applies overhead based on direct labor hours. The following information is available for October Standard: Direct labor hours per unit 2.20 variable overhead per hour P2.50 fixed overhead per hour (based on 11,990 DLHs) 3.00 Actual: Units produced 4,400 Direct labor hours 8,800 Variable Overhead P29,950 Fixed Overhead 42,300 1. What is the variable overhead spending variance? 2. Using the three-variance approach, what is the efficiency variance?Required to answer. Single choice. 3. Using the two-variance approach, what is the controllable variance?