Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Direct materials Direct labor Variable overhead. Standard Price or Rate 2.0 pounds 1.6 1.6 hours hours. $ 7.00 $14.00 $ 2.00 per pound per hour per hour In January the company produced 4,600 units using 10,220 pounds of the direct material and 2,200 direct labor-hours. During the month, the company purchased 10,790 pounds of the direct material at a cost of $76,670. The actual direct labor cost was $38,246 and the actual variable overhead cost was $11,947. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for January is: Multiple Choice $1,000 U $1,140 F $1,140 U $1,000 F

Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Direct materials Direct labor Variable overhead. Standard Price or Rate 2.0 pounds 1.6 1.6 hours hours. $ 7.00 $14.00 $ 2.00 per pound per hour per hour In January the company produced 4,600 units using 10,220 pounds of the direct material and 2,200 direct labor-hours. During the month, the company purchased 10,790 pounds of the direct material at a cost of $76,670. The actual direct labor cost was $38,246 and the actual variable overhead cost was $11,947. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for January is: Multiple Choice $1,000 U $1,140 F $1,140 U $1,000 F

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Description: Please do not give solution in image format thanku Milar Corporation makes a product with the following standard costs:StandardQuantityorHoursDirect materialsDirect laborVariable overheadStandardPrice orRate2.0 pounds1.61.6hourshours.$ 7.00$14.00$ 2.

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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