The following data are given for Stringer Company: Line Item Description Value Budgeted production 940 units Actual production 1,045 units Materials: Standard price per ounce $1.78 Standard ounces per completed unit 11 Actual ounces purchased and used in production 11,840 Actual price paid for materials $24,272 Labor: Standard hourly labor rate $14.00 per hour Standard hours allowed per completed unit 4.4 Actual labor hours worked 5,381.75 Actual total labor costs $82,072 Overhead: Actual and budgeted fixed overhead $1,099,000 Standard variable overhead rate $24.00 per standard labor hour Actual variable overhead costs $150,689 Overhead is applied on standard labor hours. The direct materials quantity variance is a. 3,196.80 favorable b. 3,196.80 unfavorable c. 614.10 unfavorable d. 614.10 favorable
The following data are given for Stringer Company: Line Item Description Value Budgeted production 940 units Actual production 1,045 units Materials: Standard price per ounce $1.78 Standard ounces per completed unit 11 Actual ounces purchased and used in production 11,840 Actual price paid for materials $24,272 Labor: Standard hourly labor rate $14.00 per hour Standard hours allowed per completed unit 4.4 Actual labor hours worked 5,381.75 Actual total labor costs $82,072 Overhead: Actual and budgeted fixed overhead $1,099,000 Standard variable overhead rate $24.00 per standard labor hour Actual variable overhead costs $150,689 Overhead is applied on standard labor hours. The direct materials quantity variance is a. 3,196.80 favorable b. 3,196.80 unfavorable c. 614.10 unfavorable d. 614.10 favorable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following data are given for Stringer Company:
| Line Item Description | Value |
|---|---|
| Budgeted production | 940 units |
| Actual production | 1,045 units |
| Materials: | |
| Standard price per ounce | $1.78 |
| Standard ounces per completed unit | 11 |
| Actual ounces purchased and used in production | 11,840 |
| Actual price paid for materials | $24,272 |
| Labor: | |
| Standard hourly labor rate | $14.00 per hour |
| Standard hours allowed per completed unit | 4.4 |
| Actual labor hours worked | 5,381.75 |
| Actual total labor costs | $82,072 |
| Actual and budgeted fixed overhead | $1,099,000 |
| Standard variable overhead rate | $24.00 per standard labor hour |
| Actual variable overhead costs | $150,689 |
| Overhead is applied on standard labor hours. |
The direct materials quantity variance is
a. 3,196.80 favorable
b. 3,196.80 unfavorable
c. 614.10 unfavorable
d. 614.10 favorable
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education