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Category > Accounting Posted 11 Aug 2017 My Price 13.00

Hite Company

Hite Company has developed the following standard costs for its product for 2009:

The company expected to produce 25,000 units of Product A in 2009 and work 75,000 direct labor hours.

Actual results for 2009 are as follows:

  • 26,000 units of Product A were produced.
  • Actual direct labor costs were $630,800 for 76,000 direct labor hours worked.
  • Actual direct materials purchased and used during the year cost $283,500 for 105,000 pounds.
  • Actual variable overhead incurred was $130,000 and actual fixed overhead incurred was $170,000.

    Instructions:
    Compute the following variances showing all computations to support your answers. Clearly indicate whether the variances are favorable or unfavorable. Show your work.

HITE COMPANY
Standard Cost Card		 Product A       Cost Element Standard Quality x Standard Price = Standard Direct materials 4 pounds $3 $12 Direct labor 3 hours 8 24 Manufacturing overhead 3 hours 4 12       $48

 

  1. Materials quantity variance.
  2. Total direct labor variance.
  3. Direct labor quantity variance.
  4. Direct materials price variance.
  5. Total overhead variance.

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 09:08 PM My Price 13.00

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