Thompson Company Uses a Standard Cost System for Its Single

question 155

Essay

Thompson Company uses a standard cost system for its single product.The following data are available:
Actual experience for the current year:
Standards per unit of product:
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.

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