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Tharaldson Corporation makes a product with the following standard costs Standard Quantity or Hours 5.2 ounces 0.3 hours 0.3 hours Direct materials Direct labor Variable overhead Standard Price or Rate $ 3.00 per ounce Mutiple Choice $ 14.00 per hour $ 5.00 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 $ 39,500 $ 14,400 $4,200 Actual variable overhead cost 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 rate variance for June Standard Cost Per Unit $ 15.60 $ 4.20 $1.50 4,400 units 4,600 units 25,000 ounces 26,000 ounces 580 hours

Tharaldson Corporation makes a product with the following standard costs Standard Quantity or Hours 5.2 ounces 0.3 hours 0.3 hours Direct materials Direct labor Variable overhead Standard Price or Rate $ 3.00 per ounce Mutiple Choice $ 14.00 per hour $ 5.00 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 $ 39,500 $ 14,400 $4,200 Actual variable overhead cost 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 rate variance for June Standard Cost Per Unit $ 15.60 $ 4.20 $1.50 4,400 units 4,600 units 25,000 ounces 26,000 ounces 580 hours

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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M Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours 5.2 ounces 0.3 hours 0.3 hours Direct materials. Direct labor Variable overhead 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 Mutiple Choice O O $6,280 U The company applies variable overhead on the basis of direct labor tours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for June $6,280 F Standard Price or Rate $ 3.00 per ounce $ 14.00 per hour $5.00 per hour $1,037 0 $1037 F 4,400 units 4,600 units 25,000 ounces 26,000 ounces 580 hours $ 39,500 $14,400 $4,200 Standard Cost Per Unit $ 15.60 $4.20 $ 1.50
Transcribed Image Text:M Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours 5.2 ounces 0.3 hours 0.3 hours Direct materials. Direct labor Variable overhead 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 Mutiple Choice O O $6,280 U The company applies variable overhead on the basis of direct labor tours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for June $6,280 F Standard Price or Rate $ 3.00 per ounce $ 14.00 per hour $5.00 per hour $1,037 0 $1037 F 4,400 units 4,600 units 25,000 ounces 26,000 ounces 580 hours $ 39,500 $14,400 $4,200 Standard Cost Per Unit $ 15.60 $4.20 $ 1.50
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