Ravena Labs., Inc. makes a single product which has the following standards: Direct materials.... 2.5 ounces at $20 per ounce Direct labo.......... 1.4 hours at $12.50 per hour Variable manufacturing overhead.... 1.4 hours at $3.50 per hour Variable manufacturing overhead is applied on the basis of direct labor hours. The following data are available for October: 3,750 units of compound were produced during the month. There was no beginning direct materials inventory. The ending direct materials inventory was 2,000 ounces. Direct materials purchased: 12,000 ounces for $225,000. Direct labor hours worked: 5,600 hours at a cost of $67,200. Variable manufacturing overhead costs incurred amounted to $18,200. Required: Compute the following variances and mark the variance (Favorable by F or Unfavorable by U) 4. Direct labor efficiency variance 5. Variable overhead rate variance. 6. V ariable overhead efficiency variance.

Ravena Labs., Inc. makes a single product which has the following standards: Direct materials.... 2.5 ounces at $20 per ounce Direct labo.......... 1.4 hours at $12.50 per hour Variable manufacturing overhead.... 1.4 hours at $3.50 per hour Variable manufacturing overhead is applied on the basis of direct labor hours. The following data are available for October: 3,750 units of compound were produced during the month. There was no beginning direct materials inventory. The ending direct materials inventory was 2,000 ounces. Direct materials purchased: 12,000 ounces for $225,000. Direct labor hours worked: 5,600 hours at a cost of $67,200. Variable manufacturing overhead costs incurred amounted to $18,200. Required: Compute the following variances and mark the variance (Favorable by F or Unfavorable by U) 4. Direct labor efficiency variance 5. Variable overhead rate variance. 6. V ariable overhead efficiency 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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