Brier Company, manufacturer of car seat covers, provided the following standard costs for its product: Standard...

 

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Brier Company, manufacturer of car seat covers, provided the following standard costs for its product: Standard Inputs Quantity Direct materials 7.1 pounds Direct labour 0.8 hours Variable overheads 0.8 hours The company reported the following in 2022 May: Original budgeted gutput Actual output Actual direct labour hous Actual cost of direct labour A. 111. iv. Purchases of raw materials. Actual price paid for raw materials Raw materials used Actual variable overhead st Variable overhead is applied on the basis of direct labour hours. Compute the following: V. vi. vii. Standard Cost ($) 5 per pound 17 per hour per hour Direct materials quantity variance Direct materials price variance Direct materials total variance Direct labour efficiency variance Direct labour rate variance Direct labour total variance Variable overhead efficiency variance vili. Variable overhead rate variance 7 Standard Cost per Unit (S) 35.50 13.60 5.60 4 700 units 4 500 units 3 610 hours $65 341 36 500 pounds $186 150 34 150 pounds $24 909 (2 marks) (3 marks) (1 mark) (2 marks) (3 marks) (1 mark) (2 marks) (2 marks) Brier Company, manufacturer of car seat covers, provided the following standard costs for its product: Standard Inputs Quantity Direct materials 7.1 pounds Direct labour 0.8 hours Variable overheads 0.8 hours The company reported the following in 2022 May: Original budgeted gutput Actual output Actual direct labour hous Actual cost of direct labour A. 111. iv. Purchases of raw materials. Actual price paid for raw materials Raw materials used Actual variable overhead st Variable overhead is applied on the basis of direct labour hours. Compute the following: V. vi. vii. Standard Cost ($) 5 per pound 17 per hour per hour Direct materials quantity variance Direct materials price variance Direct materials total variance Direct labour efficiency variance Direct labour rate variance Direct labour total variance Variable overhead efficiency variance vili. Variable overhead rate variance 7 Standard Cost per Unit (S) 35.50 13.60 5.60 4 700 units 4 500 units 3 610 hours $65 341 36 500 pounds $186 150 34 150 pounds $24 909 (2 marks) (3 marks) (1 mark) (2 marks) (3 marks) (1 mark) (2 marks) (2 marks)

Answer rating: 100% (QA)

A Direct materials quantity variance 710824 700 36 3002 1 950 Direct materials price variance 710813... View the full answer