Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. standard costing-example problem the dine her comp

Standard Costing-Example Problem The Dine Her Company assistance in calculating certain production variances for its...

50.1K

Verified Solution

Question

Accounting

image
Standard Costing-Example Problem The Dine Her Company assistance in calculating certain production variances for its specializes in making one bottle of this cologne. uses a standard system for cost control purposes. The company seeks your first month of operations. The company of Yew and has thntard cost information for Direct Materials (Kumquat juice) 10 o Direct Labor Standard Costs per Unit $ 5.00 7.50 .50 per oz. 1.5 hrs.@$5 per hr. During the past month the company budgeted that 1,200 bottles would be produced; however, only 1,100 actually were completed. In completing these bottles the company used 10 workers with each l working 160 hours for the month.The total direct labor costsan addition, the com 8,800 for the month. In and at the end of the month only 8,600 oz. were left. Required: Compute the following: 1. Material Price Variance 2. Material Quantity Variance MPV (AP SP) (.5550 20.000 4. Labor Efficiency Variance LEV- (AH-SH) 3. Labor Rate Variance ctol h 5. Total Materials Variance (MPV+MQV) 6. Total Labor Variance (LRV+LEV) 7. Of what value are the total material and total labor variances

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

Chemistry
1.2K views

Draw the Lewis structure for CH2MgBr and give the formal charge of each atom

General Management
1.2K views

what decision making style best describes me and what are the pros & cons of the...

Finance
1.2K views

The 17 year, $1000 par value bonds of Waco Industries pay 6 percent interest annually. The market...

General Management
1.2K views

All else being equal, if a nation decided to intervene in free trade anyways, which of...

Physics
1.2K views

O 45 A dipole with dipole moment Pis aligned with uniform external electric field E...

Statistics
1.2K views

In a random sample of 24 people the mean commute time to work was 33...

Calculus
1.2K views

Evaluate each expression using the graphs of y f x and y g x shown...

Accounting
1.2K views

A...

Accounting
1.2K views

Allowance for Doubtful Accounts has a credit balance of $675 at the end of the...

Accounting
1.2K views

Discount on Bonds Payable is sheet. (from)(to) bonds payable on the balance sheet. Premium on...

Accounting
1.2K views

The accounts receivable balance for Tina Corporation is $3,200,000 as of October 31, 2020. Before...

Finance
1.2K views

A small real estate investment firm is considering a new project. A piece of land...