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

Physics
1.2K views

Example 14 A toy rocket of mass 0 1 kg has a small fuel of...

Basic Math
1.2K views

Numerical optimizationThe function f(a,b) = a^2*e^(a*b) + 3*a*ln(b)is calculated by:x1 = a^2x2 = a*bx3 =...

Algebra
1.2K views

O 11 3 2 05 0 O O 0 17 12 O cannot be done

Accounting
1.2K views

Intercontinental, Inc., provides you with the following data for its single product: Required: Compute the...

Accounting
1.2K views

please help me solve this task MYG plc produces several products X,Y,Z,W,Q...

Accounting
1.2K views

Shea Company purchases equipment for $7,700 for which it estimates a seven-year useful life and...

Accounting
1.2K views

The actual cost of direct labour per hour is $13.00. Two standard direct labour hours...

Accounting
1.2K views

Nexus Corporation uses a predetermined overhead rate based on direct labor cost to apply manufacturing...

Accounting
1.2K views

explain how you subtract the reamaining total from the 15% bracket to the 25% bracket....

Accounting
1.2K views

When properties transferred by a shareholder in a Section 351 transaction have a net built-in...

Finance
1.2K views

How use Financial Decision Making tools and concepts in your life, and demonstrate with numbers...

Accounting
1.2K views

The company of Albot & Mcallister has provided the following relating to the most recent...