Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 27 regent corporation uses a standard cost system

27 Regent Corporation uses a standard cost system to account for the costs of...

60.1K

Verified Solution

Question

Accounting

27
Regent Corporation uses a standard cost system to account for the costs of its one product. Materials standards are 3 pounds of material at $14.00 per pound, and labor standards are 23 hours of labor at a standard wage rate of $9.1. During July, Regent Corporation produced 2,350 units. Materials purchased and used totaled 12,000 pounds at a total cost of $144,613. Payroll totaled $165,780 for 108,150 hours worked.
10 points
01:29:42
Required:
a. Calculate the direct materials price variance.
Note: Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).
b. Calculate the direct materials quantity variance.
Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).
c. Calculate the direct materials spending variance.
Note: Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).
\table[[a. Price Variance,,],[b. Quantity Variance,,],[c. Spending Variance,,]]
image

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