Please do not give solution in image format thanku Problem 3: Variance Analysis(NEW Problem INFORMATION!!)Our company had the following data regarding direct materials and direct labor usage this year.Direct Materials Purchased 65960 feet at a cost of $15 per footDirect Materials Used 65400 feetDirect Labor Used 97900 hours at a rate of $14 per hourActual units produced 32700 unitsThe standards set by our company include the following:Direct materials 2 feet at a cost of $17 per footDirect labor 3 hours used per unit at a cost of $13 per hourOverhead 80% of direct labor costCalculate the direct material and direct labor variances and then comment on the results.Direct Material Price Variance:Direct Material Usage Variance:SHOW AND CLEARLY LABEL ALL WORKPo

Name: Please do not give solution in image format thanku Problem 3: Variance
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Description: Please do not give solution in image format thanku Problem 3: Variance Analysis(NEW Problem INFORMATION!!)Our company had the following data regarding direct materials and direct labor usage this year.Direct Materials Purchased 65960 feet at a cost o

The variance is the difference between the standard and actual cost of production. The variance can…

Business

Accounting

Problem 3: Variance Analysis (NEW Problem INFORMATION!!) Our company had the following data regarding direct materials and direct labor usage this year. Direct Materials Purchased 65960 feet at a cost of $15 per foot 65400 feet 97900 hours at a rate of $14 per hour 32700 units Direct Materials Used Direct Labor Used Actual units produced The standards set by our company include the following: Direct materials 2 feet at a cost of $17 per foot Direct labor 3 hours used per unit at a cost of $13 per hour Overhead 80% of direct labor cost Calculate the direct material and direct labor variances and then comment on the results. Direct Material Price Variance SHOW AND CLEARLY LABEL ALL WORK

Problem 3: Variance Analysis (NEW Problem INFORMATION!!) Our company had the following data regarding direct materials and direct labor usage this year. Direct Materials Purchased 65960 feet at a cost of $15 per foot 65400 feet 97900 hours at a rate of $14 per hour 32700 units Direct Materials Used Direct Labor Used Actual units produced The standards set by our company include the following: Direct materials 2 feet at a cost of $17 per foot Direct labor 3 hours used per unit at a cost of $13 per hour Overhead 80% of direct labor cost Calculate the direct material and direct labor variances and then comment on the results. Direct Material Price Variance SHOW AND CLEARLY LABEL ALL WORK

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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