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Problem 3 Yukidaruma Company uses a standard cost system for its single product. The following data are available: Actual experience for the current year: Raw materials purchased and used (23,500 pieces at $5.20 each) Direct labor costs (5,600 hours at $11.00 per hour) Actual variable overhead cost. Actual units produced. Standards per unit of product: Raw materials............ Direct labor..... 2 pieces at $5.00 each 0.5 hours at $10.00 per hour Variable overhead ... $3.00 per direct laber, hour $122,200 $61,600 $17,500 11,500 units Required: Compute the following variances for raw materials, direct labor, and variable overhead, assuming that the price variance for materials is recognized at point of usage: a. Direct materials price variance and Direct materials quantity variance. b. Direct labor rate variance and Direct labor efficiency variance. c. Variable overhead rate variance and Variable overhead efficiency variance

Problem 3 Yukidaruma Company uses a standard cost system for its single product. The following data are available: Actual experience for the current year: Raw materials purchased and used (23,500 pieces at $5.20 each) Direct labor costs (5,600 hours at $11.00 per hour) Actual variable overhead cost. Actual units produced. Standards per unit of product: Raw materials............ Direct labor..... 2 pieces at $5.00 each 0.5 hours at $10.00 per hour Variable overhead ... $3.00 per direct laber, hour $122,200 $61,600 $17,500 11,500 units Required: Compute the following variances for raw materials, direct labor, and variable overhead, assuming that the price variance for materials is recognized at point of usage: a. Direct materials price variance and Direct materials quantity variance. b. Direct labor rate variance and Direct labor efficiency variance. c. Variable overhead rate variance and Variable overhead efficiency variance

FINANCIAL ACCOUNTING
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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Problem 3 Yukidaruma Company uses a standard cost system for its single product. The following data are available: Actual experience for the current year: Raw materials purchased and used (23,500 pieces at $5.20 each) Direct labor costs (5,600 hours at $11.00 per hour) Actual variable overhead cost Actual units produced. Standards per unit of product: Raw materials. Direct labor.. Variable overhead 2 pieces at $5.00 each 0.5 hours at $10.00 per hour $3.00 per direct laber, hour $122,200 $61,600 $17,500 11,500 units Required: Compute the following variances for raw materials, direct labor, and variable overhead, assuming that the price variance for materials is recognized at point of usage: a. Direct materials price variance and Direct materials quantity variance. b. Direct labor rate variance and Direct labor efficiency variance. c. Variable overhead rate variance and Variable overhead efficiency variance.
Transcribed Image Text:Problem 3 Yukidaruma Company uses a standard cost system for its single product. The following data are available: Actual experience for the current year: Raw materials purchased and used (23,500 pieces at $5.20 each) Direct labor costs (5,600 hours at $11.00 per hour) Actual variable overhead cost Actual units produced. Standards per unit of product: Raw materials. Direct labor.. Variable overhead 2 pieces at $5.00 each 0.5 hours at $10.00 per hour $3.00 per direct laber, hour $122,200 $61,600 $17,500 11,500 units Required: Compute the following variances for raw materials, direct labor, and variable overhead, assuming that the price variance for materials is recognized at point of usage: a. Direct materials price variance and Direct materials quantity variance. b. Direct labor rate variance and Direct labor efficiency variance. c. Variable overhead rate variance and Variable overhead efficiency variance.
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