The following standard costs per unit, of one product, have been taken from the records of Bahrain CompanyDirect materialsDirect labor5 kgs at $3 per kg2.5 hours at $10 per hourActual data for last month:Units produced: 12,000Direct materials used: 35.000 kgsDirect labor hours: 22,000Direct labor rate per hour: 59Direct material price: $4 per kgDirect materials purchased: 100,000 kgsRequired:(a) Compute the price and efficiency variances for direct materials and direct labor. Direct material price variance to be calculated at the time ofb) Prepare the journal entries to record the price and efficiency variances for direct materials and direct labor.r the toolbar press ALT+F10 (POYO ALT+EN+F10 (Mac)

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Description: The following standard costs per unit, of one product, have been taken from the records of Bahrain CompanyDirect materialsDirect labor5 kgs at $3 per kg2.5 hours at $10 per hourActual data for last month:Units produced: 12,000Direct materials used:

The variance is the difference between actual data and standard output of the production.

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The following standard costs per unit, of one product, have been taken from the records of Bahrain Company Direct materials 5 kgs at $3 per kg Direct labor 2.5 hours at $10 per hour Actual data for last month. Units produced: 12.000 Direct materials used: 35,000 kgs Direct material price: $4 per kg Direct labor rate per hour: $9 Direct labor hours: 22,000 Direct materials purchased: 100,000 kgs equired: Compute the price and efficiency variances for direct materials and direct labor. Direct material price variance to be calculated at the time Prepare the journal entries to record the price and efficiency variances for direct materials and direct labor.

The following standard costs per unit, of one product, have been taken from the records of Bahrain Company Direct materials 5 kgs at $3 per kg Direct labor 2.5 hours at $10 per hour Actual data for last month. Units produced: 12.000 Direct materials used: 35,000 kgs Direct material price: $4 per kg Direct labor rate per hour: $9 Direct labor hours: 22,000 Direct materials purchased: 100,000 kgs equired: Compute the price and efficiency variances for direct materials and direct labor. Direct material price variance to be calculated at the time Prepare the journal entries to record the price and efficiency variances for direct materials and direct labor.

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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