Plato Company began operations on June 1, 2024. For its first month of operations, Plato Company established the following standards for one unit of its single product standard quantity direct materials 7 pounds 8 hours 8 hours direct labor variable overhead standard price $14 per pound $18 per hour $11 per hour Plato Company reported the following information for June: 1. 7,000 pounds of direct materials were purchased at a total cost of $113,750. 2. 5,400 direct labor hours were worked at a total cost of $75,600. 3. The variable overhead cost for the month totaled $52,950. 4. 460 units were produced. 5. At June 30, Plato Company had 3,200 pounds of direct materials on hand. Calculate the direct material quantity variance for June. If the variance is favorable, place a minus sign in front of your answer (i.e., -5000). If the variance is unfavorable, simply enter your answer as a number (i.e., 5000).

Plato Company began operations on June 1, 2024. For its first month of operations, Plato Company established the following standards for one unit of its single product standard quantity direct materials 7 pounds 8 hours 8 hours direct labor variable overhead standard price $14 per pound $18 per hour $11 per hour Plato Company reported the following information for June: 1. 7,000 pounds of direct materials were purchased at a total cost of $113,750. 2. 5,400 direct labor hours were worked at a total cost of $75,600. 3. The variable overhead cost for the month totaled $52,950. 4. 460 units were produced. 5. At June 30, Plato Company had 3,200 pounds of direct materials on hand. Calculate the direct material quantity variance for June. If the variance is favorable, place a minus sign in front of your answer (i.e., -5000). If the variance is unfavorable, simply enter your answer as a number (i.e., 5000).

Name: Plato Company began operations on June 1, 2024. For its first monthof
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Description: Plato Company began operations on June 1, 2024. For its first monthof operations, Plato Company established the following standards forone unit of its single productdirect materialsstandard quantity7 pounds8 hours8 hoursstandard price$14 per pounddi

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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