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Majer Corporation makes a product with the following standard costs: Standard Quantity or Standard Cost Per Hours Standard Price or Rate Unit $ 19.20 $ 5.20 $ 2.00 Direct materials 6.4 ounces $ 3.00 per ounce $ 13.00 per hour $ 5.00 per hour Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in February. Originally budgeted output Actual output 4,800 units 4,900 units Raw materials used in production 30,230 ounces Actual direct labor-hours 1,910 hours Purchases of raw materials 32,600 ounces Actual price of raw materials $ 2.90 per ounce $ 12.40 per hour $ 4.90 per hour Actual direct labor rate Actual variable overhead rate The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed

Majer Corporation makes a product with the following standard costs: Standard Quantity or Standard Cost Per Hours Standard Price or Rate Unit $ 19.20 $ 5.20 $ 2.00 Direct materials 6.4 ounces $ 3.00 per ounce $ 13.00 per hour $ 5.00 per hour Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in February. Originally budgeted output Actual output 4,800 units 4,900 units Raw materials used in production 30,230 ounces Actual direct labor-hours 1,910 hours Purchases of raw materials 32,600 ounces Actual price of raw materials $ 2.90 per ounce $ 12.40 per hour $ 4.90 per hour Actual direct labor rate Actual variable overhead rate The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed

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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Majer Corporation makes a product with the following standard costs: Standard Quantity or Standard Cost Per Hours Standard Price or Rate Unit Direct materials $ 3.00 per ounce $ 13.00 per hour $ 5.00 per hour $ 19.20 $ 5.20 $ 2.00 6.4 ounces Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in February. Originally budgeted output Actual output 4,800 units 4,900 units Raw materials used in production 30,230 ounces Actual direct labor-hours 1,910 hours Purchases of raw materials 32,600 ounces Actual price of raw materials $ 2.90 per ounce $ 12.40 per hour $ 4.90 per hour Actual direct labor rate Actual variable overhead rate The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed
Transcribed Image Text:Majer Corporation makes a product with the following standard costs: Standard Quantity or Standard Cost Per Hours Standard Price or Rate Unit Direct materials $ 3.00 per ounce $ 13.00 per hour $ 5.00 per hour $ 19.20 $ 5.20 $ 2.00 6.4 ounces Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in February. Originally budgeted output Actual output 4,800 units 4,900 units Raw materials used in production 30,230 ounces Actual direct labor-hours 1,910 hours Purchases of raw materials 32,600 ounces Actual price of raw materials $ 2.90 per ounce $ 12.40 per hour $ 4.90 per hour Actual direct labor rate Actual variable overhead rate The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed
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