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Koontz Company manufactures a number of products. The standards relating to one of these products...

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Accounting

Koontz Company manufactures a number of products. The standards relating to one of these products are shown below,
along with actual cost data for May.
The production superintendent was pleased when he saw this report and commented: "This $0.64 excess cost is well within
the 4 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this
product."
Actual production for the month was 17,500 units. Variable overhead cost is assigned to products on the basis of direct
labor-hours. There were no beginning or ending inventories of materials.
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