Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Actual 6 lbs. @ $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $11 per hr. Direct materials Direct labor Overhead 49, 200 lbs. @ $7.10 per lb. 16,000 hrs. @ $16.50 per hr. $183,400 Units manufactured 8,100 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP Actual Price SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP 49,200 $ 7.10 X $ 349,320 ol $
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Actual 6 lbs. @ $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $11 per hr. Direct materials Direct labor Overhead 49, 200 lbs. @ $7.10 per lb. 16,000 hrs. @ $16.50 per hr. $183,400 Units manufactured 8,100 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP Actual Price SP = Standard Price Actual Cost Standard Cost AQ AP AQ SP 49,200 $ 7.10 X $ 349,320 ol $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Required information
[The following information applies to the questions displayed below.]
A manufactured product has the following information for June.
Standard
Actual
6 lbs. @ $7 per lb.
2 hrs. @ $16 per hr.
2 hrs. @ $11 per hr.
49, 200 lbs. @ $7.10 per lb.
16,000 hrs. @ $16.50 per hr.
$183,400
8,100
Direct materials
Direct labor
Overhead
Units manufactured
Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by
selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.)
AQ = Actual Quantity
SQ = Standard Quantity
AP = Actual Price
SP = Standard Price
Actual Cost
Standard Cost
AQ
AP
AQ
SP
49.200
$ 7.10
$ 349,320
$
$
2$](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff4107f11-0fe6-412a-b36a-30ff02a33a5e%2F5dd61904-68aa-4479-b588-a82568ae3321%2Fk89qcdz_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
A manufactured product has the following information for June.
Standard
Actual
6 lbs. @ $7 per lb.
2 hrs. @ $16 per hr.
2 hrs. @ $11 per hr.
49, 200 lbs. @ $7.10 per lb.
16,000 hrs. @ $16.50 per hr.
$183,400
8,100
Direct materials
Direct labor
Overhead
Units manufactured
Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by
selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.)
AQ = Actual Quantity
SQ = Standard Quantity
AP = Actual Price
SP = Standard Price
Actual Cost
Standard Cost
AQ
AP
AQ
SP
49.200
$ 7.10
$ 349,320
$
$
2$
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