Required information[The following information applies to the questions displayed below.]A manufactured product has the following information for June.StandardActual49, 200 lbs. @ $7.10 per lb.16,000 hrs. @ $16.50 per hr.$183,400Direct materials6 lbs. @ $7 per lb.Direct labor2 hrs. @ $16 per hr.OverheadUnits manufactured2 hrs. @ $11 per hr.8,100(1) Compute the standard cost per unit.(2) Compute the total cost variance for June.Complete this question by entering your answers in the tabs below.Required 1Required 2Compute the total cost variance for June. (Indicate the effect of each variance by selecting for favorable, unfavorable, and novariance.)Total cost variance< Required 1Required 2 >

>Cost Variance is the difference between standard cost allowed and the actual cost…

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 49,200 lbs. @ $7.10 per lb. 16,000 hrs. @ $16.50 per hr. $183,400 Direct labor Overhead Units manufactured 8,100 (1) Compute the standard cost per unit. (2) Compute the total cost variance for June.

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 49,200 lbs. @ $7.10 per lb. 16,000 hrs. @ $16.50 per hr. $183,400 Direct labor Overhead Units manufactured 8,100 (1) Compute the standard cost per unit. (2) Compute the total cost variance for June.

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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