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t24 Milar Corporation makes a product with the following standard costs: ...

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Accounting

t24

Milar Corporation makes a product with the following standard costs:

Standard Quantity or Hours Standard Price or Rate
Direct materials 6.0 pounds $ 5.50 per pound
Direct labor 0.8 hours $ 24.00 per hour
Variable overhead 0.8 hours $ 11.00 per hour

In January the company produced 3,350 units using 13,400 pounds of the direct material and 2,800 direct labor-hours. During the month, the company purchased 16,900 pounds of the direct material at a cost of $14,160. The actual direct labor cost was $66,796 and the actual variable overhead cost was $29,508.

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 labor rate variance for January is:

Multiple Choice

  • $404 F

  • $404 U

  • $2,476 U

  • $2,476 F

Answer & Explanation Solved by verified expert
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