The U.R. Good Company produces a product using standard costs as follows:
a. Standard cost per unit | |
Materials | 7 kilos at ₱ 3.50 per kilo |
Labor | 8 hours at ₱ 1.75 per kilo |
Fixed MOH | ₱ 1.15 per hour or ₱ 9.20 per unit |
Variable MOH | ₱ 0.85 per hour or ₱ 6.80 per unit |
b. Overhead is applied on direct labor hours | |
c. Actual performance (1 month) | |
Volume produced | 800 |
Labor hours | 6,300 |
Overhead | ₱13,200 |
Material Cost | ₱ 3.45 per kilo |
Labor Cost | ₱ 1.80 per hour |
Material Used | 4,800 kilos |
The Material Quantity Variance is ____________________ .
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The U.R. Good Company produces a product using standard costs as follows: a. Standard cost per unit Materials 7 kilos at ₱ 3.50 per kilo Labor 8 hours at ₱ 1.75 per kilo Fixed MOH ₱ 1.15 per hour or ₱ 9.20 per unit Variabl
Morgan Manufacturing makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost per Unit Direct materials 6.5 kilos $1.00 per kilo $6.50 Direct labor 0.3 hours $10.00 per hour $3.00 Variable overhead 0.3 hours $4.00 per hour $1.20 In January the company's budgeted production was 7,400 units but the actual production was 7,200 units. The company used 45,580 kilos of the direct material and 2,400 direct labor-hours to produce this output. During...
Landram Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 2.0 kilos 1.7 hours 1.7 hours Standard Price or Rate $7.00 per kilo $13.00 per hour $7.00 per hour in March the company produced 4.700 units using 10,350 kilos of the direct material and 2,330 directllabor- hours. During the month, the company purchased 10,920 kilos of the direct material at a cost of $76,800. The actual direct labor cost was...
Direct Labor Variances Bellingham Company produces a product that requires 9 standard hours per unit at a standard hourly rate of $21.00 per hour. If 2,800 units required 24,200 hours at a hourly rate of $21.84 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) total direct labor cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct labor rate...
Direct Materials Variances Bellingham Company produces a product that requires 6 standard pounds per unit. The standard price is $10 per pound. If 6,300 units required 36,300 pounds, which were purchased at $10.3 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) total direct materials cost variance? Enter a favorable variance as negative number using a minus sign and an unfavorable variance as a positive number. 10,890 Unfavorable a. Direct materials price variance b....
The standard cost of product 5252 includes 1.90 hours of direct
labor at $11.20 per hour. The predetermined overhead rate is $22.00
per direct labor hour. During July, the company incurred 4,000
hours of direct labor at an average rate of $11.40 per hour and
$82,200 of manufacturing overhead costs. It produced 2,000
units.
(a)
Compute the total, price, and quantity variances for
labor.
Total labor variance
$
Unfavorable or Favorable
Labor price variance
$
Unfavorable or Favorable
Labor quantity...
Direct Labor Variances Bellingham Company produces a product that requires 2 standard direct labor hours per unit at a standard hourly rate of $18.00 per hour. If 4,800 units used 9,900 hours at an hourly rate of $17.10 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Favorable a. Direct labor rate...
Direct Labor Variances Bellingham Company produces a product that requires 7 standard direct labor hours per unit at a standard hourly rate of $13.00 per hour. If 2,800 units used 20,400 hours at an hourly rate of $12.74 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct labor rate variance...
Oddo Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Cost Per Unit Standard Price or Rate Direct Materials Direct Labor Variable Overhead 3.0 ounces 0.7 hours 0.7 hours $7.00 per ounce $20.00 per hour $5.00 per hour $21.00 $14.00 $ 3.50 The company reported the following results concerning this product in December: Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials...
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Bellingham Company produces a product that requires 2.5 standard
pounds per unit. The standard price is $3.75 per pound. The company
produced 15,000 units that required 36,000 pounds, which were
purchased at $4.00 per pound. The product also requires 4 standard
hours per unit at a standard hourly rate of $20 per hour. The
15,000 units required 61,800 hours at an hourly rate of $19.85 per
hour. In addition, the standard variable overhead cost per unit is
$0.90 per hour...