A B C F Jones Jean Co. produces no-name jeans. For the month of July, the company planned on making 25,000 pairs. The st

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A B C F Jones Jean Co Produces No Name Jeans For The Month Of July The Company Planned On Making 25 000 Pairs The St 1 (111.56 KiB) Viewed 35 times

A B C F Jones Jean Co. produces no-name jeans. For the month of July, the company planned on making 25,000 pairs. The standard 1 production and cost data are as follows: 2 3 Direct materials, 3 yds @ $6per yd. $18 4. Direct labor, 1.5 hr @ $16 per hour 24 5 Variable Overhead, @ $4 per DLH 6 6 Total Standard Cost $48 7 Total estimated Fixed OH $185,000 8 The fixed OH rate is calculated based on the number of pairs expected to be produced. 9 During July, actual production was 28,000 pairs of jeans and the following production data is available: 10 11 Direct materials purchased and used 12 Direct labor 13 Variable OH 14 Fixed Overhead 83,000 yds. @ $5.85 per yd 42,500 hrs @ $15.90 per hour $190,500 $360,000 15 16 Required (5 points each): 17 1. Compute the total material variance 18 2. Compute the material price variance 19 3. Compute the material quantity variance 20 4. Compute the total labor variance 21 5. Compute the labor price variance 22 6. Compute the labor quantity variance 23