User Account

All Pages

Direct materials price variance

Assignment Help Accounting Basics
Reference no: EM131772928

Normal volume per month is 40,000 direct labor hours. Wolverine's January 2014 budget was based on normal volume. During January, Wolverine produced 7,800 units with records indicating the data following:

Actual:

 

Direct materials purchased

25,000 lbs @ $3.60

Direct materials used

23,100 lbs

Direct labor

40,100 hours @ $6.30

(excluding overhead)

The Wolverine Company Standards:

Direct Materials (2 lbs @ $3.50 per lb.)

$7.00

Direct Labor (4 hours @ $6.50 per hour)

$26.00

STANDARD COST PER UNIT

$33.00

Determine the following:

Direct materials price variance

Direct materials usage variance

Direct labor variance

Direct labor efficiency variance

Reference no: EM131772928

Questions Cloud

Information about the social media platform : Investigate a social media public relations (PR) campaign by an organization. Some examples of platforms are LinkedIn, Twitter, Facebook
Calculate the number of boxes of pasta : Using the results from the previous requirement, calculate the number of boxes of pasta which must be sold to break even
How has it affected the treatment of patients who arenot : Until recently, doctors overwhelmingly were white, male, and middle- or upper-class. How has this affected medical dominance over other occupations?
Define the manufactures components for sound systems : Marilyn is a statistician who works for a company that manufactures components for sound systems. Two development teams have each come up with a new method.
Direct materials price variance : Direct materials price variance, Direct materials usage variance
How would you know whether hrm function was being effective : For example, how would you know whether the HRM function was being effective? Which measures would you use for evidence of effectiveness?
Should the court pierce the corporate veil : What are the factors the court will consider in deciding whether or not to pierce the corporate veil?
Number of cost containment strategies : There are a number of cost containment strategies. Name on of those strategies and explain its role in healthcare cost containment.
Create a photo essay that depicts the struggles : Discuss how social class as a social structure influences the opportunities (life chances) for the individual or individuals in your photo essay.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Manufacturing overhead applied

Manufacturing overhead applied

  Journal entry to record the sale of the bonds

Prepare the journal entry to record the sale of the bonds on January 1, 2008, and the proper balance sheet presentation on this date. Prepare the journal entry to record interest expense on December 31, 2008, and the proper balance sheet presentat..

  Calculate the operating expenses

Cambridge, Inc. is preparing its master budget for the quarter ended June 30. Budgeted sales and cash payments for merchandise for the next three months.

  Akey feature of an optimal transfer price between an

all of the following questions are true false questions.1. one potential problem with using return on investment roi

  About people filing discrimination claims lately

1.We hear a lot about people filing discrimination claims lately. Can something be discriminatory, but not be deemed illegal discrimination? If so, please provide an example.

  Prepare the cost of merchandise sold section

Prepare the cost of merchandise sold section of the income statement for the year ended June 30, 2008, using the periodic inventory system

  Analyze and record the march transactions

Analyze and record the March transactions for Emerald HealthCare Inc. using the integrated financial statement framework. Record each transaction by date.

  Nottaway flooring produces custom-made floor tiles the

nottaway flooring produces custom-made floor tiles. the companys raw material inventory account contains both direct

  Abdol company which has only one product has provided the

abdol company which has only one product has provided the following data concerning its most recent month of

  Compute the contribution margin

Based on the above information: Compute the Contribution Margin (CM), unit CM, and CM ratio

  A review of the accounting records indicated

On February 17, 2010, a flood destroyed the work in process inventory and half the raw materials inventory of the LRT Company.

  What are some of the tax consequences of divorces and what

what are some of the tax consequences of divorces and what are some strategies to consider in order to minimize

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd