The company has provided the following production information for this year Actual direct labor wage rate...
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The company has provided the following production information for this year Actual direct labor wage rate $9.60 Actual material cost per unit for the period $6.25 Standard cost of raw material per unit $6.00 Standard direct labor rate per hour $10.00 Standard number of units of raw material per finished unit 4 Standard direct labor hours per finished unit Actual production of finished units 6,000 Actual units of materials purchased & used 21,360 Actual hours of direct labor used. 19,300 1. Compute and record direct material and direct labor standard cost variances. 2. Close out the variance accounts. The company has provided the following production information for this year Actual direct labor wage rate $9.60 Actual material cost per unit for the period $6.25 Standard cost of raw material per unit $6.00 Standard direct labor rate per hour $10.00 Standard number of units of raw material per finished unit 4 Standard direct labor hours per finished unit Actual production of finished units 6,000 Actual units of materials purchased & used 21,360 Actual hours of direct labor used. 19,300 1. Compute and record direct material and direct labor standard cost variances. 2. Close out the variance accounts.
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Direct Material Cost Variances 24000 units 6unit 21360 units 625 1440... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
Posted Date:
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