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 or Rate $ 1.20 per pound $39.50 per hour $ 9.10 per hour Standard Quantity Cost $ 7.68 $ 27.65 $ 6.37 Direct materials 6.40 pounds Direct labor 0.70 hours Variable manufacturing overhead 0.70 hours During March, the following activity was recorded by the company: • The company produced 3,000 units during the month. A total of 20,000 pounds of material were purchased at a cost of $14,180. There was no beginning inventory of materials on hand to start the month; at the end of the month, 4,220 pounds of material remained in the warehouse. • During March, 1,150 direct labor-hours were worked at a rate of $36.50 per hour. • Variable manufacturing overhead costs during March totaled $14.661. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for March is: Multiple Choice $4,196 F $4.869 U $4,869 F $4,196 U

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 or Rate $ 1.20 per pound $39.50 per hour $ 9.10 per hour Standard Quantity Cost $ 7.68 $ 27.65 $ 6.37 Direct materials 6.40 pounds Direct labor 0.70 hours Variable manufacturing overhead 0.70 hours During March, the following activity was recorded by the company: • The company produced 3,000 units during the month. A total of 20,000 pounds of material were purchased at a cost of $14,180. There was no beginning inventory of materials on hand to start the month; at the end of the month, 4,220 pounds of material remained in the warehouse. • During March, 1,150 direct labor-hours were worked at a rate of $36.50 per hour. • Variable manufacturing overhead costs during March totaled $14.661. The direct materials purchases variance is computed when the materials are purchased. The variable overhead rate variance for March is: Multiple Choice $4,196 F $4.869 U $4,869 F $4,196 U

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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