Acme Inc. has the following information available: Actual price paid for material $0.90 Standard price for material $1.10 Actual quantity purchased and used in production 90 Standard quantity for units produced 100 Actual labor rate per hour $16 Standard labor rate per hour $18 Actual hours 210 Standard hours for units produced 240 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Favorable v Material quantity variance Favorable v Labor rate variance Favorable v Labor efficiency variance Favorable v B. What are some possible causes for this combination of favorable and unfavorable variances? We paid less for our raw material, and assembly took fewer hours than expected. V

Acme Inc. has the following information available: Actual price paid for material $0.90 Standard price for material $1.10 Actual quantity purchased and used in production 90 Standard quantity for units produced 100 Actual labor rate per hour $16 Standard labor rate per hour $18 Actual hours 210 Standard hours for units produced 240 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Favorable v Material quantity variance Favorable v Labor rate variance Favorable v Labor efficiency variance Favorable v B. What are some possible causes for this combination of favorable and unfavorable variances? We paid less for our raw material, and assembly took fewer hours than expected. V

Name: Acme Inc. has the following information available:Actual price paid f
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Description: Acme Inc. has the following information available:Actual price paid for material$0.90Standard price for material$1.10Actual quantity purchased and used in production90Standard quantity for units produced100Actual labor rate per hour$16Standard labor

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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