Tharaldson Corporation makesa product with the following standard costs:StandardStandardQuantity orStandard Price orCost PerHoursRateUnit$ S.00 per ounce$ 10.00 per hour$ 5.00 per hourDirect materials6.6 ounces$33.00$ 8.00$ 4.00Direct labor0.8 hours0.8 hoursVariable overheadThe company reported the following results concerning this product in June.Originally budgeted outputActual output2,000 units2,500 units19,000 ouncesRaw materials used in productionPurchases of raw materialsActual direct labor-hoursActual cost of raw materials purchasesActual direct labor costActual variable overhead cost21,500 ounces4,900 hours$ 40,500$ 12,000$ 3,000The 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 makesa product with the following standard cos
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Description: Tharaldson Corporation makesa product with the following standard costs:StandardStandardQuantity orStandard Price orCost PerHoursRateUnit$ S.00 per ounce$ 10.00 per hour$ 5.00 per hourDirect materials6.6 ounces$33.00$ 8.00$ 4.00Direct labor0.8 hours

Formula: Material Quantity Variance= SQ-AQ×SP where, SQ is Standard Quantity for Actual Output AQ is…

Business

Accounting

The company applies varlable 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

The company applies varlable 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

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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