Purchase Solution

Standard versus actual costs

Not what you're looking for?

Ask Custom Question

This is a problem from my management accounting homework. I don't am confused b/c there is so much information missing from the problem...but then, they wouldn't leave out information that we need, so I know I am wrong in what I am starting to do...

The question is...for each of the following 2 jobs making 2 different products, I am supposed to determine the

the missing information (a) and (b)
but there is other information missing as well, this is the chart:

Item Job 321 / Job 322
Units Produced 200 / ?
Standards per unit:
Material quantity 5 lbs / ?
Material price $2 per lb / $3 per lb
Labor Hours 2 hrs. / 3 hrs.
Labor rate $15 per hr / $12 per hour
Actual Consumption:
Material quantity (a) / 1,000 lbs
Material cost $2,000 / ?
Labor hours (b) / ?
Labor cost ? / $5,800
Variance:
Material quantity ? / $100 F
Material price $50 U / $500 F
Labor hours $100 F / $50 U
Labor rate $ 60 U / $200 F

Purchase this Solution

Purchase this Solution


Free BrainMass Quizzes
IPOs

This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)

Six Sigma for Process Improvement

A high level understanding of Six Sigma and what it is all about. This just gives you a glimpse of Six Sigma which entails more in-depth knowledge of processes and techniques.

Employee Orientation

Test your knowledge of employee orientation with this fun and informative quiz. This quiz is meant for beginner and advanced students as well as professionals already working in the HR field.

SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Academic Reading and Writing: Critical Thinking

Importance of Critical Thinking