Like Company manufactures a number of products. The standards relating to one of these products are...

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Like Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard cost per unit Actual costs used in production of 12,000 units 1.80 feet at $6.00 per foot 1.8 hours at $18.00 per hour 1.8 hours at $10.00 per hour Direct 24,000 feet purchased at a total cost of $139,800, used only 21,000 feet in production 22,800 hours at a total of $17.40 materials Direct labor Variable 22,800 hours at a total cost of $250,800 overhead Required: 1. Compute the total standard costs and total actual costs for May's production. How much is the difference in the total cost and unit cost? (Actual material costs should include actual costs of the materials used in production.) 2. Compute the following variances for May: Materials quantity and price variances. b. а. Labor efficiency and rate variances. Variable overhead efficiency and rate variances. с. Like Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard cost per unit Actual costs used in production of 12,000 units 1.80 feet at $6.00 per foot 1.8 hours at $18.00 per hour 1.8 hours at $10.00 per hour Direct 24,000 feet purchased at a total cost of $139,800, used only 21,000 feet in production 22,800 hours at a total of $17.40 materials Direct labor Variable 22,800 hours at a total cost of $250,800 overhead Required: 1. Compute the total standard costs and total actual costs for May's production. How much is the difference in the total cost and unit cost? (Actual material costs should include actual costs of the materials used in production.) 2. Compute the following variances for May: Materials quantity and price variances. b. а. Labor efficiency and rate variances. Variable overhead efficiency and rate variances. с.

Answer rating: 100% (QA)

1 Standard cost Direct material 12000 18 6 129600 Direct labour 12000 18 18 388800 Variable overhead ... View the full answer