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Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Direct materials Direct labor Variable overhead. Standard Price or Rate 2.0 pounds 1.6 1.6 hours hours. $ 7.00 $14.00 $ 2.00 per pound per hour per hour In January the company produced 4,600 units using 10,220 pounds of the direct material and 2,200 direct labor-hours. During the month, the company purchased 10,790 pounds of the direct material at a cost of $76,670. The actual direct labor cost was $38,246 and the actual variable overhead cost was $11,947. 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: Multiple Choice $1,000 U $1,140 F $1,140 U $1,000 F

Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Direct materials Direct labor Variable overhead. Standard Price or Rate 2.0 pounds 1.6 1.6 hours hours. $ 7.00 $14.00 $ 2.00 per pound per hour per hour In January the company produced 4,600 units using 10,220 pounds of the direct material and 2,200 direct labor-hours. During the month, the company purchased 10,790 pounds of the direct material at a cost of $76,670. The actual direct labor cost was $38,246 and the actual variable overhead cost was $11,947. 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: Multiple Choice $1,000 U $1,140 F $1,140 U $1,000 F

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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Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Direct materials Direct labor Variable overhead Standard Price or Rate 2.0 pounds 1.6 1.6 hours hours. $ 7.00 $14.00 $ 2.00 per pound per hour per hour In January the company produced 4,600 units using 10,220 pounds of the direct material and 2,200 direct labor-hours. During the month, the company purchased 10,790 pounds of the direct material at a cost of $76,670. The actual direct labor cost was $38,246 and the actual variable overhead cost was $11,947. 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: Multiple Choice $1,000 U $1,140 F $1,140 U $1,000 F
Transcribed Image Text:Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Direct materials Direct labor Variable overhead Standard Price or Rate 2.0 pounds 1.6 1.6 hours hours. $ 7.00 $14.00 $ 2.00 per pound per hour per hour In January the company produced 4,600 units using 10,220 pounds of the direct material and 2,200 direct labor-hours. During the month, the company purchased 10,790 pounds of the direct material at a cost of $76,670. The actual direct labor cost was $38,246 and the actual variable overhead cost was $11,947. 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: Multiple Choice $1,000 U $1,140 F $1,140 U $1,000 F
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