Salem Corporation provided the following standards: Standard Quantity (Hours) Standard Price (Rate) Inputs Direct materials per...
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Salem Corporation provided the following standards: Standard Quantity (Hours) Standard Price (Rate) Inputs Direct materials per Unit $ 7.00 per gallon $ 21.70 per hour $ 5.90 per per hour 7.4 gallons Direct labor 0.70 hours Variable manufacturing overhead The company has reported the following actual results for the product for September: 0.70 hours Output Materials purchased Cost of materials purchased Materials used in production Direct labor hours Direct labor cost 9,600 units 75,000 gallons $ 562,500 71,050 gallons 6,410 hours $ 142,302 $ 34,614 Variable overhead cost Variable manufacturing overhead is applied to products on the basis of direct labor hours. Compute: a. The materials price variance. b. The materials quantity variance. c. The labor rate variance. d. The labor efficiency variance. e. The variable overhead rate variance. f. The variable overhead efficiency variance. Salem Corporation provided the following standards: Standard Quantity (Hours) Standard Price (Rate) Inputs Direct materials per Unit $ 7.00 per gallon $ 21.70 per hour $ 5.90 per per hour 7.4 gallons Direct labor 0.70 hours Variable manufacturing overhead The company has reported the following actual results for the product for September: 0.70 hours Output Materials purchased Cost of materials purchased Materials used in production Direct labor hours Direct labor cost 9,600 units 75,000 gallons $ 562,500 71,050 gallons 6,410 hours $ 142,302 $ 34,614 Variable overhead cost Variable manufacturing overhead is applied to products on the basis of direct labor hours. Compute: a. The materials price variance. b. The materials quantity variance. c. The labor rate variance. d. The labor efficiency variance. e. The variable overhead rate variance. f. The variable overhead efficiency variance.
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Actual Actual Standard Actual Actual Standard Budgeted QuantityBQ 74 gallons AP 562500 75000 gallons ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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