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FINANCE ASSIGNMENT SOLUTIONS

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Question;Castle Company producesthrowblankets that are popularholidaygifts. Standard variable costs relating to a single blanket are given belowStandard Quantity or HoursStandard Price or RateStandardCostDirect materials2.62 yards$5 per yard$?Direct labor1.35 DLH$6.80 per DLH$?Variable manufacturing overhead1.35 DLH$2 per direct labor-hour$?Total standard cost$?Overhead is applied to production on the basis of direct labor hours. During March, 924 blankets were manufactured and sold.Selected information related to the month?s production is given below:Materials UsedDirect LaborVariable Manufacturing OverheadActual costs incurred$11,500$8,408$3,100Directmaterialsprice variance?Actual2,620 yards1400 hoursDirect materials quantity variance$1,000 UDirect labor rate variance?Direct labor efficiency variance?Variable overhead rate variance?Variable overhead efficiency variance?*For this month?s production of 924 blanketsSubmit an Excel document with each tab labeled by item number in good form that demonstrates the following through your calculations:1. What is the standard cost of a single blanket?2. What was the actual cost per blanket produced during March?3. What was the direct materials price variance for March?4. What was the direct labor rate variance for March? The direct labor efficiency variance?5. What was the variable overhead rate variance for March? The variable overhead efficiency variance?

 

Paper#47470 | Written in 18-Jul-2015

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