The Wright Company has a standard costing system. The following data are available for September: Actual quantity of direct materials purchased 60,000 pounds Standard price of direct materials Material price variance $2 per pound $6,000 unfavorable Material quantity variance $3,000 favorable The actual price per pound of direct materials purchased in September is: A. $2.12 B. $2.10 C. $1.88 D. $2.00

The Wright Company has a standard costing system. The following data are available for September: Actual quantity of direct materials purchased 60,000 pounds Standard price of direct materials Material price variance $2 per pound $6,000 unfavorable Material quantity variance $3,000 favorable The actual price per pound of direct materials purchased in September is: A. $2.12 B. $2.10 C. $1.88 D. $2.00

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter10: Standard Costing And Variance Analysis

Section: Chapter Questions

Problem 58E: At the beginning of the year, Lopez Company had the following standard cost sheet for one of its...

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At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
Eagle Inc. uses a standard cost system. During the most recent period, the company manufactured 115,000 units. The standard cost sheet indicates that the standard direct labor cost per unit is $1.50. The performance report for the period includes an unfavorable direct labor rate variance of $3,700 and a favorable direct labor time variance of $10,275. What was the total actual cost of direct labor incurred during the period?
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