we following data have been recorded for recently completed Job 450 on its job cost sheet. Direct materials cost was $2.087. A total of 37 direct labor-hours and 192 machine-hours were worked on the job. The direct bor wage rate is $17 per labor-hour. The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $23 per machine-hour The total cost for the job on its job cost meet would be: Multiple Choice O O $4,507 O $4.088 1 $9,277 57132
we following data have been recorded for recently completed Job 450 on its job cost sheet. Direct materials cost was $2.087. A total of 37 direct labor-hours and 192 machine-hours were worked on the job. The direct bor wage rate is $17 per labor-hour. The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $23 per machine-hour The total cost for the job on its job cost meet would be: Multiple Choice O O $4,507 O $4.088 1 $9,277 57132
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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