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Quiz 08_Solution - 6A:130 Fall 2007 Quiz 8 QUIZ 8 is due at...

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6A:130 – Fall 2007 Quiz 8 1 of 2 QUIZ 8: is due at beginning of class; Section 1 – Thursday, 11/15; Section 2 – Wednesday 11/14. To receive credit you must show your work . 1. Information on ABC’s direct-material cost for the month of November 2007 was as follows: Actual quantity purchased = 30,000 units. Actual unit purchase price = $2.75. Material purchase-price variance (based on purchases) = $1,500 U. Standard (budgeted) quantity allowed for actual production = 24,000 units. Actual quantity used = 22,000 units. ABC’s Nov. 2007 direct material efficiency variance is $ 5,400 F . DM Efficiency Variance = (AQ used - BQA allowed) x BP DM Efficiency Variance = (22,000 - 24,000) x ($2.70) DM Efficiency Variance = (5,400) $ F (Unfavorable material-price variance) Actual quantity purchased BP = $2.75 - ($1,500 / 30,000 units) BP = $2.70 BP = Actual unit price - 2. DEF’s direct-labor costs for the month of November 2007 is as follows: Actual direct-labor hours = 34,500 Standard (Budgeted) direct-labor hours = 35,000 Total direct-labor payroll (dollars) = $241,500 Direct-labor efficiency variance = $3,200 F
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