Maurice Tutor
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I found a similar example but it only had the answers. I would like to know how to actually find out the answers because I have an exam tomorrow and I need to know how to do it. Thank you very much.
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.
| Â | Â | Standard Cost Card |
| Direct materials (7 pounds at $4 per pound) | Â | $28.00 |
| Direct labor (0.8 hours at $7) | Â | 5.60 |
| Variable overhead (0.8 hours at $4 per hour) | Â | 3.20 |
| Fixed overhead (0.8 hours at $8 per hour) | Â | 6.40 |
| Â | Â | $43.20 |
The following is a variance report for the most recent period of operations.
| Â | Â | Â | Â |
Variances |
||||
|
Costs |
 |
Total Standard Cost |
 |
Price |
 |
Quantity |
||
| Direct materials | Â | $405,900 | Â | $6,577 | F | Â | $9,660 | U |
| Direct labor | Â | 81,178 | Â | 5,670 | U | Â | 7,060 | U |
(a) How many units were produced during the period? (Round answers to 0 decimal places, e.g. 125.)
| Number of units | Â |
|
(b) How many pounds of raw material were purchased and used during the period? (Round answers to 0 decimal places, e.g. 125.)
| Raw material | Â |
|
pounds |
(c) What was the actual cost per pound of raw materials? (Round to 2 decimal places, e.g. 1.25.)
| Actual cost per pound of raw materials | Â |
$ |
/lb |
(d) How many actual direct labor hours were worked during the period? (Round answers to 0 decimal places, e.g. 125.)
| Actual direct labor hours | Â |
|
hours |
(e) What was the actual rate paid per direct labor hour? (Round to 2 decimal places, e.g. 1.25.)
| Actual rate paid per direct labor hour | Â |
$ |
/hr |
Â
