Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Rate Direct materials 2.0 pounds $ 7.00 per pound Direct labor 1.6 hours $12.00 per hour Variable overhead 1.6 hours $ 6.00 per hour In January the company produced 5,000 units using 10,340 pounds of the direct material and 2,320 direct labor-hours. During the month, the company purchased 10,910 pounds of the direct material at a cost of $76,790. The actual direct labor cost was $38,244 and the actual variable overhead cost was $11,945. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for January is:

Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Rate Direct materials 2.0 pounds $ 7.00 per pound Direct labor 1.6 hours $12.00 per hour Variable overhead 1.6 hours $ 6.00 per hour In January the company produced 5,000 units using 10,340 pounds of the direct material and 2,320 direct labor-hours. During the month, the company purchased 10,910 pounds of the direct material at a cost of $76,790. The actual direct labor cost was $38,244 and the actual variable overhead cost was $11,945. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for January is:

Name: The materials price variance for January is:Multiple Cholce$280 U$420
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Description: The materials price variance for January is:Multiple Cholce$280 U$420 F$420 U$280 F Milar Corporation makes a product with the following standard costs:Standard Quantity orStandard Price orHoursRateDirect materials2.0 pounds$ 7.00 per poundDirect la

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 7PA: Ellis Companys labor information for September is as follows: A. Compute the standard direct labor...

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