please read question and answer empty boxes. THanks for your time. OBJ. 3,4PR 23-3A Direct materials, direct labor, and factory overhead cost varianceMackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for directmaterials, direct labor, and factory overhead incurred for the manufacture of 40,000 units ofproduct were as follows:Direct MaterialsDirect LaborFactory OverheadStandard Costs120,000 lbs. @ $3.2012,000 hrs. @ $24.40Actual Costs118,500 lbs. @ $3.2511,700 hrs. @ $25.00Rates per direct labor hour, based on 100% of normal capacity of 15,000direct labor hours.Variable cost, $8.00Fixed cost, $10.00$91,200 variable cost$150,000 fixed costEach unit requires 0.3 hour of direct labor.Warren, C. S., Jonick, C. A., & Schneider, J. S., (2021). Accounting (28 ed.). Boston, MA: Cengage.InstructionsDetermine (a) the direct materials price variance, direct materials quantity variance, and totaldirect materials cost variance; (b) the direct labor rate variance, direct labor time variance, andtotal direct labor cost variance; and. (c) the variable factory overhead controllable variance, thefixed factory overhead volume variance, and the total factory overhead cost variance. 1 Problem 23-3A Problem 23-3A2345678910111213141516a.b.Direct Materials Price VarianceDirect Materials Quantity VarianceTotal Direct Materials Cost VarianceDirect Labor Rate VarianceDirect Labor (Time) Efficiency VarianceTotal Direct Labor Cost Variance$5,925$1,125 UnfavorableFavorableWrongWrongCorrectWrongWrongWrong

Name: please read question and answer empty boxes. THanks for your time. OBJ
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Description: please read question and answer empty boxes. THanks for your time. OBJ. 3,4PR 23-3A Direct materials, direct labor, and factory overhead cost varianceMackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for directmate

Direct Material Cost Variance :— It is the difference between standard direct material cost for…

Business

Accounting

OBJ. 3, 4 PR 23-3A Direct materials, direct labor, and factory overhead cost variance Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 40,000 units of product were as follows: Direct Materials Direct Labor Factory Overhead Standard Costs 120,000 lbs. @ $3.20 12,000 hrs. @ $24.40 Actual Costs 118,500 lbs. @ $3.25 11,700 hrs. @ $25.00 Rates per direct labor hour, based on 100% of normal capacity of 15,000 direct labor hours. Variable cost, $8.00 Fixed cost, $10.00 $91,200 variable cost $150,000 fixed cost Each unit requires 0.3 hour of direct labor. Warren, C. S., Jonick, C. A., & Schneider, J. S., (2021). Accounting (28 ed.). Boston, MA: Cengage.

OBJ. 3, 4 PR 23-3A Direct materials, direct labor, and factory overhead cost variance Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 40,000 units of product were as follows: Direct Materials Direct Labor Factory Overhead Standard Costs 120,000 lbs. @ $3.20 12,000 hrs. @ $24.40 Actual Costs 118,500 lbs. @ $3.25 11,700 hrs. @ $25.00 Rates per direct labor hour, based on 100% of normal capacity of 15,000 direct labor hours. Variable cost, $8.00 Fixed cost, $10.00 $91,200 variable cost $150,000 fixed cost Each unit requires 0.3 hour of direct labor. Warren, C. S., Jonick, C. A., & Schneider, J. S., (2021). Accounting (28 ed.). Boston, MA: Cengage.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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