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Category > Management Posted 06 Jan 2018 My Price 8.00

Rudd Clothiers

Rudd Clothiers is a small company that manufactures tall-men’s suits. The company has used a standard cost accounting system. In May 2017, 10,600 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 13,500 direct labor hours. All materials purchased were used.

Cost Element

  

Standard (per unit)

  

Actual
Direct materials   9 yards at $4.30 per yard   $403,620 for 96,100 yards ($4.20 per yard)
Direct labor   1.10 hours at $14.00 per hour   $178,178 for 12,460 hours ($14.30 per hour)
Overhead   1.10 hours at $6.60 per hour (fixed $3.80; variable $2.80)   $49,800 fixed overhead $37,500 variable overhead


Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $51,300, and budgeted variable overhead was $37,800.

(a)

Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round answers to 0 decimal places, e.g. 125.)

(1)   Total materials variance   $

 

Neither favorable nor unfavorableFavorableUnfavorable
    Materials price variance   $

 

UnfavorableNeither favorable nor unfavorableFavorable
    Materials quantity variance   $

 

UnfavorableFavorableNeither favorable nor unfavorable
(2)   Total labor variance   $

 

FavorableNeither favorable nor unfavorableUnfavorable
    Labor price variance   $

 

FavorableUnfavorableNeither favorable nor unfavorable
    Labor quantity variance   $

 

UnfavorableFavorableNeither favorable nor unfavorable


(b)

Compute the total overhead variance.

Total overhead variance   $

 

FavorableNeither favorable nor unfavorableUnfavorable

 

Answers

Maurice Tutor
(5)
Status NEW Posted 06 Jan 2018 06:01 PM My Price 8.00

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