Dirickson Inc. has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours.InputsStandard Quantity or Hours per Unit of OutputStandard Price or RateDirect materials 7.6 ounces$9.40per ounceDirect labor 0.10hours$18.00per hourVariable manufacturing overhead 0.10hours$5.30per hourThe company has reported the following actual results for the product for July: Actual output 7,600unitsRaw materials purchased 63,000ouncesActual cost of raw materials purchased$541,800 Raw materials used in production 57,750ouncesActual direct labor-hours 820hoursActual direct labor cost$16,072 Actual variable overhead cost$4,592 The raw materials price variance for the month
is closest to:
A. $50,400 F
B. $50,400 U
C. $46,200 F
D. $46,200 U
Answer: A
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The authoritative body currently responsible for establishing accounting practice is the
A) Internal Revenue Service. B) Financial Accounting Standards Board. C) American Institute of Certified Public Accountants. D) Federal Reserve Board.
What is differentiation?
What will be an ideal response?