Direct materials Direct labor Factory overhead Standard Costs 2,250 pounds. at $22 8,500 hrs. at $12 Rates per labor hour, based on 100% of normal capacity of 11,000 labor hrs. Variable cost, $5.50 Fixed cost, $5.15 hufacture of the coolers were as follows: Actual Costs 2,750 pounds at $21.00 9,500 hrs. at $13 $28,810 variable cost $56,650fixed cost REQUIRED: 1. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. 2. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. 3. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance.

Direct materials Direct labor Factory overhead Standard Costs 2,250 pounds. at $22 8,500 hrs. at $12 Rates per labor hour, based on 100% of normal capacity of 11,000 labor hrs. Variable cost, $5.50 Fixed cost, $5.15 hufacture of the coolers were as follows: Actual Costs 2,750 pounds at $21.00 9,500 hrs. at $13 $28,810 variable cost $56,650fixed cost REQUIRED: 1. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. 2. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. 3. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance.

Name: manufactures coolers. The standard costs for the manufacture of the c
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Description: manufactures coolers. The standard costs for the manufacture of the coolers were as follows:Standard CostsActual CostsDirectmaterials2,250 pounds. at $22Direct labor 8,500 hrs. at $12FactoryoverheadRates per labor hour, based on 100% of normalcapaci

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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