Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. InMay 2020, 10,600 suits were produced. The following standard and actual cost data applied to the month of May when normalcapacity was 17,000 direct labor hours. All materials purchased were used.Cost ElementDirectmaterialsDirect laborOverhead(a)(1)(2)6 yards at $5.00 per yard(b)1.20 hours at $13.00 per hour1.20 hours at $6.90 per hour (fixed $4.00; variable$2.90)Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $68,000, and budgetedvariable overhead was $49,300.Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round per unit values to 2 decimal places, e.g. 52.75 andfinal answers to O decimal places, e.g. 52.)Total materials varianceMaterials price varianceMaterials quantity varianceTotal labor varianceStandard (per unit)Labor price varianceLabor quantity varianceCompute the total overhead variance.Total overhead variance $$$$$Actual$$312,825 for 64,500 yards ($4.85 per yard)$$183,870 for 13,620 hours ($13.50 per hour)$49,400 fixed overhead $36,500 variableoverhead

Name: Rudd Clothiers is a small company that manufactures tall-men's suits.
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Description: Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. InMay 2020, 10,600 suits were produced. The following standard and actual cost data applied to the month of May when normal

Material Price Variance (MPV) It is a difference between standard price and actual price of material…

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Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting May 2020, 10,600 suits were produced. The following standard and actual cost data applied to the month of May when r capacity was 17,000 direct labor hours. All materials purchased were used. Cost Element Direct materials Direct labor Overhead (1) (2) 6 yards at $5.00 per yard 1.20 hours at $13.00 per hour 1.20 hours at $6.90 per hour (fixed $4.00; variable $2.90) Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $68,000, variable overhead was $49,300. (a) Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round per unit values to 2 decimal places, e final answers to O decimal places, e.g. 52.) Total materials variance Materials price variance Materials quantity variance Total labor variance Standard (per unit) Labor price variance Labor quantity variance tA tA tA $ tA Actual EA $312,825 for 64,500 yards ($4.85 per $183,870 for 13,620 hours ($13.50 p $49,400 fixed overhead $36,500 vari overhead < < <

Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting May 2020, 10,600 suits were produced. The following standard and actual cost data applied to the month of May when r capacity was 17,000 direct labor hours. All materials purchased were used. Cost Element Direct materials Direct labor Overhead (1) (2) 6 yards at $5.00 per yard 1.20 hours at $13.00 per hour 1.20 hours at $6.90 per hour (fixed $4.00; variable $2.90) Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $68,000, variable overhead was $49,300. (a) Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round per unit values to 2 decimal places, e final answers to O decimal places, e.g. 52.) Total materials variance Materials price variance Materials quantity variance Total labor variance Standard (per unit) Labor price variance Labor quantity variance tA tA tA $ tA Actual EA $312,825 for 64,500 yards ($4.85 per $183,870 for 13,620 hours ($13.50 p $49,400 fixed overhead $36,500 vari overhead < < <

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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