Question: Please answer ASAP. Please answer with detailed calculation. Please do not hand write. Thank you. Majer Corporation makes a product with the following standard costs:

Please answer ASAP. Please answer with detailed calculation. Please do not hand write. Thank you.

Please answer ASAP. Please answer with detailed calculation. Please do not handwrite. Thank you. Majer Corporation makes a product with the following standard

Majer Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 6.1 ounces 0.4 hours 0.4 hours Standard Price or Rate $ 3.00 per ounce $ 16.00 per hour $ 3.00 per hour Standard Cost Per Unit $ 18.30 6.40 $ 1.20 The company reported the following results concerning this product in February Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate 5,000 units 6,100 units 33,500 ounces 2,070 hours 34,000 ounces $ 57.10 per ounce $ 47.60 per hour $ 5.70 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for February is: Multiple Choice $1,110 U O $1.060 F $1,110 F $1,060 U

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!