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Standard Quantity Standard Price or Rate Standard Cost 5.8 pounds $ 0.60 per pound $33.50 per hour $3.48 $16.75 0.5 hours Variable manufacturing overhead 0.5 hours $8.50 per hour $4.25 During March, the following activity was recorded by the company: . The company produced 2,400 units during the month. A total of 19,400 pounds of material were purchased at a cost of $13,580. There was no beginning inventory of materials on hand to start the month; at the end of the month, 3,620 pounds of material remained in the warehouse. - Puvo, Incorporated, manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: . Direct materials Direct labor . During March, 1,090 direct labor-hours were worked at a rate of $30.50 per hour. . Variable manufacturing overhead costs during March totaled $14,061. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for March is:

Standard Quantity Standard Price or Rate Standard Cost 5.8 pounds $ 0.60 per pound $33.50 per hour $3.48 $16.75 0.5 hours Variable manufacturing overhead 0.5 hours $8.50 per hour $4.25 During March, the following activity was recorded by the company: . The company produced 2,400 units during the month. A total of 19,400 pounds of material were purchased at a cost of $13,580. There was no beginning inventory of materials on hand to start the month; at the end of the month, 3,620 pounds of material remained in the warehouse. - Puvo, Incorporated, manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: . Direct materials Direct labor . During March, 1,090 direct labor-hours were worked at a rate of $30.50 per hour. . Variable manufacturing overhead costs during March totaled $14,061. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for March is:

FINANCIAL ACCOUNTING
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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0 Standard Quantity Standard Price or Rate Standard Cost 5.8 pounds $ 0.60 per pound $33.50 per hour $3.48 $16.75 0.5 hours Variable manufacturing overhead 0.5 hours $8.50 per hour $4.25 Puvo, Incorporated, manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: . During March, the following activity was recorded by the company: ▪ The company produced 2,400 units during the month. A total of 19,400 pounds of material were purchased at a cost of $13,580. There was no beginning inventory of materials on hand to start the month; at the end of the month, 3,620 pounds of material remained in the warehouse. - Direct materials Direct labor . During March, 1,090 direct labor-hours were worked at a rate of $30.50 per hour. . Variable manufacturing overhead costs during March totaled $14,061. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for March is:
Transcribed Image Text:0 Standard Quantity Standard Price or Rate Standard Cost 5.8 pounds $ 0.60 per pound $33.50 per hour $3.48 $16.75 0.5 hours Variable manufacturing overhead 0.5 hours $8.50 per hour $4.25 Puvo, Incorporated, manufactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor-hours. The company uses a standard cost system and has established the following standards for one unit of product: . During March, the following activity was recorded by the company: ▪ The company produced 2,400 units during the month. A total of 19,400 pounds of material were purchased at a cost of $13,580. There was no beginning inventory of materials on hand to start the month; at the end of the month, 3,620 pounds of material remained in the warehouse. - Direct materials Direct labor . During March, 1,090 direct labor-hours were worked at a rate of $30.50 per hour. . Variable manufacturing overhead costs during March totaled $14,061. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for March is:
Standard Quantity Standard Price or Rate Standard Cost 5.8 pounds $ 0.60 per pound $33.50 per hour $3.48 $16.75 0.5 hours Variable manufacturing overhead 0.5 hours $8.50 per hour $4,25 During March, the following activity was recorded by the company: . The company produced 2,400 units during the month. - A total of 19,400 pounds of material were purchased at a cost of $13,580. There was no beginning inventory of materials on hand to start the month; at the end of the month, 3,620 pounds of material remained in the warehouse. . Direct materials Direct labor ▪ During March, 1,090 direct labor-hours were worked at a rate of $30.50 per hour. Variable manufacturing overhead costs during March totaled $14,061. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for March is: O $3,685 Unfavorable O $3,685 Favorable O $3,040 Favorable O $3,040 Unfavorable
Transcribed Image Text:Standard Quantity Standard Price or Rate Standard Cost 5.8 pounds $ 0.60 per pound $33.50 per hour $3.48 $16.75 0.5 hours Variable manufacturing overhead 0.5 hours $8.50 per hour $4,25 During March, the following activity was recorded by the company: . The company produced 2,400 units during the month. - A total of 19,400 pounds of material were purchased at a cost of $13,580. There was no beginning inventory of materials on hand to start the month; at the end of the month, 3,620 pounds of material remained in the warehouse. . Direct materials Direct labor ▪ During March, 1,090 direct labor-hours were worked at a rate of $30.50 per hour. Variable manufacturing overhead costs during March totaled $14,061. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for March is: O $3,685 Unfavorable O $3,685 Favorable O $3,040 Favorable O $3,040 Unfavorable
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