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Standard Gears_Standard Cost_Material Variances

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Question;Chapter Eleven Assignment;Part One (10 points);Standard;Gears produces lawn mower gears. It uses units as the cost driver for overhead.;The following information was provided concerning its standard cost system;Actual Data;Budgeted and;Standard Data;Produced;12,400 units;Budgeted units;12,500 units;Materials purchased;4,650 lbs. for a total;cost of $32,550;Budgeted materials;0.40 lb. @ $7.10 per lb.;Materials used;4,700 lbs.;Budgeted labor;36 minutes @ $11.00 per;hour;Labor worked;7,460 hrs. costing $79,822;Budgeted variable overhead;$35,625;Actual overhead;Fixed: $84,800;Variable $36,100;Budgeted fixed overhead;$85,500;How much is the standard cost of each;lawn mower gear?;Part Two (10 points);Provide BOTH the direct;material quantity and price variances for Standard Gears (info in table above).

 

Paper#37541 | Written in 18-Jul-2015

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