Required information[The following information applies to the questions displayed below.]A manufactured product has the following information for June.StandardActual6 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.$183,4008,100Direct materialsDirect laborOverheadUnits manufacturedCompute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance byselecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.)AQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard PriceActual CostStandard CostAQAPAQSP49.200$ 7.10$ 349,320$$2$

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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 $

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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