The following data are given for Harry Company: Budgeted production Actual production Materials: Standard price per ounce Standard ounces per completed unit Actual ounces purchased and used in production Actual price paid for materials Labor: Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs 1,092 units 952 units The direct labor rate variance is a. $23,658.32 favorable b. $7,550.62 unfavorable c. $7,550.62 favorable d. $23,658.32 unfavorable $1.986 11 10,786 $22,111 $14.71 per hour 4.0 4,903 $79,674 Overhead: Actual and budgeted fixed overhead $1,138,000 Standard variable overhead rate $25.00 per standard labor hour $137,284 Actual variable overhead costs Overhead is applied on standard labor hours. (Round interim calculations to the nea

The following data are given for Harry Company: Budgeted production Actual production Materials: Standard price per ounce Standard ounces per completed unit Actual ounces purchased and used in production Actual price paid for materials Labor: Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs 1,092 units 952 units The direct labor rate variance is a. $23,658.32 favorable b. $7,550.62 unfavorable c. $7,550.62 favorable d. $23,658.32 unfavorable $1.986 11 10,786 $22,111 $14.71 per hour 4.0 4,903 $79,674 Overhead: Actual and budgeted fixed overhead $1,138,000 Standard variable overhead rate $25.00 per standard labor hour $137,284 Actual variable overhead costs Overhead is applied on standard labor hours. (Round interim calculations to the nea

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Description: The following data are given for Harry Company:Budgeted productionActual productionMaterials:Standard price per ounceStandard ounces per completed unitActual ounces purchased and used in productionActual price paid for materialsLabor:Standard hourly

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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Not Graded... Material, Labor, and Variable Overhead VariancesThe following summarized manufacturing data relate to Thomas Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Standard Units Costs Total Actual Costs Direct material Standard (2 lb. @ $17.00/lb.) $34 Actual (4,200 lb. @ $17.80/lb.) $74,760 Direct labor Standard (0.5 hr. @ $32/hr.) $16 Actual (950 hrs. @ $31/hr.) 29,450 Variable overhead Standard (0.5 hr. @ $14/hr.) $7 Actual - 14,450 Total $57 $118,660 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Answer Split cost: Answer Standard cost: Answer Materials price Answer Answer…
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Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required a. Material Price Variance and Material Quantity Variance b. Labor Rate Variance and Labor Efficiency Variance
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