Nevada Corporation makes a product with the following standard costs: Standard Quantity Standard Price or Rate $ 3.00 per ounce or Hours 6.4 ounces 0.4 hours 0.4 hours S 13.00 per hour $ 5.00 per hour The company reported the following results concerning this product in March. 4,800 units Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours 4,900 units 30,230 ounces 1,910 hours. 32,600 ounces Direct materials Direct labor Variable overhead Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate O $3,277 F O $3,390 U S S S O $3,390 F O $3,277 U Standard Cost Per Unit S S S 2.90 per ounce 12.40 per hour 4.90 per hour 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 quantity variance for March is: 19.20 5.20 2.00

Nevada Corporation makes a product with the following standard costs: Standard Quantity Standard Price or Rate $ 3.00 per ounce or Hours 6.4 ounces 0.4 hours 0.4 hours S 13.00 per hour $ 5.00 per hour The company reported the following results concerning this product in March. 4,800 units Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours 4,900 units 30,230 ounces 1,910 hours. 32,600 ounces Direct materials Direct labor Variable overhead Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate O $3,277 F O $3,390 U S S S O $3,390 F O $3,277 U Standard Cost Per Unit S S S 2.90 per ounce 12.40 per hour 4.90 per hour 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 quantity variance for March is: 19.20 5.20 2.00

Name: Nevada Corporation makes a product with the following standard costs:
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Description: Nevada Corporation makes a product with the following standard costs:Standard Price orRateStandard Quantityor Hours6.4 ounces $0.4 hours S0.4 hours $3.00 per ounce13.00 per hour5.00 per hourThe company reported the following results concerning this

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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