Ch. 10 - Burns Inc.xls - Chapter 10 Burns Inc Burns Inc produces children's toysets The information below is for Burns\"Bang the Drum music set This is

Ch. 10 - Burns Inc.xls - Chapter 10 Burns Inc Burns Inc...

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Chapter 10 - Burns, Inc. Burns, Inc. produces children's toysets. The information below is for Burns' "Bang the Drum" music set. This is the Standard Cost information for the music set is: Direct Materials 8 pounds @ $2.1 per pound Direct Labor 0.7 DLH @ $16 per hour Variable Overhead 0.7 DLH @ $5 per hour 10,000 "Bang the Drum" music sets were produced this period. Direct Materials 84,000 pounds were used for production at a total cost of $174,720. Direct Labor 8,000 Direct Labor Hours were used at a total cost of $120,000. Variable Overhead Actual Variable Overhead was $44,000. (a) What is the standard variable cost of producing one unit? $ 31.50 (b) What was the actual variable cost of producing one unit? $ 33.87 (c) What is the Materials Price Variance (MPV)? $(1,680.00) (d) What is the Materials Quantity Variance (MQV)? $ 8,400.00 (e) What is the Labor Price Variance (LPV)? $(8,000.00) (f) What is the Labor Quantity Variance (LQV)? ### (g) What is the Variable Overhead Rate Variance (VORV)? $ 4,000.00 (h) What is the Variable Overhead Efficiency Variance (VOEV)? $ 5,000.00 Additional information follows :
Chapter 10 - Burns, Inc. Solution

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