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Variance Computations with Missing Data The following information is provided to assist you in evaluating the performance of the production operations of Studio Company: Units produced (actual) 42,000...

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Variance Computations with Missing Data

The following information is provided to assist you in evaluating the performance of the production operations of Studio Company:

Units produced (actual)

42,000

Master production budget

 

Direct materials

$132,000

Direct labor

112,000

Overhead

159,200

Standard costs per unit

 

Direct materials

$1.65 x 2 gallons per unit of output

Direct labor

$14 per hour x 0.2 hour per unit

Variable overhead

$11.90 per direct labor-hour

Actual costs

 

Direct materials purchased and used

$150,960 (81,600 gallons)

Direct labor

111,708 (8,560 hours)

Overhead

163,200 (61% is variable)

Variable overhead is applied on the basis of direct labor-hours.

Required

Prepare a report that shows all variable production cost price and efficiency variances and fixed production cost price and production volume variances.

Answered Same Day Dec 24, 2021

Solution

David answered on Dec 24 2021
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