The following information is available from the cost records of a Company for the month of July, 2018 : (1) Material purchased (2) Material consumed (3) Actual wages paid for (4) Fixed Factory overhead incurred (5) Fixed Factory overhead budgeted (6) Units produced (7) Standard rates and prices are : $90,000 22,000 pieces 21,000 pieces 5,150 hours $25,750 $ 46,000 $42,000 1,900 $ 4.50 per piece 10 pieces per unit $ 6 per hour 2.5 hours per unit $ 8 per labour hour You are required to calculate : (i) Material price variance; (ii) Material usage variance; (iii) Direct material Standard input Direct labour rate Standard requirement Overhead Labour rate variance; (iv) Labour efficiency variance; (v) Fixed overhead expenditure variance

The following information is available from the cost records of a Company for the month of July, 2018 : (1) Material purchased (2) Material consumed (3) Actual wages paid for (4) Fixed Factory overhead incurred (5) Fixed Factory overhead budgeted (6) Units produced (7) Standard rates and prices are : $90,000 22,000 pieces 21,000 pieces 5,150 hours $25,750 $ 46,000 $42,000 1,900 $ 4.50 per piece 10 pieces per unit $ 6 per hour 2.5 hours per unit $ 8 per labour hour You are required to calculate : (i) Material price variance; (ii) Material usage variance; (iii) Direct material Standard input Direct labour rate Standard requirement Overhead Labour rate variance; (iv) Labour efficiency variance; (v) Fixed overhead expenditure variance

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Description: The following information is available from the cost records of aCompany for the month of July, 2018 :(1) Material purchased(2) Material consumed(3) Actual wages paid for(4) Fixed Factory overhead incurred(5) Fixed Factory overhead budgeted(6) Units

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 3E: Comacho Chemical Co. recorded costs for the month of 18,900 for materials, 44,100 for labor, and...

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Comacho Chemical Co. recorded costs for the month of 18,900 for materials, 44,100 for labor, and 26,250 for factory overhead. There was no beginning work in process, 8,000 units were finished, and 3,000 units were in process at the end of the period, two-thirds completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost. (Round unit costs to three decimal places.)