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ACC - Anton Company manufactures wooden magazine stands

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Question;Anton Company manufactures wooden magazine stands. An accountant for Anton just completed the variance report for the current month. After printing the report, his computer's hard drive crashed, effectively destroying most of the actual results for the month. All that the accountant remembers is that actual production was 220 stands and that all materials purchased were used in production. The following information is also available:Current Month: Budgeted AmountsBudgeted production: 200 magazine standsDirect materials: WoodUsage 3 square feet per standPrice $ 0.25 per square footDirect labor:Usage 0.5 hours per standPrice $ 10 per hourVariable overhead (allocated based on direct labor hours):Rate per labor hour $ 4Rate per stand $ 2Fixed overhead (allocated based on direct labor hours):Rate per labor hour $ 6Rate per stand $ 3Current Month: VariancesDirect materials price variance $ 33 UnfavorableDirect materials quantity variance -0-Direct labor rate variance $ 231 FavorableDirect labor efficiency variance $ 550 UnfavorableOverhead volume variance $ 60 FavorableOverhead spending variance $ 210 Unfavorablea.What was the actual purchase price per square foot of wood? (Round your answer to 2 decimal places. Omit the "$" sign in your response.)Actual price $ per square foot _______________b.How many labor hours did it actually take to produce each stand? (Round your answer to 2 decimal places.)Actual hours per unit hours per unit _________________c. What was the actual wage rate paid per hour? (Round your answer to 2 decimal places. Omit the "$" sign in your response.)Actual rate per hour $ per hour ______________d.What was actual total overhead for the month? (Omit the "$" sign in your response.)Actual overhead costs $

 

Paper#43889 | Written in 18-Jul-2015

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