Please show workCookie Business Actual Total Cost of Direct Materials $ 225,000 Standard Total Cost of Direct Materials $ 224,800 Actual Materials Used 30 Standard Materials Used 31 Actual Direct Labor Rate $ 15.50 Standard Labor Rate $ 15.00 Actual Hours Worked 45 Standard Hours Worked 40 AmountFavorable/ Unfavorable Calculate Materials Variances: Materials Price Variance $ ?????? Materials Quantity Variance ????? Calculate Labor Variances: Labor Rate Variance $ ???? Labor Efficiency Variance $ ?????

Name: Please show workCookie Business Actual Total Cost of Direct Mat
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Please show workCookie Business Actual Total Cost of Direct Materials $ 225,000 Standard Total Cost of Direct Materials $ 224,800 Actual Materials Used 30 Standard Materials Used

The variance is the difference between actual results and standard data for production. The…

Answered: Actual Total Cost of Direct Materials…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter9: Evaluating Variances From Standard Costs

Section: Chapter Questions

Problem 3PA: Direct materials, direct labor, and factory overhead cost variance analysis Mackinaw Inc. processes...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Please show work

Cookie Business


Actual Total Cost of Direct Materials	$ 225,000
Standard Total Cost of Direct Materials	$ 224,800
Actual Materials Used	30
Standard Materials Used	31

Actual Direct Labor Rate	$ 15.50
Standard Labor Rate	$ 15.00
Actual Hours Worked	45
Standard Hours Worked	40

	Amount	Favorable/ Unfavorable
Calculate Materials Variances:
Materials Price Variance	$ ???	???
Materials Quantity Variance	??	???

Calculate Labor Variances:
Labor Rate Variance	$ ??	??
Labor Efficiency Variance	$ ??	???

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions