Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. review the material variances and for each determi

Review the material variances and for each determine the impact on the income statement, identify...

90.2K

Verified Solution

Question

Accounting

Review the material variances and for each determine the impact on the income statement, identify a possible reason for the variance and provide a recommendation to eliminate/reduce the variation. image
3 Gripper Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 4,160 tires were as follows Standard Costs Actual Costs Direct materials Direct labor Factory overhead 100,000 lbs. at $6.40 2,080 hrs. at $15.75 Rates per direct labor hr, based on 100% of normal capacity of 2,000 direct labor hrs: 101,000 lbs. at $6.50 2,000 hrs. at $15.40 Variable cost, $4.00 Fixed cost, $6.00 $8,200 variable cost $12,000 fixed cost Each tire requires 0.5 hour of direct labor. Reauired: Sheet1Sheet2 Sheet3 Type here to search

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

Civil Engineering
1.2K views

Compare work place safety in the 1890’s and early 20th century, as compared to today safer...

Biology
1.2K views

Which undefined geometric term can be described as a one-dimensional set of points that has...

Physics
1.2K views

The position co ordinates of a projectile thrown from ground are given by y 12t...

Basic Math
1.2K views

Write the number given below as a decimal numeral 10111101 two

Basic Math
1.2K views

Jim's speedboat can travel 21.5 miles upstream against a 3-mph current in the same amount...

Calculus
1.2K views

Suppose f(x) = 3x and r(x) = ?3x. Find and simplify the composite function r(f(x))

Accounting
1.2K views

Valuing Inventory at Lower-of-Cost-or-Market Gard Inc. has compiled the following information...

Accounting
1.2K views

KM Flexible Budgeting Case (LO9-1, LO9-2, LO9-3) Theodore's Theatre is a nonprofit organization devoted to...

Accounting
1.2K views

*******ALL I NEED IS AN EXPLANATION ON HOW YOU FIND THE ADD:DESIRES ENDING MERCHANDISE INVENTORY...

Accounting
1.2K views

3. The Leon's Furniture has a profit margin of 8.7%, a return on assets of...

Accounting
1.2K views

Q5. CALCULATE COGS AND ENDING INVENTORY USING FIFO AND LIFO METHOD- 15 MARKS ...

Accounting
1.2K views

don't understand this. Last year [year 1], we decided to drop our highest-end Red model...