Question: Answer c) and also show work please Extra Credit - Chapter 23 Problem 1. Deere and Company has the following information is for their standard

Answer c) and also show work please Answer c) and also show work please Extra Credit - Chapter 23

Extra Credit - Chapter 23 Problem 1. Deere and Company has the following information is for their standard and actual costs. Standard Costs: Budgeted units of production - 12,000 (100% of capacity) Standard material per unit - 14 lbs. Standard material cost - $ 17.50 per pound Standard labor hours per unit - 9 Standard labor rate - $23.00 per hour Standard variable overhead rate - $9.00 per labor hour Budgeted fixed overhead - $891,000 Fixed overhead rate is based on budgeted labor hours at 100% capacity. Actual Cost: Actual production - 11,200 units Actual material purchased and used - 161,280 pounds Actual total material cost - $2,741,760 Actual labor - 105,280 hours Actual total labor costs - $2,379,328 Actual fixed overhead - $808,000 Actual variable overhead - $925,000 Determine: (a) the quantity variance, price variance, and total direct materials cost variance; (b) the time variance, rate variance, and total direct labor cost variance; and (c) the volume variance, controllable variance, and total factory overhead cost variance

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!