hopkins clothiers is a small company that manufactures tall-men’s suits. the company has used a standard cost accounting system. in may 2014, 10,700 suits were produced. the following standard and act

Project Description:

hopkins clothiers is a small company that manufactures tall-men’s suits. the company has used a standard cost accounting system. in may 2014, 10,700 suits were produced. the following standard and actual cost data applied to the month of may when normal capacity was 12,500 direct labor hours. all materials purchased were used.

cost element
standard (per unit)
actual
direct materials 8 yards at $4.30 per yard $360,901 for 86,340 yards ($4.18 per yard)
direct labor 1.20 hours at $14.00 per hour $195,727 for 13,630 hours ($14.36 per hour)
overhead 1.20 hours at $6.30 per hour (fixed $3.70; variable $2.60) $48,900 fixed overhead $37,000 variable overhead

overhead is applied on the basis of direct labor hours. at normal capacity, budgeted fixed overhead costs were $46,250, and budgeted variable overhead was $32,500.

(a) compute the total, price, and quantity variances for (1) materials and (2) labor. (round answers to 0 decimal places, e.g. 125.)

(1) total materials variance $
materials price variance $
materials quantity variance $
(2) total labor variance $
labor price variance $
labor quantity variance $

(b) compute the total overhead variance.

total overhead variance $
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