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The direct materials price variance for October is: The direct materials quantity variance for October is: The direct labor efficiency variance for October is: choose... choose... choose...

The direct materials price variance for October is: The direct materials quantity variance for October is: The direct labor efficiency variance for October is: choose... choose... choose...

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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P12A-10 Company produces a single product. Manufacturing overhead costs are applied to products on the basis of direct labor hours. Budget for current year: Denominator activity (direct labor-hours) 6,000 Variable manufacturing overhead cost $21,000 Fixed manufacturing overhead cost $18,000 The standard cost card for the product follows: Direct materials.... Direct labor... Variable manufacturing overhead.. The following data are available for October. 3,750 units of compound were produced during the month. There was no beginning direct materials inventory. The ending direct materials inventory was 2,000 ounces. Direct materials purchased: 12,000 ounces for $225,000. Direct labor hours worked: 5,600 hours at a cost of $67,200. Variable manufacturing overhead costs incurred amounted to $18,200. Fixed manufacturing overhead costs incurred amounted to $15,000. The direct materials price variance for October is: The direct materials quantity variance for October is: The direct labor efficiency variance for October is: 2.5 ounces at $20 per ounce 1.4 hours at $12.50 per hour 1.4 hours at $3.5 per hour The variable overhead spending variance for October is: The variable overhead efficiency variance for October is: The direct labor rate variance is The Fixed manufacturing overhead budget variance is The Fixed manufacturing overhead volume variance is choose.... choose... choose.... $1,400 favorable $1,225 unfavorable choose... $3,000 favorable $2,250 unfavorable
Transcribed Image Text:P12A-10 Company produces a single product. Manufacturing overhead costs are applied to products on the basis of direct labor hours. Budget for current year: Denominator activity (direct labor-hours) 6,000 Variable manufacturing overhead cost $21,000 Fixed manufacturing overhead cost $18,000 The standard cost card for the product follows: Direct materials.... Direct labor... Variable manufacturing overhead.. The following data are available for October. 3,750 units of compound were produced during the month. There was no beginning direct materials inventory. The ending direct materials inventory was 2,000 ounces. Direct materials purchased: 12,000 ounces for $225,000. Direct labor hours worked: 5,600 hours at a cost of $67,200. Variable manufacturing overhead costs incurred amounted to $18,200. Fixed manufacturing overhead costs incurred amounted to $15,000. The direct materials price variance for October is: The direct materials quantity variance for October is: The direct labor efficiency variance for October is: 2.5 ounces at $20 per ounce 1.4 hours at $12.50 per hour 1.4 hours at $3.5 per hour The variable overhead spending variance for October is: The variable overhead efficiency variance for October is: The direct labor rate variance is The Fixed manufacturing overhead budget variance is The Fixed manufacturing overhead volume variance is choose.... choose... choose.... $1,400 favorable $1,225 unfavorable choose... $3,000 favorable $2,250 unfavorable
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