Please do not give solution in image format thanku Material and Labor VariancesThe following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of aproduct:Split cost:Direct materialDirect laborDetermine the following variances:Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" forUnfavorable.Materials VariancesActual cost:Standard cost:Actual CostsLabor VariancesActual cost:11,70018,600Split cost:Standard cost:Standard Costslbs. @$5.30hrs. @ $8.40$Answer$Answer$Answera. Materials price$Answer AnswerFUb. Materials efficiency $Answer AnswerFU$Answer$Answer$Answerc. Labor rate$Answer AnswerFUd. Labor efficieny $Answer AnswerFU12,000 lbs. @18,000 hrs. @$5.10$8.70

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Description: Please do not give solution in image format thanku Material and Labor VariancesThe following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of aproduct:Split cost:Direct materialDirect labor

The difference between the standard cost of direct materials and the actual cost of direct materials…

Business

Accounting

Materials Variances Actual cost: Split cost: Standard cost: $Answer $Answer $Answer a. Materials price $Answer AnswerFU b. Materials efficiency $Answer AnswerFU Labor Variances Actual cost: Split cost: Standard cost: c. Labor rate $Answer $Answer $Answer $Answer AnswerFU

Materials Variances Actual cost: Split cost: Standard cost: $Answer $Answer $Answer a. Materials price $Answer AnswerFU b. Materials efficiency $Answer AnswerFU Labor Variances Actual cost: Split cost: Standard cost: c. Labor rate $Answer $Answer $Answer $Answer AnswerFU

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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AI - E H E AutoSave Normal Document1 - Word Search badiya aldujaili ff BА EN File Home Insert Draw Design Layout References Mailings Review View Help A Share O Comments X Cut Calibri (Body) 11 - A A Aav A E E AaBbCcDc AaBbCcDc AaBbC AABBCCC AaB AAB6CCC AaBbCcDa O Find - A Copy Paste S Replace В IUvab х, х* А I Normal 1 No Spac. Heading 1 Heading 2 Title Subtitle Subtle Em.. A Select v Dictate Editor Format Painter Clipboard Font Paragraph Styles Editing Voice Editor 1. 2 4 7 Use the following information to answer the next 3 questions Kite Corp. manufactures custom cabinets and uses a job-order costing system. The company had two jobs in process at the beginning of October: Job No. 64 with a total beginning cost of $56,700 and Job No. 65 with a total beginning cost of $83,300. The company applies manufacturing overhead on the basis of machine hours. Budgeted overhead and machine activity for the year were anticipated to be $3,021,000 and 57,000 machine hours. The company worked on four…