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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

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter9: Standard Costing: A Functional-based Control Approach
Section: Chapter Questions
Problem 28P: Haversham Corporation produces dress shirts. The company uses a standard costing system and has set...
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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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