Puvd, Inc manulactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor hours. The company uses standord cost system md has established the following standards for one unit of product Standard Price or Rate $ 6.75 per pound $21.00 per hour $ 5.00 per hour Standard Cost $ 10.12 $10.se $ 2.50 Standard Quantity 1.5 pounds Direct materials Direct labor Variable manufacturing overhead 0.5 hours 0.5 hours During March, the following activity was recorded by the company • The company produced 6,000 units during the month. A total of 12.500 pounds of material were purchased at a cost of $35.000. • There was no beginning inventory of materials on hand to start the month; at the end of the month, 2.500 pounds of material remaned yorebo • During March, 3.200 direct labor hours were worked at a rate of $21.50 per hour. • Varlable manufacturing overhead costs during March totaled $8.200. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is:

Puvd, Inc manulactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor hours. The company uses standord cost system md has established the following standards for one unit of product Standard Price or Rate $ 6.75 per pound $21.00 per hour $ 5.00 per hour Standard Cost $ 10.12 $10.se $ 2.50 Standard Quantity 1.5 pounds Direct materials Direct labor Variable manufacturing overhead 0.5 hours 0.5 hours During March, the following activity was recorded by the company • The company produced 6,000 units during the month. A total of 12.500 pounds of material were purchased at a cost of $35.000. • There was no beginning inventory of materials on hand to start the month; at the end of the month, 2.500 pounds of material remaned yorebo • During March, 3.200 direct labor hours were worked at a rate of $21.50 per hour. • Varlable manufacturing overhead costs during March totaled $8.200. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is:

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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