Puvo, Inc, manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product standard Price Standard Standard Quantity or Rate Cost Direct materials 1.5 pounds $3.75 per pound $9.00 per hour $2.00 per hour 5.62 Direct labor 0.5 hours 24 4.50 Variable manufacturing overhead 0.5 hours 1.00 During March, the following activity was recorded by the company • The company produced 3,600 units during the month. • A total of 8,900 pounds of material were purchased at a cost of $24,920. • There was no beginning inventory of materials on hand to start the month; at the end of the month, 1,780 pounds of material remained in the warehouse • During March, 2,000 direct labor-hours were worked at a rate of $9.50 per hour • Varlable manufacturing overhead costs during March totaled $2,200 The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is Multiple Choice $6.450 F

Puvo, Inc, manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product standard Price Standard Standard Quantity or Rate Cost Direct materials 1.5 pounds $3.75 per pound $9.00 per hour $2.00 per hour 5.62 Direct labor 0.5 hours 24 4.50 Variable manufacturing overhead 0.5 hours 1.00 During March, the following activity was recorded by the company • The company produced 3,600 units during the month. • A total of 8,900 pounds of material were purchased at a cost of $24,920. • There was no beginning inventory of materials on hand to start the month; at the end of the month, 1,780 pounds of material remained in the warehouse • During March, 2,000 direct labor-hours were worked at a rate of $9.50 per hour • Varlable manufacturing overhead costs during March totaled $2,200 The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is Multiple Choice $6.450 F

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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