OPQ Electronics Ltd.Scenario: Analyze Standard Costs and VariancesData:Standard Costs:Direct Materials: $12 per unitDirect Labor: $8 per...
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Accounting
OPQ Electronics Ltd.
Scenario: Analyze Standard Costs and Variances
Data:
- Standard Costs:
- Direct Materials: $12 per unit
- Direct Labor: $8 per unit
- Variable Overhead: $4 per unit
- Actual Production:
- Direct Materials: 20,000 units at $13 per unit
- Direct Labor: $160,000
- Variable Overhead: $85,000
Requirements:
- Calculate the Direct Materials Price and Quantity Variances.
- Calculate the Direct Labor Rate and Efficiency Variances.
- Calculate the Variable Overhead Spending and Efficiency Variances.
- Discuss the implications of these variances for OPQ Electronics Ltd.'s cost control.
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