Not sure these answers are correct, please check Kropf Incorporated has provided the following...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Not sure these answers are correct, please check
Kropf Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Direct materials Direct labor Variable manufacturing overhead Standard Quantity or Hours per Unit of Output Standard Price or Rate 8.30 liters $ 7.90 per liter 0.40 hours $ 30.70 per hour 0.40 hours $ 6.80 per hour The company has reported the following actual results for the product for September: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost 10,500 units 89,900 liters $ 729,500 87, 180 liters 3,760 hours $ 119,302 $ 20,514 Required: a. Compute the materials price variance for September. b. Compute the materials quantity variance for September. c. Compute the labor rate variance for September. d. Compute the labor efficiency variance for September. e. Compute the variable overhead rate variance for September. f. Compute the variable overhead efficiency variance for September. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) $ $ $ a. Materials price variance b. Materials quantity variance c. Labor rate variance d. Labor efficiency variance e. Variable overhead rate variance f. Variable overhead efficiency variance 18,308 U 237 u 3,873 U 13,508 F 5,038 F 2,992 F $ $ $
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!