Bohol Corporation makes a product with the following standard costs. Standard Quantity or Hours Standard Price or Rate $3.10 per kilo $ 19.00 per hour Direct Materials 1.1 Direct Labor 0.2 Kilos Hours The company reported the following results concerning this product in June. Actual Output Raw materials used in production Actual direct labor hours Purchases of raw materials 148,300 units 160,750 kilos 26,100 hours 140.500 kilos

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Bohol Corporation makes a product with the following standard costs:
Standard Quantity or Hours Standard Price or Rate
$3.10
per kilo
$ 19.00
per hour
Direct Materials 1.1
Direct Labor
02
Kilos
Hours
The company reported the following results concerning this product in June.
Actual Output
Raw materials used in production
Actual direct labor hours
Purchases of raw materials
Actual price of raw materials
Actual direct labor rate
148,300 units
160,750
kilos
26,100 hours
140,500
kilos
$3.35
per kilo
$21.50
per hour
a) What was materials price variance for June?
b) What was materials quantity variance for June?
c) What was the labor rate variance for June?
d) What was the labor efficiency variance for June?
Transcribed Image Text:Bohol Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $3.10 per kilo $ 19.00 per hour Direct Materials 1.1 Direct Labor 02 Kilos Hours The company reported the following results concerning this product in June. Actual Output Raw materials used in production Actual direct labor hours Purchases of raw materials Actual price of raw materials Actual direct labor rate 148,300 units 160,750 kilos 26,100 hours 140,500 kilos $3.35 per kilo $21.50 per hour a) What was materials price variance for June? b) What was materials quantity variance for June? c) What was the labor rate variance for June? d) What was the labor efficiency variance for June?
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