Question: 6,7,8 please! Just easier to post with one since it has the same information. Thank you! Milar Corporation makes a product with the following standard
Milar Corporation makes a product with the following standard costs: Standard Quantity of Hours 7.7 pounds 0.1 hours 0.1 hours Standard Price or Rate Direct materials Direct labor Variable overhead S 4.00 per pound S 20.00 per hour S 4.00 per hour In January the company produced 2,000 units using 16,060 pounds of the direct material and 210 direct labor-hours. During the month, the company purchased 16,900 pounds of the direct material at a cost of S65,910. The actual direct labor cost was $4,473 and the actual variable overhead cost was $756 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. 6) The materials quantity variance for January is: A) $2,640 U B) S2,574 F C) $2,640 F D) S2,574 U 7) The materials price variance for January is: A)$1,690 U B) $1,540 F C) $1,540 U D) $1,690 F 8) The labor efficiency variance for January is: A) $200 U B) $213 U C) $200 F D) $213 F
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