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Sande Corporation makes a product with the following standard costs: In November the company's budgeted production was 2,900 units but the actual production was 3,000 units. The company used 27,670 grams of the direct material and 1,390 direct labor-hours to produce this output. During the month, the company purchased 31,700 grams of the direct material at a cost of $196,540. The actual direct labor cost was $29,607 and the actual variable overhead cost was $2,502.
The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
-The labor rate variance for November is:
Useful Life
The period over which an asset is expected to be useful in the operations of a business.
Plant Asset's
Tangible assets that are used in the operation of a business and are not intended for resale, such as machinery, buildings, and equipment.
Useful Life
The estimated duration of time that an asset is expected to be functional and economically viable for its intended purpose.
Total Asset Turnover
A financial metric that measures the efficiency of a company's use of its assets in generating sales revenue, calculated by dividing sales revenue by total assets.
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