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Milar Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Multiple Choice In January the company produced 4,900 units using 10,330 pounds of the direct material and 2,310 direct labor-hours. During the month, the company purchased 10,900 pounds of the direct material at a cost of $76,780. The actual direct labor cost was $38,243 and the actual variable overhead cost was $11,944. O 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 price variance for January is: $340 F $480 F Standard Quantity or Hours 2.0 pounds 1.5 hours 1.5 hours $480 U Standard Price or $340 U Rate $ 7.00 per pound $11.00 per hour $ 5.00 per hour

Milar Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Multiple Choice In January the company produced 4,900 units using 10,330 pounds of the direct material and 2,310 direct labor-hours. During the month, the company purchased 10,900 pounds of the direct material at a cost of $76,780. The actual direct labor cost was $38,243 and the actual variable overhead cost was $11,944. O 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 price variance for January is: $340 F $480 F Standard Quantity or Hours 2.0 pounds 1.5 hours 1.5 hours $480 U Standard Price or $340 U Rate $ 7.00 per pound $11.00 per hour $ 5.00 per hour

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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10 TB MC Qu. 10-133 Milar Corporation makes a product with ... Milar Corporation makes a product with the following standard costs: Standard Quantity or Direct materials Direct labor Variable overhead The materials price variance for January is: In January the company produced 4,900 units using 10,330 pounds of the direct material and 2,310 direct labor-hours. During the month, the company purchased 10,900 pounds of the direct material at a cost of $76,780. The actual direct labor cost was $38,243 and the actual variable overhead cost was $11,944. Multiple Choice The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. O $340 F $480 F Hours 2.0 pounds 1.5 hours 1.5 hours $480 U Standard Price or $340 U Rate $7.00 per pound $11.00 per hour $5.00 per hour
Transcribed Image Text:10 TB MC Qu. 10-133 Milar Corporation makes a product with ... Milar Corporation makes a product with the following standard costs: Standard Quantity or Direct materials Direct labor Variable overhead The materials price variance for January is: In January the company produced 4,900 units using 10,330 pounds of the direct material and 2,310 direct labor-hours. During the month, the company purchased 10,900 pounds of the direct material at a cost of $76,780. The actual direct labor cost was $38,243 and the actual variable overhead cost was $11,944. Multiple Choice The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. O $340 F $480 F Hours 2.0 pounds 1.5 hours 1.5 hours $480 U Standard Price or $340 U Rate $7.00 per pound $11.00 per hour $5.00 per hour
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