Oddo Corporation makes a product with the following standard costs: ...
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Accounting
| Oddo Corporation makes a product with the following standard costs: |
| Standard Quantity or Hours | Standard Price or Rate | Standard Cost Per Unit | |
| Direct materials | 3.0 ounces | $6.50 per ounce | $19.50 |
| Direct labor | 0.7 hours | $12.50 per hour | $8.75 |
| Variable overhead | 0.7 hours | $5.00 per hour | $3.50 |
| The company reported the following results concerning this product in December. |
| Originally budgeted output | 6,800 | units |
| Actual output | 6,600 | units |
| Raw materials used in production | 19,720 | ounces |
| Actual direct labor-hours | 4,820 | hours |
| Purchases of raw materials | 21,320 | ounces |
| Actual price of raw materials | 6.25 | per ounce |
| Actual direct labor rate | 12.75 | per hour |
| Actual variable overhead rate | 5.00 | per hour |
| The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. |
| The materials price variance for December is: |
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