The following data is given for the GB Company. Budgeted production Adual production 26,000 units 27,500 units Materials: Standard price per ounce Standard ounces per com pleted unit Adual ounces purchased and used in production 228,000 Adual price paid for materials Labor: P6.50 8 P1,504,800 Standard hourly la bor rate Standard hours allowed per completed unit Adual labor hours worked P22 per hour 6.6 183,000 P4,020,000 Adual total labor costs Overhead: Adual and budgeted fixed overhead Standard variable overhead rate P1,029,600 P24.50 per standard labor hour P4,520,000 Adual variable overhead costs Overhead is applied on standard la bor hours. 6,000 U 33,000 F 6,000 F 33.000 U

The following data is given for the GB Company. Budgeted production Adual production 26,000 units 27,500 units Materials: Standard price per ounce Standard ounces per com pleted unit Adual ounces purchased and used in production 228,000 Adual price paid for materials Labor: P6.50 8 P1,504,800 Standard hourly la bor rate Standard hours allowed per completed unit Adual labor hours worked P22 per hour 6.6 183,000 P4,020,000 Adual total labor costs Overhead: Adual and budgeted fixed overhead Standard variable overhead rate P1,029,600 P24.50 per standard labor hour P4,520,000 Adual variable overhead costs Overhead is applied on standard la bor hours. 6,000 U 33,000 F 6,000 F 33.000 U

Name: p34The direct labor rate variance is The following data is given for t
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Description: p34The direct labor rate variance is The following data is given for the GB Company.Budgeted productionAdual productionMaterials:26,000 units27,500 unitsP6.508Standard price per ounceStandard ounces per com pleted unitAdual ounces purchased and used

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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Similar questions

M8(7)
а. Standard Cost per Unit for Direct Materials and Direct Labor b. Direct Materials Price Variance Wrong Direct Materials Quantity Variance Wrong Total Direct Materials Cost Variance Wrong с. Direct Labor Rate Variance Wrong Direct Labor (Time) Efficiency Variance Wrong Total Direct Labor Cost Variance Wrong
Subject: acounting
H1. Answer b please
Which of the following is the correct formula for the direct materials quantity variance? O a. (Actual Quantity - Actual Price) - (Standard Quantity Standard Price) O b. (Actual Quantity- Standard Quantity) * Actual Price O c. (Actual Price - Standard Price) × Actual Quantity O d. (Actual Quantity - Standard Quantity) x Standard Price
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000
The labor efficiency variance is the difference between the actual quantity of hours at the standard rate and the standard direct labor hours at the standard rate. A. True B. False
QUESTION 54 Cost AccountingChoose the answer from the choices
Help question 37
Least-squares regression is a statistical method for identifying cost behavior. True or False True
At the beginning of the year, you estimated the following - Production - 75,000 units Raw Material - 270,000 pounds at a cost of $1,026,000 Direct Labor - 187,500 hours at a cost of $4,125,000 Variable Overhead - 135,000 machine hours at a cost of $567,000 Fixed Overhead - $900,000 At the end of year, the actual results were as follows - Production - 73,000 units Raw Material - 265,720 pounds purchased and used at a cost of $1,036,308 Direct Labor - 179,580 hours at a cost of $3,968,718 Variable Overhead - 133,590 machine hours at a cost of $558,406.20 Fixed Overhead - $891,000
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