Upton Company Uses a Standard Cost System for Its Single

question 31

Essay

Upton Company uses a standard cost system for its single product.The following data are available:
Actual experience for the current year:

$\begin{array}{|l|r|}\hline \text { Purchases of raw materials }(15,000 \text { yards at } \\\$ 13 \text { per yard) } & \$ 195,000 \\\text { Raw materials used } & 12,000 \\&\text { yards}\\\hline \text { Direct labor costs }(10,200 \text { hours at } \$ 10 \text { per } \\\text { hour) } & \$ 102,000 \\\text { Actual variable overhead cost } & \$ 84,150 \\\hline \text { Units produc ed } & 12,600 \\&\text { Units}\\\hline\end{array}$ Standards per unit of product: $\begin{array}{|l|r|}\hline \text { Raw materials } & 1.1 \text { yards at } \$ 15 \text { per yard } \\\hline \text { Direct labor } & 0.80 \text { hours at } \$ 9.50 \text { per hour } \\\hline \text { Variable overhead } & \$ 8 \text { per direct labor hour } \\\hline\end{array}$ 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 price variance.b.Direct materials quantity variance.c.Direct labor rate variance.d.Direct labor efficiency variance.e.Variable overhead rate variance.f.Variable overhead efficiency variance.

Know action, data gathering, facilitating, and assessment skills crucial for group leadership.

Understand classic leadership styles and their application within group settings.

Apply effective communication skills (verbal, nonverbal, focusing, attending, and responding) within a group.

Utilize conflict resolution skills (negotiating, mediating, moderating) effectively in group leadership.

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Definitions:

Tradition

The transmission of customs, beliefs, and cultural practices from generation to generation.

Law

A system of rules that are created and enforced through social or governmental institutions to regulate behavior.

Ethical Imperatives

Moral obligations or principles that guide individuals' actions in accordance with what is considered right or just.

Critical Thinkers

Individuals who actively and skillfully conceptualize, apply, analyze, synthesize, and evaluate information to reach a conclusion.