INTERMEDIATE ACCOUNTING (ACCT 3200B)
10th Edition
ISBN: 9781307660647
Author: SPICELAND
Publisher: MCG/CREATE
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Can you solve this general accounting problem using appropriate accounting principles?
Maple Co. estimated its annual
manufacturing overhead at $300,000
based on 15,000 direct labor hours.
The company actually used 12,000
direct labor hours during the year.
How much overhead was applied to
production?
Morrison Industries manufactures wood polish. The standard direct materials quantity is 0.60 pounds per bottle at a cost of $2.50 per pound. The actual usage for the production of 40,000 bottles was 0.65 pounds per bottle at an actual cost of $2.45 per pound. Calculate the direct materials price variance and the direct materials quantity variance.
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