Question 1: The national Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: Direct materials: 10 Ib. at $4.50 per Ib. Direct manufacturing labor: 0.5 hour at $30 per hour $45.00 15.00 The number of finished units budgeted for January 2017 was 10,000; 9,850 units were actually produced. Actual results in January 2017 were as follows: Direct materials: 98,055 lb. used Direct manufacturing labor: 4,900 hours $154,350 Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 100,000 lb., at a total cost of $465,000. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Required : Compute the January 2017 price and efficiency variances of direct materials and direct manufacturing labor,

Question 1: The national Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor: Direct materials: 10 Ib. at $4.50 per Ib. Direct manufacturing labor: 0.5 hour at $30 per hour $45.00 15.00 The number of finished units budgeted for January 2017 was 10,000; 9,850 units were actually produced. Actual results in January 2017 were as follows: Direct materials: 98,055 lb. used Direct manufacturing labor: 4,900 hours $154,350 Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 100,000 lb., at a total cost of $465,000. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Required : Compute the January 2017 price and efficiency variances of direct materials and direct manufacturing labor,

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Description: Question 1: The national Corporation manufactures lamps. It has set up the following standardsfinished unit for direct materials and direct manufacturing labor:perDirect materials: 10 lb. at $4.50 per Ib.Direct manufacturing labor: 0.5 hour at $30 p

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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