2 **Tharaldson Corporation: Standard Cost Analysis**Tharaldson Corporation produces a product with the following standard costs:| **Category** | **Quantity or Hours** | **Standard Price or Rate** | **Standard Cost Per Unit** ||-------------------|-----------------------|----------------------------|----------------------------|| Direct materials | 6.6 ounces | $3.00 per ounce | $19.80 || Direct labor | 0.3 hours | $10.00 per hour | $3.00 || Variable overhead | 0.3 hours | $5.00 per hour | $1.50 |**June Production Results:**- Originally budgeted output: 2,000 units- Actual output: 2,500 units- Raw materials used in production: 13,000 ounces- Purchases of raw materials: 15,000 ounces- Actual direct labor-hours: 510 hours- Actual cost of raw materials purchases: $40,000- Actual direct labor cost: $12,000- Actual variable overhead cost: $3,000The company assigns variable overhead based on direct labor-hours. The direct materials purchases variance is calculated when the materials are purchased.**Labor Efficiency Variance for June:***Multiple Choice Options:*- $2,400 U- $900 U- $2,400 F- $900 F (Correct Answer)The correct choice is $900 F, indicating a favorable labor efficiency variance for June.

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Description: 2 **Tharaldson Corporation: Standard Cost Analysis**Tharaldson Corporation produces a product with the following standard costs:| **Category** | **Quantity or Hours** | **Standard Price or Rate** | **Standard Cost Per Unit** ||------------------

Direct labor variance is the difference between standard direct labor cost for actual production and…

Business

Accounting

Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Multiple Choice O OO 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 $ 40,000 Actual direct labor cost $ 12,000 Actual variable overhead cost $ 3,000 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for June is: ● $2,400 U $900 U $2,400 F Standard Quantity or Hours $900 F 6.6 ounces 0.3 hours. 0.3 hours Standard Price or Rate $ 3.00 per ounce $10.00 per hour $5.00 per hour. Standard Cost Per Unit $ 19.80 $ 3.00 $ 1.50 2,000 units 2,500 units 13.900 ounces 15,000 ounces 510 hours Activate Window

Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Multiple Choice O OO 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 $ 40,000 Actual direct labor cost $ 12,000 Actual variable overhead cost $ 3,000 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor efficiency variance for June is: ● $2,400 U $900 U $2,400 F Standard Quantity or Hours $900 F 6.6 ounces 0.3 hours. 0.3 hours Standard Price or Rate $ 3.00 per ounce $10.00 per hour $5.00 per hour. Standard Cost Per Unit $ 19.80 $ 3.00 $ 1.50 2,000 units 2,500 units 13.900 ounces 15,000 ounces 510 hours Activate Window

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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