Question: Calculate the material quantity variance for May ? Ortman Corporation makes a product with the following standard costs Standard Quantity or Hours 7.9 liters 0.7

Calculate the material quantity variance for May ? Ortman Corporation makes

Calculate the material quantity variance for May ?

Ortman Corporation makes a product with the following standard costs Standard Quantity or Hours 7.9 liters 0.7 hours 0.7 hours Standard Price or Rate Direct labor Variable overhead. $8.00 per liter $17 00 per hour $1.00 per hour The company reponed the following results concerning this product in May Actual output, Raw materials used in production. Actual direct labor-hours Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual vanable overhead rateso.9o per hour 1600 units 12 490 iters 1.090 hours 14.000 liters $8.10 per liter $16 10 per hour The company applice variable overhead on the bais of direct iabor tours The drect matestiuns purchascs variance is computed whon the materils are The labor rate variance for May

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!

Determine the normal force, shear force, and moment in the beam at points C and D. The beam is supported at A and B. 4 kip 3 ft C 250 lb/ft -4 ft4 ft- A -6 ft D 4 ft B

Ortman Corporation makes a product with the following standard costs: Standard Quantity or Hours 7.9 liters Direct materials Standard Price or Rate $8.00 per liter $17.00 per hour $1.00 per hour...

1. Ortman Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.9 liters $8.00 per liter Direct labor 0.7 hours $17.00...

Ortman Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.9 liters $8.00 per liter Direct labor 0.7 hours $17.00 per...

Ortman Corporation makes a product with the following standard costs Direct materials... Direct labor Variable overhead Standard Quantity or Hours 7.9 liters 07 hours 0.7 hours Standard Price or Rate...

Ortman Corporation makes a product with the following standard costs: The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed...

1- Ortman Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 6.3 liters $8.00 per liter Direct labor 0.8 hours $13.00...

1. Ortman Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.3 liters $8.00 per liter Direct labor 1.7 hours $23.00...

Q-1 TB MC Qu. 12-76 Cabal Products is a division of a major corporation. Cabal Products is a division of a major corporation. Last year the division had total sales of $8,835,500, net operating...

Mr. Suncat is trying to determine if he should use a job order costing system or an activity-based costing system to better determine the cost of each of his products. He has provided you with the...

1. Consider the problem of finding f(x) = cos(x) using Taylor series of degree 2. a. Compute an approximation for cos(0.1). b. Find an upper bound for the absolute approximation error in part a.

CA1.5 (LO 3) (Expense Recognition Principle) An accountant must be familiar with the concepts involved in determining earnings of a business entity. The amount of earnings reported for a business...

Discuss the policy statement concept and identify three focus areas / procedures where a clearpolicy statement / operating procedure

Continue the exercise started on page 172 by listing common sayings or adages in your culture. Decide what each saying refl ects about the beliefs, values, and concerns of your culture.

As a class, discuss the tension between recognizing individuality and noting patterns common in specifi c social groups. Is it possible to recognize both that people have standpoints in social groups...

The 2002 fi lm Windtalkers tells the story of the Navajo soldiers who developed a code that enemy intelligence couldnt break. This was discussed in the FYI box on page 161.