Ask Question, Ask an Expert


Ask Accounting Basics Expert

Arrow Enterprises uses a standard costing system. The standard cost sheet for product no. 549 follows.
Direct materials: 4 units @ $6.50 $26.00
Direct labor: 8 hours @ $8.50 68
Variable factory overhead: 8 hours @ $7.00 56
Fixed factory overhead: 8 hours @ 2.5 20
Total standard cost per unit $170.00

The following information pertains to activity for December:
1. Direct materials acquired during the month amounted to 26,350 units at $6.40 per unit. All materials were consumed in operations.
2. Arrow incurred an average wage rate of $8.75 for 51,400 hours of activity.
3. Total overhead incurred amounted to $508,400. Budgeted fixed overhead totals $1.8 million and is spread evenly throughout the year.
4. Actual production amounted to 6,500 completed units.

a. Compute Arrow's direct material variances.
b. Compute Arrow's direct labor variances.
c. Compute Arrow's variances for factory overhead.


Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M945488

Have any Question? 

Related Questions in Accounting Basics

Assignmentyou are an associate in a boutique tax consulting

Assignment You are an associate in a boutique tax consulting firm that specializes in the real estate industry. You have been assigned to work with a client who needs advice on the tax implications of his business holdin ...

Practice questionswhy is a balance sheet claimed to be a

Practice questions: Why is a balance sheet claimed to be a statement of the financial position of a business? What limitations do you think it has?

Extraordinary items and ratio analysiscan you please

Extraordinary Items and Ratio Analysis Can you please describe some of the types of current assets and current liabilities? When we are calculating the ratios we need to determine which numbers to use in our calculation. ...

Problemshareholders equity transactions and statement of

Problem Shareholders' Equity Transactions and statement of Financial position presentation The shareholder's equity og M. Gangoso corporation at Jan 1, 2016 appers below: *% preference share, P250 par, 15,000 shares auth ...

Objectives of the assignmentthis assignment develops your

Objectives of the Assignment This assignment develops your capabilities to analyse, reason logically and conceptualise financial, social and environmental issues; and is aligned with the Course Learning Outcomes of ident ...

Question 1 -jj industries is in the business of

Question 1 - JJ Industries is in the business of manufacturing large yachts. They have an agreement with one of their biggest customers that they will pay off their account of R18.5 million over the next three years, wit ...

Accounting principles assignment-q1 smith catering service

Accounting Principles Assignment- Q1. Smith Catering Service completed the following transactions during its first month of operations for July 2016: a. Smith Catering Service commenced operations by receiving $12000 cas ...

Obtain the 2012 10-k annual report for overland storage inc

Obtain the 2012 10-K Annual Report for Overland Storage, Inc. (OVRL). Refer to Note 1 on page F-7. Based on management's discussion in the note, what type of audit report did Overland's audit firm likely issue? In this s ...

Bond issuedetermine the valuation of long-term

Bond Issue Determine the valuation of long-term liabilities. Discussion Donald Lennon is the president, founder, and majority owner of Wichita Medical Corporation, an emerging medical technology products company. Wichita ...

Principles of accountingyou will select a company from this

Principles of Accounting You will select a company from this list, and you will analyze the company's financial performance, highlighting accounting principles and methods learned in this course. This project requires yo ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate