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Title: Standard Products Company recognizes variances from standards at the earliest opportunity, and the q Post by: bernie2981 on Nov 14, 2015 Standard Products Company recognizes variances from standards at the earliest opportunity, and the quantity of direct materials purchased is equal to the quantity used. The following information is available for the most recent month. Assume the allocation base for fixed overhead costs is the number of units.
Direct Materials Direct Labor Standard quantity/unit 6.00 lbs. 2.5 hrs. Standard price (SP)/lb. or hr. $8.10/lb. $8.00/hr. Actual quantity (AQ)/unit 6.25 lbs. 2.8 hrs. Actual price (AP)/lb. or hr. $8.00/lb. $7.50/hr Price variance $562.50 F $1,260.00 F Quantity/Efficiency variance $1,822.50 U $2,160.00 U Static budget volume 800 units Actual volume 900 units Actual overhead cost $11,000 Standard variable overhead cost $5/unit Standard fixed overhead cost $5,600 Overhead flexible budget variance $900 U Production volume variance $700 F Journalize the purchase and usage of direct materials including the related variances. Title: Re: Standard Products Company recognizes variances from standards at the earliest opportunity, and t Post by: nuclei on Nov 20, 2015 Content hidden
Title: Re: Standard Products Company recognizes variances from standards at the earliest opportunity, and the q Post by: bernie2981 on Dec 1, 2015 You're such a dedicated member, I very much appreciate the help.
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