Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.6 ounces $ 2.00 per ounce $ 13.20 Direct labor 0.6 hours $ 17.00 per hour $ 10.20 Variable overhead 0.6 hours $2.00 per hour $ 1.20 The company reported the following results concerning this product in February. Originally budgeted output 5,600 units Actual output 8,400 units Raw materials used in production 30,700 ounces Actual direct labor-hours 1,970 hours Purchases of raw materials 33,100 ounces Actual price of raw materials $ 82.90 per ounce Actual direct labor rate $ 92.40 per hour Actual variable overhead rate $ 1.80 per hour 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: Multiple Choice $394 F $399 U $394 U $399 F

Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.6 ounces $ 2.00 per ounce $ 13.20 Direct labor 0.6 hours $ 17.00 per hour $ 10.20 Variable overhead 0.6 hours $2.00 per hour $ 1.20 The company reported the following results concerning this product in February. Originally budgeted output 5,600 units Actual output 8,400 units Raw materials used in production 30,700 ounces Actual direct labor-hours 1,970 hours Purchases of raw materials 33,100 ounces Actual price of raw materials $ 82.90 per ounce Actual direct labor rate $ 92.40 per hour Actual variable overhead rate $ 1.80 per hour 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: Multiple Choice $394 F $399 U $394 U $399 F

Name: Majer Corporation makes a product with the following standard costs:
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Description: Majer Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or Rate Standard Cost Per Unit Direct materials 6.6 ounces $ 2.00 per ounce $ 13.20Direct labor 0.6 hours $ 17.00 per hour $ 10.20 Variable

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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