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The standard cost of product 5252 includes 1.9 hours of direct labor at $11.20 per hour. T rate is $22.00 per direct labor hour. During July, the company incurred 4,000 hours of dire $11.40 per hour and $82,200 of manufacturing overhead costs. It produced 2,000 units.

The standard cost of product 5252 includes 1.9 hours of direct labor at $11.20 per hour. T rate is $22.00 per direct labor hour. During July, the company incurred 4,000 hours of dire $11.40 per hour and $82,200 of manufacturing overhead costs. It produced 2,000 units.

FINANCIAL ACCOUNTING
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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The standard cost of product 5252 includes 1.9 hours of direct labor at $11.20 per hour. The predetermined overhead rate is $22.00 per direct labor hour. During July, the company incurred 4,000 hours of direct labor at an average rate of $11.40 per hour and $82,200 of manufacturing overhead costs. It produced 2,000 units. (a) Compute the total, price, and quantity variances for labor. Total labor variance $ Labor price variance $ Labor quantity variance $ (b) Compute the total overhead variance. Total overhead variance $
Transcribed Image Text:The standard cost of product 5252 includes 1.9 hours of direct labor at $11.20 per hour. The predetermined overhead rate is $22.00 per direct labor hour. During July, the company incurred 4,000 hours of direct labor at an average rate of $11.40 per hour and $82,200 of manufacturing overhead costs. It produced 2,000 units. (a) Compute the total, price, and quantity variances for labor. Total labor variance $ Labor price variance $ Labor quantity variance $ (b) Compute the total overhead variance. Total overhead variance $
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