The following information was obtained from KMG Manufacturing Company. Standard Data: Direct material...
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Accounting
The following information was obtained from KMG Manufacturing Company.
Standard Data:
Direct material 4 yards @ $4 per yard
Direct labour 3 hours @ $6 per hour
Variable manufacturing overheads $2 per hour
Actual Data:
Direct material 48,000 yards @ $4.20 per yard
Direct labour 34,000 hours @ $5.20 per hour
Variable manufacturing overhead 34,000 hours totalling $80,000
Actual units produced 18,000
Required:
- Variable Manufacturing Overhead Rate
- Variable Manufacturing Overhead Efficiency
- Give One (1) possible cause of an adverse material price variance.
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