31 Dec Analyses; Review of chapter On May 1, Magnus Comp
Analyses; Review of chapter On May 1, Magnus Company began the manufacture of a new mechanical device known as Triple X. The company installed a standard cost system in accounting for manufacturing costs. The standard costs for a unit of Triple X follow: Raw materials (5lbs @ $1/lb) 5.00 Direct labor (1 hr @ $8/hr) 8.00 Overhead (50% of direct labor costs) 4.00 17.00 The following data came from Magnus’ records for the month of May: Units Actual production 4,000 Units sold 2,500 Debit Credit Sales 50,000 Purchases (22,000 pounds) 23,300 Materials price variance 1,300 Materials quantity variance 1,000 Direct labor rate variane 770 Direct labor efficiency variance 1,200 Manufacturing overhead total variance 500 The amount shown above for the materials price variance is applicable to raw materials purchased during May. Required: Compute each of the following items for Matrix for the month of May. Show computations in good form. 1. Standard quantity of raw materials allowed (in pounds) for actual production. 2. Actual quantity of raw materials used (in pounds). (Hint: Be sure to consider the materials quantity variance.) 3. Standard direct labor hours allowed. 4. Actual direct labor hours worked. 5. Actual direct labor rate. (Hint: Be sure to consider the direct labor rate variance.) 6. Actual total overhead
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