Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

Riley Labs produces various chemicalcompounds for industrial use. One compound, called Lundor, is prepared using an elaborate distilling process. The company hasdeveloped standard costs for one unit of Lundor as follows:

                                                        StandardQuantity      Standard Price or            Standard
                                                                                         Rate                               Cost

Direct materials                                          2.0ounces          $ 22.00 per ounce        $ 44.00
Direct labor                                                1.3 hours           $12.00  per hour          15.60
Variable manufacturing overhead                1.3 hours            $3.00 per hour              3.90
                                                                                                                           $ 63.50
During November,the following activity was recorded by the company relative to production of Lundor:

a. Materials purchased, 19,000 ouncesat a cost of $358,150.

b. There was no beginning inventory of materials; however, at the end of the month, 15,700 ounces of material remained in ending inventory.

c. The company employs 11 lab technicians to work on the production of Lundor. During November, each worked an average of 174 hours at an average rate of $10.30per hour.

d. Variable manufacturing overhead is assigned to Lundor on the basis of direct labor-hours. Variable manufacturing overhead costs during November totalled $4,976.

e. During November, 1,520 good unitsof Lundor were produced.

Compute the variable overhead spending and efficiency variances.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92724
  • Price:- $70

Priced at Now at $70, Verified Solution

Have any Question? 


Related Questions in Accounting Basics

1 many firms are relying on cloud computing also known as

1. Many firms are relying on cloud computing, also known as "the cloud," to perform key business functions. By moving transactional processing to the cloud, firms are exposing themselves to additional attacks as well as ...

Ginos restaurant is a popular restaurant in boston

Gino's Restaurant is a popular restaurant in Boston, Massachusetts. The owner of the restaurant has been trying to better understand costs at the restaurant and has hired a student intern to conduct an activity-based cos ...

Questionin order to complete this project it will be

Question In order to complete this project, it will be necessary for you to access the FASB Codification website through the American Accounting Association. You may login at http://aaahq.org/ascLogin.cfm using the follo ...

Accounting discussion questionaccounts receivable bad debt

Accounting Discussion Question "Accounts Receivable Bad Debt Expense (Direct Write Off Method Vs Allowance Method)": • Discuss the primary advantages and disadvantages of applying the direct write-off over the allowance ...

Assignment intermediate accountinginstructionsbulluse the

Assignment: Intermediate Accounting Instructions: • Use the answer sheet provided. • For the multiple choice answers, use upper case letters. • Only submit you answer sheet in the Assignment Folder NLT No late examinatio ...

Q1 what was the logic behind the gentiles who asked for

Q.1 what was the logic behind the gentiles who asked for chanja Finkelsztjains world goods( and similar anecdotes) Q.2 how does the author regard the plundering of the Jews? Q.3 Why did so many Jews leave valuables with ...

Assignmenthttp990sfoundationcenterorg990pdfarchive5225223451

Assignment http://990s.foundationcenter.org/990_pdf_archive/522/522345144/522345144_201412_990.pdf?_ga=1.64191599.1553211607.1477880190 ( A wider circle NFP) http://awidercircle.org/wp-content/uploads/A-Wider-Circles-201 ...

Accounting assignment1 in the context of present value

Accounting Assignment 1. In the context of present value analysis, what is the discount rate? How does the discount rate affect the present value calculation? If the present value of a future return is calculated using a ...

Asignment1 the function is one-to-one on the interval

Assignment (1) The function is one-to-one on the interval . Find a formula for the inverse function on that domain. Sketch the graphs of and for on the same set of x,y-axes. (2) Show is one-to-one on the interval . (Just ...

Payrolllocate a payroll processing company you may either

Payroll Locate a payroll processing company. You may either contact one in person, by telephone, or conduct an Internet search. Write a brief report describing the advantages and disadvantages of using a payroll processi ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro