The standard cost of product YY includes three hours of direct labor at $12.00 per hour. The predetermined overhead rate is $20.00 per direct labor hour. During July, the company incurred 3,500 hours of direct labor at an average rate of $12.40 per hour and $71,300 of manufacturing overhead costs. It produced 1,200 units. 1. Calculate the total, price, and quantity variances for labor. 2. Calculate the total overhead variance.

The standard cost of product YY includes three hours of direct labor at $12.00 per hour. The predetermined overhead rate is $20.00 per direct labor hour. During July, the company incurred 3,500 hours of direct labor at an average rate of $12.40 per hour and $71,300 of manufacturing overhead costs. It produced 1,200 units. 1. Calculate the total, price, and quantity variances for labor. 2. Calculate the total overhead variance.

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Description: • The standard cost of product YY includes three hours ofdirect labor at $12.00 per hour. The predeterminedoverhead rate is $20.00 per direct labor hour. During July,the company incurred 3,500 hours of direct labor at anaverage rate of $12.40 per ho

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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