The same information below will be repeated for the next three questions. Freezit manufactures fridges. The budgeted number of units to be produced for the month of June is 3,800. Direct material price per kg ($ per kg): Direct material quantity per unit of product (kg): Direct labour rate ($ per hr): 5.50 25.00 22.00 The actual production for the month of June amounted to 4,000 units, and the actual data recorded for the month are as follows: Direct material price per kg ($ per kg): Direct material purchased (kg): Direct material quantity used (kg) Direct labour rate ($ per hr): Direct labour hours per unit of product (hr): 6.80 32,000 55,000 24.00 26.00 The direct material price variance is: Select one: O a. $71,500 Unfavourable Ob. $41,600 Unfavourable O c. $130,000 Unfavourable O d. $123,500 Unfavourable O e. $5,200 Unfavourable

The same information below will be repeated for the next three questions. Freezit manufactures fridges. The budgeted number of units to be produced for the month of June is 3,800. Direct material price per kg ($ per kg): Direct material quantity per unit of product (kg): Direct labour rate ($ per hr): 5.50 25.00 22.00 The actual production for the month of June amounted to 4,000 units, and the actual data recorded for the month are as follows: Direct material price per kg ($ per kg): Direct material purchased (kg): Direct material quantity used (kg) Direct labour rate ($ per hr): Direct labour hours per unit of product (hr): 6.80 32,000 55,000 24.00 26.00 The direct material price variance is: Select one: O a. $71,500 Unfavourable Ob. $41,600 Unfavourable O c. $130,000 Unfavourable O d. $123,500 Unfavourable O e. $5,200 Unfavourable

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Description: The same information below will be repeated for the next three questions.Freezit manufactures fridges.The budgeted number of units to be produced for the month of June is 3,800.Direct material price per kg ($ per kg):Direct material quantity per uni

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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Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Direct labor Indirect labor Utilities Supplies Equipment depreciation Cost Formulas The Production Department planned to work 4,300 labor-hours in March; however, it actually worked 4,100 labor-hours during the month. Its actual costs incurred in March are listed below: Factory rent Property taxes Factory administration $16.509 $4,400 $2.00q $5,000 + $0.50q $1,300+ $0.109 $18,500 + $2.60q $8,200 $2,400 $13,500+ $0.50q Actual Cost Incurred in March $ 69,270 $ 12,180 $ 7,540 $ 1,940 $ 29,160 $ 8,600 $ 2,400 $ 14,880 Required: 1. Prepare the Production…
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