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Question:68 The chief accountant reports the following information for LM Corp. Direct Materials Direct Labor Actual inputs Standard prices $ 4,900 $ 8,000 Standard inputs allowed for actual output * $ 4,700 $ 11,000 Actual costs $ 5,000 $10,000 1. For Direct Materials, compute the following variances: A. Flexible budget variance B. Price variance C. Quantity variance 2. For Direct Labor, compute the following variances: A. Flexible budget variance B. Rate variance C. Efficiency variance The per-unit standards for direct labor are 2 direct labor hours at $15 per hour. If in producing 1,200 units, the actual direct labor cost was $32,000 for 2,000 direct labor hours worked, the total direct labor variance is The Refining Department of Sweet Sugar, Inc. had 79,000 tons of sugar to account for in July. Of the 79,000 tons, 49,000 tons were completed and transferred to the Boiling Department, and the remaining 30,000 tons were 50% complete. The materials required for production are added at the beginning of the process. Conversion costs are added equally throughout the refining process. Calculate the total equivalent units of production for direct materials.

Question:68 The chief accountant reports the following information for LM Corp. Direct Materials Direct Labor Actual inputs Standard prices $ 4,900 $ 8,000 Standard inputs allowed for actual output * $ 4,700 $ 11,000 Actual costs $ 5,000 $10,000 1. For Direct Materials, compute the following variances: A. Flexible budget variance B. Price variance C. Quantity variance 2. For Direct Labor, compute the following variances: A. Flexible budget variance B. Rate variance C. Efficiency variance The per-unit standards for direct labor are 2 direct labor hours at $15 per hour. If in producing 1,200 units, the actual direct labor cost was $32,000 for 2,000 direct labor hours worked, the total direct labor variance is The Refining Department of Sweet Sugar, Inc. had 79,000 tons of sugar to account for in July. Of the 79,000 tons, 49,000 tons were completed and transferred to the Boiling Department, and the remaining 30,000 tons were 50% complete. The materials required for production are added at the beginning of the process. Conversion costs are added equally throughout the refining process. Calculate the total equivalent units of production for direct materials.

FINANCIAL ACCOUNTING
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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Question:68 The chief accountant reports the following information for LM Corp. Direct Materials Direct Labor Actual inputs Standard prices $ 4,900 $ 8,000 Standard inputs allowed for actual output * $ 4,700 $ 11,000 Actual costs $ 5,000 $10,000 1. For Direct Materials, compute the following variances: A. Flexible budget variance B. Price variance C. Quantity variance 2. For Direct Labor, compute the following variances: A. Flexible budget variance B. Rate variance C. Efficiency variance The per-unit standards for direct labor are 2 direct labor hours at $15 per hour. If in producing 1,200 units, the actual direct labor cost was $32,000 for 2,000 direct labor hours worked, the total direct labor variance is The Refining Department of Sweet Sugar, Inc. had 79,000 tons of sugar to account for in July. Of the 79,000 tons, 49,000 tons were completed and transferred to the Boiling Department, and the remaining 30,000 tons were 50% complete. The materials required for production are added at the beginning of the process. Conversion costs are added equally throughout the refining process. Calculate the total equivalent units of production for direct materials.
Transcribed Image Text:Question:68 The chief accountant reports the following information for LM Corp. Direct Materials Direct Labor Actual inputs Standard prices $ 4,900 $ 8,000 Standard inputs allowed for actual output * $ 4,700 $ 11,000 Actual costs $ 5,000 $10,000 1. For Direct Materials, compute the following variances: A. Flexible budget variance B. Price variance C. Quantity variance 2. For Direct Labor, compute the following variances: A. Flexible budget variance B. Rate variance C. Efficiency variance The per-unit standards for direct labor are 2 direct labor hours at $15 per hour. If in producing 1,200 units, the actual direct labor cost was $32,000 for 2,000 direct labor hours worked, the total direct labor variance is The Refining Department of Sweet Sugar, Inc. had 79,000 tons of sugar to account for in July. Of the 79,000 tons, 49,000 tons were completed and transferred to the Boiling Department, and the remaining 30,000 tons were 50% complete. The materials required for production are added at the beginning of the process. Conversion costs are added equally throughout the refining process. Calculate the total equivalent units of production for direct materials.
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