PROBLEM II Standard costs and actual cost for direct materials, direct labor, and factory overhead incurred for the manufacture of 2,000 units of product were as follows: Standard Costs Direct materials Direct labor Factory overhead 2,000 pounds at $12.50 8,000 hours at $14 Rates per machine hour, Based on 100% of normal Capacity of 10,000 machine hours; Variable cost, $1.80 Fixed cost, $2.50 Four machine hours are required per unit. Actual Costs 1,940 pounds at $12.80 8,180 hours at $15 $15,200 variable cost $25,000 fixed cost Instructions Determine (a) the price variance, quantity variance, and total direct materials cost variance, (b) the rate variance, time variance, and total direct labor cost variance.

PROBLEM II Standard costs and actual cost for direct materials, direct labor, and factory overhead incurred for the manufacture of 2,000 units of product were as follows: Standard Costs Direct materials Direct labor Factory overhead 2,000 pounds at $12.50 8,000 hours at $14 Rates per machine hour, Based on 100% of normal Capacity of 10,000 machine hours; Variable cost, $1.80 Fixed cost, $2.50 Four machine hours are required per unit. Actual Costs 1,940 pounds at $12.80 8,180 hours at $15 $15,200 variable cost $25,000 fixed cost Instructions Determine (a) the price variance, quantity variance, and total direct materials cost variance, (b) the rate variance, time variance, and total direct labor cost variance.

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Description: Please do not give solution in image format thanku PROBLEM IIStandard costs and actual cost for direct materials, direct labor, and factory overhead incurred for themanufacture of 2,000 units of product were as follows:Standard CostsDirect materialsD

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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