Part of your company's accounting database was destroyed when a meteor hit the building. You have been able togather the following data from your files. Reconstruct the remaining information using the available data. All of the rawmaterial purchased during the period was used in production. (Hint: It is helpful to solve for the unknowns in the orderindicated by the letters in the following table.)JсDirectMaterialDirect LaborStandard price or rate per unit of input$16 per poundeStandard quantity per unit of outputActual quantity used per unit of output.Caf3.5 hoursActual price or rate per unit of input.$14 per pound$21 per hour20,000 units20,000 unitsActual outputDirect-material price variance.Direct-material quantity variance.Total of direct-material variancesDirect-labor rate varianceDirect-labor efficiency varianceTotal of direct-labor variances$120,000 Fb$40,000 F-d$200,000 F$130,000 F

Variances is the amount of difference between the actual values and the values estimated by the…

Part of your company's accounting database was destroyed when a meteor hit the building. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. (Hint: It is helpful to solve for the unknowns in the order indicated by the letters in the following table.) Standard price or rate per unit of input. c Direct Material Direct Labor $16 per pound e Standard quantity per unit of output. C f Actual quantity used per unit of output a 3.5 hours Actual price or rate per unit of input $14 per pound $21 per hour Actual output Direct-material price variance. Direct-material quantity variance Total of direct-material variances b $40,000 F 20,000 units 20,000 units $120,000 F Direct-labor rate variance Direct-labor efficiency variance. Total of direct-labor variances d $200,000 F $130,000 F

Part of your company's accounting database was destroyed when a meteor hit the building. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. (Hint: It is helpful to solve for the unknowns in the order indicated by the letters in the following table.) Standard price or rate per unit of input. c Direct Material Direct Labor $16 per pound e Standard quantity per unit of output. C f Actual quantity used per unit of output a 3.5 hours Actual price or rate per unit of input $14 per pound $21 per hour Actual output Direct-material price variance. Direct-material quantity variance Total of direct-material variances b $40,000 F 20,000 units 20,000 units $120,000 F Direct-labor rate variance Direct-labor efficiency variance. Total of direct-labor variances d $200,000 F $130,000 F

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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