Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. hot rods inc. produces seats for the chrysler comp

Hot Rods inc. produces seats for the Chrysler Company. At the beginning of the year,...

90.2K

Verified Solution

Question

Accounting

Hot Rods inc. produces seats for the Chrysler Company. At the beginning of the year, they had the following standard cost sheet for one batch of seats:

Direct materials (20kg @ 3.50 per kg) = $70

Direct labour (1 hours @ 15.00 per hour) = $15

Prime cost per batch= $85

*The actual results for the year are:

Batches produced: 300,000

direct labour hours: 295,000

direct labour costs per hourL $15.25

direct materials purchased and used in KG: 6,005,000

direct materials cost per kg: $3.45

Questions:

1. Calculate and enter the material price variance for the year?

2. Calculate and enter the material usage variance for the year?

3. Calculate and enter the total material variance for the year?

4. Calculate and enter total labour variance for the year?

5. calculate and enter the labour efficiency variance for the year?

6. Calculate and enter the total labour variance for the year?

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