Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Rate $ 5.50 per pound $ 24.00 per hour $ 11.00 per hour Direct materials 6.0 pounds Direct labor 0.8 hours Variable overhead 0.8 hours In January the company produced 3,350 units using 13,400 pounds of the direct material and 2,800 direct labor-hours. During the month, the company purchased 14,160 pounds of the direct material at & cost of $35,100. The actual direct labor cost was $66,796 and the actual variable overhead cost was $29,508. 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 labor rate variance for January is:

Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Rate $ 5.50 per pound $ 24.00 per hour $ 11.00 per hour Direct materials 6.0 pounds Direct labor 0.8 hours Variable overhead 0.8 hours In January the company produced 3,350 units using 13,400 pounds of the direct material and 2,800 direct labor-hours. During the month, the company purchased 14,160 pounds of the direct material at & cost of $35,100. The actual direct labor cost was $66,796 and the actual variable overhead cost was $29,508. 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 labor rate variance for January is:

Name: Milar Corporation makes a product with the following standard costs:S
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Description: Milar Corporation makes a product with the following standard costs:StandardQuantity orStandard Price orHoursRate$ 5.50 per pound$ 24.00 per hour$ 11.00 per hourDirect materials6.0 poundsDirect labor0.8 hoursVariable overhead0.8 hoursIn January the

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 Standard Price on or Hours 6.5 pounds Direct materials Direct labor Nariable overhead Rate. $ 6.00 per pound $25.00 per hour $11.50 per hour 0.8 hours 0.8 hours In January the company produced 3,360 units using 13.440 pounds of the direct material and 2.808 direct labor-hours, During the month, the company purchased 16,900 pounds of the direct material at a cost of $14,200. The actual direct labor cost was S69,795 and the actual Varlable overhead cost Was $30,940. The company applies variable overhead on the basis of direct iabor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for January is Multiple Choice $405 F $405 U Windows Update S2.595U Countdown to goodnes... We're all set to do the restart you scheduled. Mc Graw Hill Prev 24 of 36 Nexflm Type here to search |耳 59 F Mostly cloudy 8:34 AM 10/21/2021 DELL F1 F2 F3 F4 F5 F6 F7…
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