Misterio Company uses a standard costing system. During the past quarter, the following variances were computed: Variable overhead efficiency variance $ 66,960 U Direct labor efficiency variance 267,840 U Direct labor rate variance 19,530 U Misterio applies variable overhead using a standard rate of $3 per direct labor hour allowed. Three direct labor hours are allowed per unit produced. (Only one type of product is manufactured.) During the quarter, Misterio used 40 percent more direct labor hours than should have been used. Required: 1. What were the actual direct labor hours worked? hours What are the total hours allowed? hours 2. What is the standard hourly rate for direct labor? per hour What is the actual hourly rate? Round your answer to the nearest cent. per hour 3. How many actual units were produced? units

Misterio Company uses a standard costing system. During the past quarter, the following variances were computed: Variable overhead efficiency variance $ 66,960 U Direct labor efficiency variance 267,840 U Direct labor rate variance 19,530 U Misterio applies variable overhead using a standard rate of $3 per direct labor hour allowed. Three direct labor hours are allowed per unit produced. (Only one type of product is manufactured.) During the quarter, Misterio used 40 percent more direct labor hours than should have been used. Required: 1. What were the actual direct labor hours worked? hours What are the total hours allowed? hours 2. What is the standard hourly rate for direct labor? per hour What is the actual hourly rate? Round your answer to the nearest cent. per hour 3. How many actual units were produced? units

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Description: Please do not give solution in image format thanku Misterio Company uses a standard costing system. During the past quarter, the following variances were computed:Variable overhead efficiency variance$ 66,960 UDirect labor efficiency variance267,840

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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