Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. pronghorn, inc. manufactures one product called ty

Pronghorn, Inc. manufactures one product called tybos. The company uses a standard cost system and...

50.1K

Verified Solution

Question

Accounting

image

Pronghorn, Inc. manufactures one product called tybos. The company uses a standard cost system and sells each tybo for $8. At the start of monthly production, Pronghorn estimated 9,630 tybos would be produced in March. Pronghorn has established the following material and labor standards to produce one tybo: Direct materials Direct labor Standard Quantity Standard Price 2.5 pounds $3 per pound 0.6 hours $10 per hour During March 2022, the following activity was recorded by the company relating to the production of tybos: 1. 2. The company produced 9,410 units during the month. A total of 24,340 pounds of materials were purchased at a cost of $66,935. A total of 24,340 pounds of materials were used in production. 5,320 hours of labor were incurred during the month at a total wage cost of $58,520. . 3. 4. Calculate the following variances for March for Pronghorn, Inc. Identify whether each variance is favorable or unfavorable. (a) Materials Price Variance $ (b) Materials Quantity Variance $ $ (c) Labor Price Variance $ (d) ) Labor 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