Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $ 2.00 per ounce $ 23.00 per hour $ 6.00 per hour 6.5 ounces Direct materials Direct labor 0.2 hours Variable overhead 0.2 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 2,700 units 2,800 units 19,380 ounces 21,400 ounces 500 hours $ 40,660 $ 12,050 $ 3,100 Standard Cost Per Unit $ 13.00 $ 4.60 $ 1.20 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 materials quantity variance for June is:

Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $ 2.00 per ounce $ 23.00 per hour $ 6.00 per hour 6.5 ounces Direct materials Direct labor 0.2 hours Variable overhead 0.2 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 2,700 units 2,800 units 19,380 ounces 21,400 ounces 500 hours $ 40,660 $ 12,050 $ 3,100 Standard Cost Per Unit $ 13.00 $ 4.60 $ 1.20 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 materials quantity variance for June is:

Name: Tharaldson Corporation makes a product with the following standard co
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Description: Tharaldson Corporation makes a product with the following standard costs:StandardQuantity orHours6.5 ounces8.2 hours8.2 hoursDirect materialsDirect laborVariable overheadThe company reported the following results concerning this product in June.Orig

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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