TB MC Qu. 10-68 Thomas Enterprises... Thomas Enterprises purchased 65,200 pounds (cost = $521,600) of direct material to be used in the manufacture of the company's sole product. According to the production specifications, each completed unit requires five pounds of direct material at a standard cost of $8.20 per pound. Direct materials consumed by the end of the period totaled 6,2700.00 pounds in the manufacture of 12,900 finished units. An examination of Thomas' payroll records revealed that the company worked 24,000 labor hours (cost = $326,400) during the period, and specifications called for each completed unit requiring two hours of labor at a standard cost of $13.90 per hour. Use the information to compute the following variances. Thomas' direct-material price variance was:

TB MC Qu. 10-68 Thomas Enterprises... Thomas Enterprises purchased 65,200 pounds (cost = $521,600) of direct material to be used in the manufacture of the company's sole product. According to the production specifications, each completed unit requires five pounds of direct material at a standard cost of $8.20 per pound. Direct materials consumed by the end of the period totaled 6,2700.00 pounds in the manufacture of 12,900 finished units. An examination of Thomas' payroll records revealed that the company worked 24,000 labor hours (cost = $326,400) during the period, and specifications called for each completed unit requiring two hours of labor at a standard cost of $13.90 per hour. Use the information to compute the following variances. Thomas' direct-material price variance was:

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Description: CheckTB MC Qu. 10-68 Thomas Enterprises...Thomas Enterprises purchased 65,200 pounds (cost = $521,600) of direct material to be used in the manufacture ofthe company's sole product. According to the production specifications, each completed unit req

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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