Finch Manufacturing Company produces a single product. The following data apply to the standard cost of...
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Finch Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials quantity per unit Materials price Labor quantity per unit Labor price 1 pound $5.50 per pound 2 hours $9.50 per hour During the year, the company made 1,900 units of product. At the end of the year, the following variances had been calculated. Materials usage variance Materials price variance Labor usage variance Labor price variance $ 715 Favorable $ 177 Unfavorable $2,375 Unfavorable $2,430 Favorable Required a. Determine the actual amount of materials used. b. Determine the actual price paid per pound for materials. (Round your answer to 2 decimal places.) c. Determine the actual labor hours used. d. Determine the actual labor price per hour. (Round your answer to 2 decimal places.) a. Actual quantity pounds b. Actual price (materials) per pound C. Actual labor hours d. Actual labor price per hour Finch Manufacturing Company produces a single product. The following data apply to the standard cost of materials and labor associated with making the product: Materials quantity per unit Materials price Labor quantity per unit Labor price 1 pound $5.50 per pound 2 hours $9.50 per hour During the year, the company made 1,900 units of product. At the end of the year, the following variances had been calculated. Materials usage variance Materials price variance Labor usage variance Labor price variance $ 715 Favorable $ 177 Unfavorable $2,375 Unfavorable $2,430 Favorable Required a. Determine the actual amount of materials used. b. Determine the actual price paid per pound for materials. (Round your answer to 2 decimal places.) c. Determine the actual labor hours used. d. Determine the actual labor price per hour. (Round your answer to 2 decimal places.) a. Actual quantity pounds b. Actual price (materials) per pound C. Actual labor hours d. Actual labor price per hour
Expert Answer:
Answer rating: 100% (QA)
Actual Qty 1770 Pounds a b Actual Price 560 per Pound Actual Hours 4050 d Actual Rate 8... View the full answer
Related Book For
Business Statistics a decision making approach
ISBN: 978-0133021844
9th edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
Posted Date:
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