Zimba, Inc., has collected the following data on one of its products. The actual cost of the direct materials used is: Direct materials standard (4 lbs. @ $3/lb) $12 per finished unit Total direct materials cost variance- $16,000 unfavorable Actual direct materials used Actual finished units produced 120,000 lbs. 30,000 units Required: What is the actual cost of the direct materials used?

Zimba, Inc., has collected the following data on one of its products. The actual cost of the direct materials used is: Direct materials standard (4 lbs. @ $3/lb) $12 per finished unit Total direct materials cost variance- $16,000 unfavorable Actual direct materials used Actual finished units produced 120,000 lbs. 30,000 units Required: What is the actual cost of the direct materials used?

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.
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