Question: The following data is given for the stringer Company: Budgeted production 1,012 units Actual production 950 units Materials: Standard price per ounce $1.92 Standard pounds
The following data is given for the stringer Company:
| Budgeted production | 1,012 units |
| Actual production | 950 units |
| Materials: | |
| Standard price per ounce | $1.92 |
| Standard pounds per completed unit | 11 |
| Actual pounds purchased and used in production | 10,137 |
| Actual cost of materials | $20,781 |
| Labor: | |
| Standard hourly labor rate | $15.00 per hour |
| Standard hours allowed per completed unit | 4.0 |
| Actual labor hours worked | 4,892.5 |
| Actual total labor costs | $74,611 |
| Overhead: | |
| Actual and budgeted fixed overhead | $1,099,554 |
| Standard variable overhead rate | $26.00 per standard labor hour |
| Actual variable overhead costs | $136,990 |
| Overhead is applied on standard labor hours. | |
Determine the direct material quantity variance.
Select the correct answer.
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