Question

Problem 24-02A a-c (Video) (Part Level Submission) Blossom Corporation accumulates the following data relative to jobs started and finished during the month of June 2020. Costs and Production Data Actual Standard Raw materials unit cost $2.40 $2.25 Raw materials units 11,200 10,500 Direct labor payroll $171,350 $164,160 Direct labor hours 14,900 15,200 Manufacturing overhead incurred $214,552 Manufacturing overhead applied $216,752 Machine hours expected to be used at normal capacity 43,500 Budgeted fixed overhead for June $65,250 Variable overhead rate per machine hour $3.10 Fixed overhead rate per machine hour $1.50 Overhead is applied on the basis of standard machine hours. 3.10 hours of machine time are required for each direct labor hour. The jobs were sold for $456,000. Selling and administrative expenses were $42,400. Assume that the amount of raw materials purchased equaled the amount used.

(a) Your answer is partially correct. Try again. Compute all of the variances for (1) direct materials and (2) direct labor. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.) (1) Total materials variance $ FavorableUnfavorableNeither favorable nor unfavorable Materials price variance $ FavorableUnfavorableNeither favorable nor unfavorable Materials quantity variance $ FavorableUnfavorableNeither favorable nor unfavorable (2) Total labor variance $ FavorableUnfavorableNeither favorable nor unfavorable Labor price variance $ FavorableUnfavorableNeither favorable nor unfavorable Labor quantity variance $ FavorableUnfavorableNeither favorable nor unfavorable

Answer 1

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