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Experience:  Post Graduate Diploma in Management (MBA)
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# Thompson Company uses a standard cost system for its single

### Resolved Question:

Thompson Company uses a standard cost system for its single product. The following data are available:
Actual experience for the current year:
Purchases of raw materials (15,000 yards at \$13) \$195,000
Raw materials used 12,000 yards
Direct labor costs (10,200 hours at \$10) \$102,000
Units produced 12,600 units
Standards per unit of product:
Raw materials 1.1 yards at \$15 per yard
Direct labor 0.80 hours at \$9.50 per hour
Variable overhead \$8 per direct labor hour
Required:
Compute the following variances for raw materials, direct labor, and variable overhead, assuming that the price variance for materials is recognized at point of purchase:
a. Direct materials quantity variance
b. Direct materials price variance
c. Direct labor efficiency variance
d. Direct labor rate variance

Using the same facts as above, except assme that 12,000 yards of material used was same as the amount of raw materials purchased for the current year.

a. The materials quantity variance is __?
b. Ther materials price variance is __?
Submitted: 3 years ago.
Category: Homework
Expert:  Linda_us replied 3 years ago.
Hi

Regards

Linda
Customer: replied 3 years ago.

Tuesday, 3-5-13

Expert:  Linda_us replied 3 years ago.
I will post the solution by tomorrow.
Customer: replied 3 years ago.

thanks

Expert:  Linda_us replied 3 years ago.
You are welcome.
Expert:  Linda_us replied 3 years ago.

You need to spend \$3 to view this post. Add Funds to your account and buy credits.
Linda_us, Finance, Accounts & Homework Tutor
Category: Homework
Satisfied Customers: 7291
Experience: Post Graduate Diploma in Management (MBA)

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