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In: Accounting

Timothy Company employs standard costing. The standards and actual operating data for the month are as...

  1. Timothy Company employs standard costing. The standards and actual operating data for the month are as follows:
    Standards
    Direct materials 3.0 pounds per unit @ $4.50 per pound
    Direct labor 5.0 hours per unit @ $10.25 per hour
    Standard quantity allowed 10,500 pounds
    Standard hours allowed 17,500 hours
    Actual
    Direct materials purchased 11,000 pounds @ $4.25 per pound
    Direct materials used 10,700 pounds
    Direct labor 17,300 hours @ $10.20 per hour

    The labor efficiency variance is:
    A.

    none of these
    B.

    $2,040 F
    C.

    $2,040 UF
    D.

    $2,050 F
    E.

    $2050 UF

QUESTION 21

  1. Timothy Company employs standard costing. The standards and actual operating data for the month are as follows:
    Standards
    Direct materials 3.0 pounds per unit @ $4.50 per pound
    Direct labor 5.0 hours per unit @ $10.25 per hour
    Standard quantity allowed 10,500 pounds
    Standard hours allowed 17,500 hours
    Actual
    Direct materials purchased 11,000 pounds @ $4.25 per pound
    Direct materials used 10,700 pounds
    Direct labor 17,300 hours @ $10.20 per hour

    The overall direct materials variance is:
    A.

    $500 UF
    B.

    $1,775 F
    C.

    $1,775 UF
    D.

    none of these
    E.

    $500 F

Solutions

Expert Solution

ekkarill92 answered 7 months ago
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