A company uses a standard costing system with the standards per unit below: Standard Quantity/Hours 6.5...

  

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A company uses a standard costing system with the standards per unit below: Standard Quantity/Hours 6.5 ounces Direct materials Direct labor Variable overhead Price $2.00 per ounce $23.00 per hour $ 6.00 per hour Standard Cost per Unit $13.00 $ 4.60 $1.20 0.2 hours 0.2 hours The company reported the following results concerning this product in June. Master Budget Output Actual Output 2,700 units 2,860 units 19,380 ounces 21,400 ounces 500 hours $ 42,260 $ 12,050 $ 3,300 Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours, The direct materials purchases varlance is computed when the materials are purchased. The materials purchases price variance for June is: O$ 350 F O$ 540 U Os 540 F OS 350 U The materials quantity variance for June is OS 5,620 F O $1,580 U O$ 5,620 U O $,580 F The direct labor efficiency variance for June is: O$ 550 F $ 550 U O $1,656 F O $1,656 U The variable overhead rate variance for June is: O $ 132 F $132 U $300 U $ 300 F The variable overhead spending variance for June is: $ 432 F O $ 132 U O$ 432 U $ 132 F A company uses a standard costing system with the standards per unit below: Standard Quantity/Hours 6.5 ounces Direct materials Direct labor Variable overhead Price $2.00 per ounce $23.00 per hour $ 6.00 per hour Standard Cost per Unit $13.00 $ 4.60 $1.20 0.2 hours 0.2 hours The company reported the following results concerning this product in June. Master Budget Output Actual Output 2,700 units 2,860 units 19,380 ounces 21,400 ounces 500 hours $ 42,260 $ 12,050 $ 3,300 Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours, The direct materials purchases varlance is computed when the materials are purchased. The materials purchases price variance for June is: O$ 350 F O$ 540 U Os 540 F OS 350 U The materials quantity variance for June is OS 5,620 F O $1,580 U O$ 5,620 U O $,580 F The direct labor efficiency variance for June is: O$ 550 F $ 550 U O $1,656 F O $1,656 U The variable overhead rate variance for June is: O $ 132 F $132 U $300 U $ 300 F The variable overhead spending variance for June is: $ 432 F O $ 132 U O$ 432 U $ 132 F

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Solution 1 Actual price of materials 42260 21400 197477 per ounce M... View the full answer