Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 9) priestly, inc production based inc, manufacture

9) Priestly, Inc production based Inc, manufactures one product. Its variable manufacturing overhead is applied...

50.1K

Verified Solution

Question

Accounting

image
9) Priestly, Inc production based Inc, manufactures one product. Its variable manufacturing overhead is applied to ased on direct labor-hours and its standard cost card per unit is as follows: Direct material: material: 4 pounds at $10 per pound irect labor: 2 hours at $13 per hour riable manufacturing overhead: 2 hours at $4 per hour The actual results for the last month showed: Actual output at 2200 units (same as standard output of 2200 units) Actual direct materials at 8200 pounds at an actual price of $10.50 per pound Actual direct labor at 3800 hours at an actual cost of $12 per hour Actual variable manufacturing overhead was $19,000 REQUIRED: Compute the following variances showing the formulas, computations, and if they are favorable/unfavorable. Compute the direct materials spending variance. Compute the direct materials quantity and price variances for the month. Compute the direct labor spending variance. Compute the direct labor efficiency and rate variances for the month. Compute the overhead spending variance. Compute the overhead efficiency and overhead rate variances for the month. Discuss the significance of the materials quantity variance

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Gas Transport: A trout swims from its normal cold water habitat into a warm water cooling...

Biology
Q

Adden Company signs a lease agreement dated January 1, 2016, that provides for it to lease...

Accounting
Q

3) You are working with a lab instrument that has a diffraction grating of 600lines/mm. 450nm...

Physics
Q

Nociceptors (pain receptors) have been shown to not adapt. Why might it be good that...

Biology
Q

CoffeeStop primarily sells coffee It recently introduced a premium coffee flavored liquor BF Liquor Suppose...

Basic Math
Q

If the price of a 1-year coupon bond was $1030. How would you take advantage...

Accounting
Q

Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standards...

Accounting
Q

Alpha Corporation has cumulative preferred stock. If dividends are not declared in a period, then...

Accounting
Q

Following is information on two alternative investments being considered by Tiger Co. The company requires...

Accounting
Q

Which system is used by senior management to determine regions of the world for new...

Accounting
Q

Cane Company manufactures two products called Alpha and Beta that sell for $135 and $95,...

Accounting
Q

Ray Company provided the following excerpts from its Production Departments flexible budget performance report. ...

Accounting