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Part of your company's accounting database was destroyed when a meteor hit the building. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. (Hint: It is helpful to solve for the unknowns in the order indicated by the letters in the following table.) Standard price or rate per unit of input. c Direct Material Direct Labor $16 per pound e Standard quantity per unit of output. C f Actual quantity used per unit of output a 3.5 hours Actual price or rate per unit of input $14 per pound $21 per hour Actual output Direct-material price variance. Direct-material quantity variance Total of direct-material variances b $40,000 F 20,000 units 20,000 units $120,000 F Direct-labor rate variance Direct-labor efficiency variance. Total of direct-labor variances d $200,000 F $130,000 F

Part of your company's accounting database was destroyed when a meteor hit the building. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. (Hint: It is helpful to solve for the unknowns in the order indicated by the letters in the following table.) Standard price or rate per unit of input. c Direct Material Direct Labor $16 per pound e Standard quantity per unit of output. C f Actual quantity used per unit of output a 3.5 hours Actual price or rate per unit of input $14 per pound $21 per hour Actual output Direct-material price variance. Direct-material quantity variance Total of direct-material variances b $40,000 F 20,000 units 20,000 units $120,000 F Direct-labor rate variance Direct-labor efficiency variance. Total of direct-labor variances d $200,000 F $130,000 F

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter10: Standard Costing And Variance Analysis
Section: Chapter Questions
Problem 51E: Jackie Iverson was furious. She was about ready to fire Tom Rich, her purchasing agent. Just a month...
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Part of your company's accounting database was destroyed when a meteor hit the building. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. (Hint: It is helpful to solve for the unknowns in the order indicated by the letters in the following table.) J с Direct Material Direct Labor Standard price or rate per unit of input $16 per pound e Standard quantity per unit of output Actual quantity used per unit of output. C a f 3.5 hours Actual price or rate per unit of input. $14 per pound $21 per hour 20,000 units 20,000 units Actual output Direct-material price variance. Direct-material quantity variance. Total of direct-material variances Direct-labor rate variance Direct-labor efficiency variance Total of direct-labor variances $120,000 F b $40,000 F - d $200,000 F $130,000 F
Transcribed Image Text:Part of your company's accounting database was destroyed when a meteor hit the building. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. (Hint: It is helpful to solve for the unknowns in the order indicated by the letters in the following table.) J с Direct Material Direct Labor Standard price or rate per unit of input $16 per pound e Standard quantity per unit of output Actual quantity used per unit of output. C a f 3.5 hours Actual price or rate per unit of input. $14 per pound $21 per hour 20,000 units 20,000 units Actual output Direct-material price variance. Direct-material quantity variance. Total of direct-material variances Direct-labor rate variance Direct-labor efficiency variance Total of direct-labor variances $120,000 F b $40,000 F - d $200,000 F $130,000 F
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