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Hodge Co. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materlals (14 Ibs. 54 per lb.) Direct labor (3 hes. $16 per hr.) $56 48 During June, Hodge Co incurred the following actual costs to produce 9.000 units. 0irect materials (12, 700 bs. 13.75 per 1b.) Direct labor (0,100 hrs. $10.10 per he.). 142,625 484,610 AH- Actual Hours SH= Standard Hours AR Actual Rate SR - Standard Rate AQ = Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances (Indicate the effect of each variance by selecting for favorable, unfavoreble, and no vorience.) (2) Compute the direct labor rate variance and thẻ direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfovorable, and no variance.) Required 1 Required 2 Compute the direct materiais price and quantity varlances. Indicate whuther sach variance in favorable or unfavorable. Actual Cost Standard Cost SQ AP 128,700 %24 Diroct materials price variance Direct materials quantity variance Required 1 Required 2 Compute the direct labor rate variance and the direct tabor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost Hodge Co. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materlals (14 Ibs. 54 per lb.) Direct labor (3 hes. $16 per hr.) $56 48 During June, Hodge Co incurred the following actual costs to produce 9.000 units. 0irect materials (12, 700 bs. 13.75 per 1b.) Direct labor (0,100 hrs. $10.10 per he.). 142,625 484,610 AH- Actual Hours SH= Standard Hours AR Actual Rate SR - Standard Rate AQ = Actual Quantity SQ - Standard Quantity AP = Actual Price SP = Standard Price (1) Compute the direct materials price and quantity variances (Indicate the effect of each variance by selecting for favorable, unfavoreble, and no vorience.) (2) Compute the direct labor rate variance and thẻ direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfovorable, and no variance.) Required 1 Required 2 Compute the direct materiais price and quantity varlances. Indicate whuther sach variance in favorable or unfavorable. Actual Cost Standard Cost SQ AP 128,700 %24 Diroct materials price variance Direct materials quantity variance Required 1 Required 2 Compute the direct labor rate variance and the direct tabor efficiency variance. Indicate whether each variance is favorable or unfavorable. Actual Cost Standard Cost
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REQUIRED 1 Direct material price variance Standard priceActual priceActual quantity Direct material ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
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