FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Exercise 12.23
Kopecky Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product:
Direct materials (6 kg at $2.50 per kilogram) $15.00
Direct labour (2.00 hours at $12.20 per hour) $24.40
During the month of April, the company manufactures 280 units and incurs the following actual costs:
Direct materials purchased and used (1,880 kg) $5,076
Direct labour (530 hours)
$6,201
Calculate the total, price, and quantity variances for materials and labour.
Materials
Price variance
Quantity variance
Total variance
t
>
<
64
tir
Labour
<<<
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Transcribed Image Text:Exercise 12.23 Kopecky Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product: Direct materials (6 kg at $2.50 per kilogram) $15.00 Direct labour (2.00 hours at $12.20 per hour) $24.40 During the month of April, the company manufactures 280 units and incurs the following actual costs: Direct materials purchased and used (1,880 kg) $5,076 Direct labour (530 hours) $6,201 Calculate the total, price, and quantity variances for materials and labour. Materials Price variance Quantity variance Total variance t > < 64 tir Labour <<<
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