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Tharaldson Corporation makes a product with the following standard costs: Standard Quantity Standard Price or Standard Cost or Hours Rate Per Unit Direct materials 6.7 $ 3.00 per 24 20.10 ounces ounce Direct labor Variable overhead $ 11.00 per hour $ 6.00 per hour 0.4 hours 4.40 0.4 hours 2.40 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 2,100 units 2,600 units 19,500 ounces 20,000 ounces 520 hours $ 41,000 $ 12,100 $ 3,050 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:

Tharaldson Corporation makes a product with the following standard costs: Standard Quantity Standard Price or Standard Cost or Hours Rate Per Unit Direct materials 6.7 $ 3.00 per 24 20.10 ounces ounce Direct labor Variable overhead $ 11.00 per hour $ 6.00 per hour 0.4 hours 4.40 0.4 hours 2.40 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 2,100 units 2,600 units 19,500 ounces 20,000 ounces 520 hours $ 41,000 $ 12,100 $ 3,050 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:

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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Tharaldson Corporation makes a product with the following standard costs: Standard Quantity Standard Price or Standard Cost or Hours Rate Per Unit Direct materials 6.7 $ 3.00 per 20.10 ounces ounce $ 11.00 per hour $ 6.00 per hour Direct labor 0.4 hours 4.40 Variable overhead 0.4 hours 2.40 The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 2,100 units 2,600 units 19,500 ounces Purchases of raw materials 20,000 ounces Actual direct labor-hours 520 hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost $ 41,000 $ 12,100 $ 3,050 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:
Transcribed Image Text:Tharaldson Corporation makes a product with the following standard costs: Standard Quantity Standard Price or Standard Cost or Hours Rate Per Unit Direct materials 6.7 $ 3.00 per 20.10 ounces ounce $ 11.00 per hour $ 6.00 per hour Direct labor 0.4 hours 4.40 Variable overhead 0.4 hours 2.40 The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 2,100 units 2,600 units 19,500 ounces Purchases of raw materials 20,000 ounces Actual direct labor-hours 520 hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost $ 41,000 $ 12,100 $ 3,050 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:
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: Multiple Choice $3,520 F $5,720 U $3,520 U $5,720 F
Transcribed Image Text: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: Multiple Choice $3,520 F $5,720 U $3,520 U $5,720 F
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