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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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