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Quiz Company determined the following standards on January 1. Direct materials Direct labor Variable overhead Fixed overhead 5 lbs....

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Quiz Company determined the following standards on January 1. Direct materials Direct labor Variable overhead Fixed overhead 5 lbs. per unit 0.75 DL hrs. per unit 0.75 DL hrs. per unit 0.75 DL hrs. per unit Units produced Direct materials purchased Direct materials used Direct labor Variable overhead Fixed overhead $2.00 per lb. $18.00 per DL hr. $3.00 per DL hr. $4.00 per DL hr. The fixed overhead rate was based on budgeted production of 54,000 units. The actual results for the year were as follows. 53,000 units 274,000 lbs. at $2.50 per lb. 270,300 lbs. 40,100 DL hrs. at $17.95 per DL hr. $122,000 $161,700 Note: For each variance, the first blank will be the dollar amount of the variance. Give your answer using dollar signs and commas but no decimal points (cents). In the second blank, label the variance as either favorable or unfavorable. Determine the direct materials usage variance, and Label the variance as either favorable or unfavorable

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Calculation of the standard direct material cost based on actual produ View the full answer


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Fundamentals of Cost Accounting

Fundamentals of Cost Accounting

ISBN: 978-0077398194

3rd Edition

Authors: William Lanen, Shannon Anderson, Michael Maher

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Posted Date: April 03, 2023 00:46:52
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