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In: Accounting

Ralston Inc. has provided the following information. Use it to answer #1-4. Give all variances as...

Ralston Inc. has provided the following information. Use it to answer #1-4. Give all variances as a positive number. Round ONLY your final answer to dollars.

HINT: first correctly identify your variables as per the study guide

Per Unit

Standards:

Direct Materials 10 lb @ $2.60/lb 26

Direct Labor 2 hours @ $22.50/hr 45

Variable Overhead 2 hours @ $18/hr 36

Fixed Overhead 25

Total 132

Budgeted Production = 7,000 Units

Actual Results

Material Purchased 74,959 lbs $192,200

Material Used 74,600 lbs

Direct Labor 15,530 actual hours $339,500

Variable Overhead $286,600

Fixed Overhead $171,400

Units Produced 7,400 Units

Compute the variable efficiency variance.
Denote whether each variance above was favorable or unfavorable.

- A. B.	Direct Material Price Variance
- A. B.	Direct Material Quantity Variance
- A. B.	Direct Labor Rate Variance
- A. B.	Direct Labor Efficiency Variance
- A. B.	Variable Overhead Rate Variance
- A. B.	Variable Overhead Efficiency Variance

A.	Favorable
B.	Unfavorable

Give the complete formula describing what costs would be debited to Work-in-Process in a standard costing system. .e. _________ price x _________ quantity for ____________
To what account would any variance ultimately be charged in a standard costing system? Correct answer is NOT the variance accounts.

Expert Solution

ekkarill92 answered 1 year ago

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