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Q1) Standards for one case of liquid weed killer are:

Direct materials
3 lbs. @ $6.00/lb
Direct labor
1.8hrs. @ $12.00/hr
Variable overhead (based on machine hours)
0.6hrs. @ $3.50/hr

In the week ended August 6, the following activity took place:

2390 machine hours were worked

11400 lbs. of raw material were purchased for inventory at a local cost $70680

3800 cases of finished product were produced

11290 lbs. of raw material were used

6720 labor hours were worked at an average rate of $12.25 per hour

$8126 actual variable overhead costs were incurred

problems:

Compute each of the given variances and give plausible description for results:

i. Raw material purchase price variance:

ii. Raw material usage variance:

iii. Direct labor rate variance:

iv. Direct labor efficiency variance:

v. Variable overhead spending variance:

vi. Variable overhead efficiency variance:

Description of results.

vii. Create flexible budget based on production of 3800 cases. Remember to compute material spending budget based on purchases not production.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M918829

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