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

Question 1on december 31 2014 rayco inc had the following

Question 1 On December 31, 2014, Rayco Inc. had the following balances (all balances are normal): Accounts Amount Preferred Stock, ($100 par value, 5% noncumulative, 50,000 shares authorized, 10,000 shares issued and out ...

Write a paper about internal controlsassignmentcontent

Write a paper about internal controls Assignment Content Page - Introduction - Definition of internal controls(Books) - Components of internal control system(Books) - Examples of internal controls(Books or research paper ...

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 ...

Question 1the board of directors is considering updating

Question 1 The board of directors is considering updating the fleet of vehicles of the company which are used to ship goods to markets all around the United States. They will be leasing the vehicles as opposed to purchas ...

1 several years ago courtney borrowed 100000 from the

1) Several years ago, Courtney borrowed $100,000 from the Friendly Local Bank and used it to buy an apartment building. Courtney has not been able to rent any of the apartments in the building and has not made any princi ...

Governmental accounting1 which of the following statements

GOVERNMENTAL ACCOUNTING 1. Which of the following statements is true about U.S. taxation of foreign subsidiaries? A)The U.S. does not tax income generated on subsidiaries incorporated in foreign countries. B)U.S. multina ...

Assignmentpart 11 which of the following would cause a

Assignment Part 1 1. Which of the following would cause a contra-asset to be credited and an expense debited? a. Recording an accrued expense b. Recording the consumption of supplies c. Recording the building depreciatio ...

Question 1the collection on an account within the 110 n30

Question 1 The collection on an account within the 1/10 n/30 discount period was recorded using a 10% discount rather than a 1% discount in both the controlling and subsidiary accounts. This error will cause the A. the n ...

Section i multiple choicemark one box only to indicate the

Section I: Multiple Choice Mark one box only to indicate the answer you consider correct for each question 1. Which of the following is the goal of the U.S. health care system? a. Access b. Cost c. Quality d. All of the ...

Case title the website launchyour company meddevice inc has

Case Title: The Website Launch Your Company, MedDevice, Inc., has just received FDA 510(k) clearance of its new, cutting edge medical device which paves the way for the official product launch in a few short months. Your ...

  • 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