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Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Rate Direct materials 2.0 pounds $ 7.00 per pound Direct labor 0.6 hours $18.00 per hour Variable overhead 0.6 hours $ 2.00 per hour In January the company produced 4,800 units using 10.240 pounds of the direct material and 2,220 direct labor-hours. During the month, the company purchased 10,810 pounds of t direct material at a cost of $76.690, The actual direct labor cost was $38.234 and the actual variable overhead cost was $11935. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases varlance is computed when the materials are purchased. The materials price variance for January is: Multiple Choice $880 U $1,020 F $1.020 U

Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Rate Direct materials 2.0 pounds $ 7.00 per pound Direct labor 0.6 hours $18.00 per hour Variable overhead 0.6 hours $ 2.00 per hour In January the company produced 4,800 units using 10.240 pounds of the direct material and 2,220 direct labor-hours. During the month, the company purchased 10,810 pounds of t direct material at a cost of $76.690, The actual direct labor cost was $38.234 and the actual variable overhead cost was $11935. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases varlance is computed when the materials are purchased. The materials price variance for January is: Multiple Choice $880 U $1,020 F $1.020 U

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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In January the company produced 4,800 units using 10,240 pounds of the direct material and 2,220 direct labor-hours. During the month, the company purchased 10,810 pounds of the direct material at a cost of $76,690 The actual direct labor cost was $38.234 and the actual variable overhead cost was $11,935. 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 $880 U $1,020 F $1,020 U $880 F
Transcribed Image Text:In January the company produced 4,800 units using 10,240 pounds of the direct material and 2,220 direct labor-hours. During the month, the company purchased 10,810 pounds of the direct material at a cost of $76,690 The actual direct labor cost was $38.234 and the actual variable overhead cost was $11,935. 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 $880 U $1,020 F $1,020 U $880 F
Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Rate Direct materials 2.0 pounds $ 7.00 per pound Direct labor 0.6 hours $18.00 per hour Variable overhead 0.6 hours $ 2.00 per hour In January the company produced 4,800 units using 10,240 pounds of the direct material and 2,220 direct labor-hours. During the month, the company purchased 10,810 pounds of the direct material at a cost of $76,690. The actual direct labor cost was $38,234 and the actual variable overhead cost was $11,935. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases varlance is computed when the materials are purchased. The materials price variance for January is: Multiple Choice $880 U $1,020 F S1.020 U
Transcribed Image Text:Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Rate Direct materials 2.0 pounds $ 7.00 per pound Direct labor 0.6 hours $18.00 per hour Variable overhead 0.6 hours $ 2.00 per hour In January the company produced 4,800 units using 10,240 pounds of the direct material and 2,220 direct labor-hours. During the month, the company purchased 10,810 pounds of the direct material at a cost of $76,690. The actual direct labor cost was $38,234 and the actual variable overhead cost was $11,935. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases varlance is computed when the materials are purchased. The materials price variance for January is: Multiple Choice $880 U $1,020 F S1.020 U
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