Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Bours 5.4 ounces 0.5 hours 0.5 hours Standard Price or Rate $ 3.00 per ounce $ 12.00 per hour $9.00 per hour. The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost. able overhead efficiency variance for June is: 4,200 units 4,200 units 20,000 ounces 21,000 ounces 560 hours $ 42,900 $ 14,200 $4,100 Standard Cost Per Unit $ 16.201 $ 6.00 $ 4.50 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Topic Video
Question

please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)

Tharaldson Corporation makes a product with the following standard costs:
Direct materials
Direct labor
Variable overhead
Standard Quantity or
Bours
5.4 ounces
0.5 hours
0.5 hours
The company reported the following results concerning this product in June.
Originally budgeted output
Actual output
Raw materials used in production
Purchases of raw materials
Actual direct labor-hours
Actual cost of raw materials purchases
Actual direct labor cost
Actual variable overhead cost
Standard Price or Rate
$ 3.00 per ounce.
$12.00 per hour
$9.00 per hour
The variable overhead efficiency variance for June is:
4,200 units
4,200 units
20,000 ounces
21,000 ounces
560 hours
$ 42,900
$ 14,200
$4,100
Standard Cost
Per Unit
$ 16.201
$ 6.00
$ 4.50
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is
computed when the materials are purchased.
Transcribed Image Text:Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Bours 5.4 ounces 0.5 hours 0.5 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost Standard Price or Rate $ 3.00 per ounce. $12.00 per hour $9.00 per hour The variable overhead efficiency variance for June is: 4,200 units 4,200 units 20,000 ounces 21,000 ounces 560 hours $ 42,900 $ 14,200 $4,100 Standard Cost Per Unit $ 16.201 $ 6.00 $ 4.50 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Performance measurements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education