Chap10 Practice

Chap10 Practice - Chap10 Practice Cole laboratories makes...

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Chap10 Practice Cole laboratories makes and sells a lawn fertilizer called Fastgro. The company has developed standard costs for one bag of Fastgro as follows: The company had no beginning inventories of any kind on Jan. 1. Variable overhead is applied to production on the basis of standard direct labor-hours. During January, the following activity was recorded by the company: Production of Fastgro: 4,000 bags Direct materials purchased: 85,000 pounds at a cost of $32,300 Direct labor worked: 390 hours at a cost of $4,875 Variable overhead incurred: $1,475 Inventory of direct materials on Jan. 31: 3,000 pounds 1. a. The total variance (both rate and efficiency) for variable overhead for January is: b. The efficiency overhead variance is: c. The rate overhead variance is: 2. The labor efficiency variance for January is: 3. The labor rate variance for January is: 4. The materials quantity variance for January is: 5. The materials price variance for January is: Albro Corporation keeps careful track of the time required to fill orders. The times recorded for a particular order appear below:
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6. The manufacturing cycle efficiency (MCE) was closest to:
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Chap10 Practice - Chap10 Practice Cole laboratories makes...

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