9q-11 Tharaldson Corporation makes a product with the following standard costs:Standard Quantity Standard Price or Standard CostRateor HoursPer UnitDirect materials6.2$ 7.00 per2$43.40ouncesounce$ 10.00 per hour$ 7.00 per hour$7.00Direct laborVariable overhead0.7 hours4.900.7 hoursThe company reported the following results concerning this product in June.Originally budgeted outputActual outputRaw materials used in production3,400 units2,800 units20,000 ounces21,100 ouncesPurchases of raw materialsActual direct labor-hours4,500 hours$ 41,900$ 13,400$ 3,700Actual cost of raw materials purchasesActual direct labor costActual variable overhead costThe company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchasedThe materials quantity 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 materials quantity variance for June is:Multiple Choice$18,480 F$5.242 US18.480 U$5,242 F

The variance is the difference between standard and the actual production data.

Tharaldson Corporation makes a product with the following standard costs: Standard Quantity Standard Price or Standard Cost or Hours Rate Per Unit Direct materials 6.2 ounces $ 7.00 per 24 43.40 ounce $ 10.00 per hour $ 7.00 per hour Direct labor 0.7 hours 7.00 4.90 %24 Variable overhead 0.7 hours 2$ 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 3,400 units 2,800 units 20,000 ounces 21,100 ounces Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 4,500 hours $ 41,900 $ 13,400 $ 3,700 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased variano 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 6.2 ounces $ 7.00 per 24 43.40 ounce $ 10.00 per hour $ 7.00 per hour Direct labor 0.7 hours 7.00 4.90 %24 Variable overhead 0.7 hours 2$ 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 3,400 units 2,800 units 20,000 ounces 21,100 ounces Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 4,500 hours $ 41,900 $ 13,400 $ 3,700 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased variano for June is

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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