Inputs standard quantity or hours standard price

Assignment Help Financial Accounting

Reference no: EM131295719

Hurren Corporation makes a product with the following standard costs: Inputs Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 3.4 grams $4.00 per gram $13.60 Direct labor 0.6 hours $11.00 per hour $6.60 Variable overhead 0.6 hours $8.00 per hour $4.80 The company reported the following results concerning this product in June. Originally budgeted output 8,500 units Actual output 8,400 units Raw materials used in production 28,280 grams Actual direct labor-hours 4,800 hours Purchases of raw materials 30,800 grams Actual price of raw materials purchased $4.10 per gram Actual direct labor rate $11.90 per hour Actual variable overhead rate $7.70 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials price variance is computed when the materials are purchased. The labor efficiency variance for June is: $2,640 F $2,856 U $2,856 F $2,640 U

Reference no: EM131295719

Questions Cloud

True regarding cost flow assumptions : Which of the following is (are) true regarding cost flow assumptions?

Allocate cost of computer services to operating departments : Weib Corporation’s computer services department assists two operating departments in using the company’s information system effectively. The annual cost of computer services is $577,800. Weib uses the number of employees as the cost driver for alloca..

Described as cost of goods available for sale : What is often described as the "cost of goods (or inventory) available for sale" is equal to:

Determine maxwells inventory turnover for the year : Suppose Maxwell's had cost of goods sold during the year of $240,000. Beginning merchandise inventory was $60,000, and ending merchandise inventory was $65,000. Determine Maxwell's inventory turnover for the year. Round to the nearest hundredth.

Inputs standard quantity or hours standard price : Hurren Corporation makes a product with the following standard costs: Inputs Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 3.4 grams $4.00 per gram $13.60 Direct labor 0.6 hours $11.00 per hour $6.60. The d..

Maturity date assuming it is honored : Daw Company’s December 31 year-end unadjusted trial balance shows a $24,000 balance in Notes Receivable. This balance is from one 7% note dated December 1, with a period of 45 days. Assume Daw Company does not prepare reversing entries. Prepare journ..

Calculate the equivalent units of production : The Fields Company has two manufacturing departments, forming and painting. The company uses the weighted-average method of process costing. At the beginning of the month, the forming department has 28,500 units in inventory, 70% complete as to mater..

Depreciation on the income statement : Last year Art charged $1,504,160 Depreciation on the Income Statement of Andrews. If early this year Art sold all its depreicable assets for their book value, the effect on Andrews's financial statements would be (all other items remaining equal):

What is the law of diminishing marginal productivity : What is the law of diminishing marginal productivity? How does the law of diminishing marginal productivity affect the cost of productions? Can you provide an example from your workplace?

User Account

All Pages