Homework Help is Here – Start Your Trial Now!
Business
Accounting
1. Compute the direct material, direct labor and variable overhead variances.

1. Compute the direct material, direct labor and variable overhead variances.

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter9: Standard Costing: A Functional-based Control Approach
Section: Chapter Questions
Problem 33P: Business Specialty, Inc., manufactures two staplers: small and regular. The standard quantities of...
See similar textbooks
icon
Related questions
Topic Video
Question
The standard cost card for a single unit of Robinson, Incorporated's products is shown below. Standard Quantity Standard Price/Rate Direct materials: Direct labor: Variable overhead (based on labor hours): 2.5 yards @ 0.5 hours @ 0.5 hours @ $ 8.00 per yard $ 18.00 per hour $ 10.00 per hour Budgeted production for the month 14,000 units Actual production for the month 13,500 units Standard Unit Cost $ 20.00 9.00 5.00 Actual Costs Incurred to Produce 13,500 units: Direct Materials Purchased and Used Direct Labor Paid Variable Overhead Incurred Standard Quantity 35,100 yards @ 7,425 hours @ 7,425 hours @ 1. Compute the direct material, direct labor and variable overhead variances. Navigation: 1. Use the Open Excel in New Tab button to launch this question. Standard Price/Rate $ 7.00 per yard $ 17.50 per hour Total Actual Cost $2,45,700 $1,29,938 $ 12.00 per hour $ 89,100 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. ☑ Open Excel in new tab
Transcribed Image Text:The standard cost card for a single unit of Robinson, Incorporated's products is shown below. Standard Quantity Standard Price/Rate Direct materials: Direct labor: Variable overhead (based on labor hours): 2.5 yards @ 0.5 hours @ 0.5 hours @ $ 8.00 per yard $ 18.00 per hour $ 10.00 per hour Budgeted production for the month 14,000 units Actual production for the month 13,500 units Standard Unit Cost $ 20.00 9.00 5.00 Actual Costs Incurred to Produce 13,500 units: Direct Materials Purchased and Used Direct Labor Paid Variable Overhead Incurred Standard Quantity 35,100 yards @ 7,425 hours @ 7,425 hours @ 1. Compute the direct material, direct labor and variable overhead variances. Navigation: 1. Use the Open Excel in New Tab button to launch this question. Standard Price/Rate $ 7.00 per yard $ 17.50 per hour Total Actual Cost $2,45,700 $1,29,938 $ 12.00 per hour $ 89,100 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect. ☑ Open Excel in new tab
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Performance measurements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS