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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
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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9q-15
Majer Corporation makes a product with the following standard costs: Standard Quantity Standard Price or Standard Cost Per or Hours Rate Unit Direct materials 6.3 ounces 24 2.00 per ounce 2$ 12.60 Direct labor 0.3 hours $ 10.00 per hour 2$ 3.00 Variable overhead 0.3 hours $ 4.00 per hour 1.20 The company reported the following results concerning this product in February. 4,900 units 5,000 units 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 30,000 ounces 1,920 hours 31,000 ounces $ 12.90 per ounce $ 22.40 per hour 24 4.00 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 materials quantity variance for February is: Multiple Choice
Transcribed Image Text:Majer Corporation makes a product with the following standard costs: Standard Quantity Standard Price or Standard Cost Per or Hours Rate Unit Direct materials 6.3 ounces 24 2.00 per ounce 2$ 12.60 Direct labor 0.3 hours $ 10.00 per hour 2$ 3.00 Variable overhead 0.3 hours $ 4.00 per hour 1.20 The company reported the following results concerning this product in February. 4,900 units 5,000 units 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 30,000 ounces 1,920 hours 31,000 ounces $ 12.90 per ounce $ 22.40 per hour 24 4.00 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 materials quantity variance for February is: Multiple Choice
per hour Actual variable overhead rate 4.00 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 materials quantity variance for February is: Multiple Choice $3.000 F $2.937 F $3,000 U $2.937 U
Transcribed Image Text:per hour Actual variable overhead rate 4.00 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 materials quantity variance for February is: Multiple Choice $3.000 F $2.937 F $3,000 U $2.937 U
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