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Category > Accounting Posted 17 Aug 2017 My Price 13.00

Nona Inc

QUESTION 1:

Nona Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.

Direct materials (7 pounds at $1.70 per pound)   $11.90
Direct labor (2 hours at $11.00 per hour)   $22.00


During the month of April, the company manufactures 270 units and incurs the following actual costs.

Direct materials purchased and used (1,800 pounds)   $3,420
Direct labor (580 hours)   $6,276


Compute the total, price, and quantity variances for materials and labor.

QUESTION 2:

You have been given the following information about the production of Horatio Co., and are asked to provide the plant manager with information for a meeting with the vice president of operations.

    Standard Cost Card
Direct materials (9 pounds at $5 per pound)   $45.00
Direct labor (0.7 hours at $6)   4.20
Variable overhead (0.7 hours at $3 per hour)   2.10
Fixed overhead (0.7 hours at $8 per hour)   5.60
    $56.90


The following is a variance report for the most recent period of operations.

       

Variances

Costs

  

Total Standard Cost

  

Price

  

Quantity
Direct materials   $405,700   $7,688 F   $9,490 U
Direct labor   37,867   4,260 U   6,060 U

1.) How many units were produced during the period?

2.) How many pounds of raw material were purchased and used during the period?

3.) What was the actual cost per pound of raw materials?

4.) How many actual direct labor hours were worked during the period?

5.) What was the actual rate paid per direct labor hour?

Answers

Maurice Tutor
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Status NEW Posted 17 Aug 2017 09:08 PM My Price 13.00

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