9q-15 Majer Corporation makes a product with the following standard costs:Standard QuantityStandard Price orStandard Cost Peror HoursRateUnitDirect materials6.3 ounces242.00 per ounce2$12.60Direct labor0.3 hours$ 10.00 per hour2$3.00Variable overhead0.3 hours$4.00 per hour1.20The company reported the following results concerning this product in February.4,900 units5,000 unitsOriginally budgeted outputActual outputRaw materials used in productionActual direct labor-hoursPurchases of raw materialsActual price of raw materialsActual direct labor rateActual variable overhead rate30,000 ounces1,920 hours31,000 ounces$ 12.90 per ounce$ 22.40 per hour244.00 per hourThe company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.The materials quantity variance for February is:Multiple Choice per hourActual variable overhead rate4.00 per hourThe company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.The materials quantity variance for February is:Multiple Choice$3.000 F$2.937 F$3,000 U$2.937 U

Material quantity variance = (Standard quantity of material allowed for actual output - Actual…

Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Standard Cost Per Rate Unit Direct materials 6.3 ounces 24 2.00 per ounce 12.60 Direct labor 0.3 hours $ 10.00 per hour %24 3.00 Variable overhead 0.3 hours %24 4.00 per hour %24 1.20 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 4,900 units 5,000 units 30,000 ounces 1,920 hours 31,000 ounces $ 12.90 per ounce $22.40 per hour 4.00 per hour 24 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased

Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Standard Cost Per Rate Unit Direct materials 6.3 ounces 24 2.00 per ounce 12.60 Direct labor 0.3 hours $ 10.00 per hour %24 3.00 Variable overhead 0.3 hours %24 4.00 per hour %24 1.20 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 4,900 units 5,000 units 30,000 ounces 1,920 hours 31,000 ounces $ 12.90 per ounce $22.40 per hour 4.00 per hour 24 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased

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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