Acc400 Accounting for Decision Making: E24.2 Relationships among Standard Costs, Actual Costs

Acc400 Accounting for Decision Making
Week 4 Assignment

E24.2 Relationships among Standard Costs, Actual Costs, and Cost Variances
The standard costs and variances for direct materials, direct labor, and factory overhead for the month of May are as follows:
Variances
Standard Cost Unfavorable Favorable
Direct materials 85,000
Price variance . 5,000
Quantity variance 3,000
Direct labor 150,000
Rate variance 2,700
Efficiency variance 6,200
Manufacturing overhead 300,000
Spending variance 4,000
Volume variance 5,000

Determine the actual costs incurred during the month of May for direct materials, direct labor, and manufacturing overhead.
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