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P23-29A Head smart manufactures head phone cases. During September 2008, the company produced and sold 106,000 cases and recorded the following cost...

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P23-29A Head smart manufactures head phone cases. During September 2008, the company produced and sold 106,000 cases and recorded the following cost data: STANDARD COST INFORMATION Quantity Price Direct Materials 2 Parts $0.16 per Price Direct Labor 0.02 hours $8.00 per hour Variable Manufacturing Over 0.02 hours $10.00 per hour Fixed Manufacturing overhead ($32,000 for static Budget volume of 100,000 units and 2,000 hours or $16 per hour). ACTUAL INFORMATION Direct Materials (220,000 parts @ $0.21 per part = $46,200) Direct Labor (1,700 hrs @ $8.10 per hr. = $13,770) Manufacturing overheads $60,500 Requirements 1 Compute the price and efficiency variances for direct materials and direct labor. 2 For manufacturing overhead, compute the total variance, the flexible budget variance and the production volume variance. 3 Prepare a standard cost income through gross profit to report all variances to management. Sale price of the head set cases was $.50 each. 4 Head smart’s management used more- experienced workers during September. Discuss the tradeoff between the two direct labor variances.
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