Milar Corporation makes a product with the following standard costs: standard Quantity or Hours 7.7 pounds 0.1 hours 0.1 hours Direct materials Direct labor Variable overhead In January the company produced 2,000 units using 16,060 pounds of the direct material and 210 direct labor-hours. During the month, the company purchased 16,900 pounds of the direct material at a cost of $65,910. The actual direct labor cost was $4,473 and the actual variable overhead cost was $756. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for January Is: Multiple Choice O O O O $2,640 U $2,574 F Standard Price or Rate $4.00 per pound $ 20.00 per hour $ 4.00 per hour $2.640 F $2,574 U

Milar Corporation makes a product with the following standard costs: standard Quantity or Hours 7.7 pounds 0.1 hours 0.1 hours Direct materials Direct labor Variable overhead In January the company produced 2,000 units using 16,060 pounds of the direct material and 210 direct labor-hours. During the month, the company purchased 16,900 pounds of the direct material at a cost of $65,910. The actual direct labor cost was $4,473 and the actual variable overhead cost was $756. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for January Is: Multiple Choice O O O O $2,640 U $2,574 F Standard Price or Rate $4.00 per pound $ 20.00 per hour $ 4.00 per hour $2.640 F $2,574 U

Name: Milar Corporation makes a product with the following standard costs:s
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Description: Milar Corporation makes a product with the following standard costs:standard Quantityor Hours7.7 pounds0.1 hours0.1 hoursDirect materials.Direct laborVariable overheadIn January the company produced 2,000 units using 16,060 pounds of the direct mate

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter10: Standard Costing And Variance Analysis

Section: Chapter Questions

Problem 72P: Moleno Company produces a single product and uses a standard cost system. The normal production...

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