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Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit ounces $ 3.00 hours $ 14.00 hours $ 6.00 The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases $ 45,000 Actual direct labor cost $ 12,400 Actual varlable overhead cost $ 3,450 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 variable overhead rate variance for June is: Direct materials 7.0 Direct labor 0.3 Varlable overhead 0.3 2,400 2,900 21,000 ounces 23,100 ounces hours 550 units units per ounce per hour per hour $ 21.00 $ 4.20 $ 1.80

Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit ounces $ 3.00 hours $ 14.00 hours $ 6.00 The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases $ 45,000 Actual direct labor cost $ 12,400 Actual varlable overhead cost $ 3,450 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 variable overhead rate variance for June is: Direct materials 7.0 Direct labor 0.3 Varlable overhead 0.3 2,400 2,900 21,000 ounces 23,100 ounces hours 550 units units per ounce per hour per hour $ 21.00 $ 4.20 $ 1.80

FINANCIAL ACCOUNTING
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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Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit ounces $ 3.00 hours $ 14.00 hours $ 6.00 The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases $ 45,000 Actual direct labor cost $ 12,400 Actual varlable overhead cost $ 3,450 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 variable overhead rate variance for June is: Direct materials 7.0 Direct labor 0.3 Varlable overhead 0.3 2,400 2,900 21,000 ounces 23,100 ounces hours 550 units units per ounce per hour per hour $ 21.00 $ 4.20 $ 1.80
Transcribed Image Text:Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit ounces $ 3.00 hours $ 14.00 hours $ 6.00 The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases $ 45,000 Actual direct labor cost $ 12,400 Actual varlable overhead cost $ 3,450 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 variable overhead rate variance for June is: Direct materials 7.0 Direct labor 0.3 Varlable overhead 0.3 2,400 2,900 21,000 ounces 23,100 ounces hours 550 units units per ounce per hour per hour $ 21.00 $ 4.20 $ 1.80
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