Question 16 Hannah manufactures coolers. The standard costs for the manufacture of the coolers were as follows: Direct materials Standard Costs Factory overhead 2,250 pounds. at $22 Direct labor 8,500 hrs. at $12 REQUIRED: Rates per labor hour, based on 100% of normal capacity of 11,000 labor hrs. Variable cost, $5.50 Fixed cost, $5.15 Actual Costs 2,750 pounds at $21.00 9,500 hrs. at $13 $28,810 variable cost $56,650fixed cost 1. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. 2. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. 3. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance.

Question 16 Hannah manufactures coolers. The standard costs for the manufacture of the coolers were as follows: Direct materials Standard Costs Factory overhead 2,250 pounds. at $22 Direct labor 8,500 hrs. at $12 REQUIRED: Rates per labor hour, based on 100% of normal capacity of 11,000 labor hrs. Variable cost, $5.50 Fixed cost, $5.15 Actual Costs 2,750 pounds at $21.00 9,500 hrs. at $13 $28,810 variable cost $56,650fixed cost 1. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. 2. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. 3. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance.

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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