FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Standard Standard Cost Cost per Unit $1.00 per quart $38.00 per hour Cost Information Quantity 6 quarts Summary Direct Materials $6.00 Direct Labor 3 minutes $1.90 Total Direct Costs $7.90 Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (a) Calculate the material price variance (b) Calculate the material quantity variance (c) Calculate the labor rate variance (d) Calculate the labor efficiency (hourly) variance
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Transcribed Image Text:Use the following standard cost and actual information to calculate the cost of 1 gallon of ice cream to answer the questions below. Product: Gallon of Ice Cream Manufacturing Standard Standard Cost Cost per Unit $1.00 per quart $38.00 per hour Cost Information Quantity 6 quarts Summary Direct Materials $6.00 Direct Labor 3 minutes $1.90 Total Direct Costs $7.90 Actual costs incurred to make 50 gallons of ice cream: • 275 quarts of cream at $1.05 per gallon • 165 minutes of labor at $37.00 per hour (60 minutes = 1 hour) (a) Calculate the material price variance (b) Calculate the material quantity variance (c) Calculate the labor rate variance (d) Calculate the labor efficiency (hourly) variance
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