Chapter 6 question 8Please help with part A-DSheffield Construction Consultants performs cement core tests in its Greenville laboratory. The following standard costs for the tests have been developed by the company’s controller, Landon Sheffield, based on performing 2,100 core tests per month. Standard Price Standard Quantity Standard Cost Direct materials $0.50 per pound 5 pounds $2.50 Direct labor $10 per DLH 0.50 DLH 5.00 Variable overhead $9 per DLH 0.50 DLH 4.50 Fixed overhead $16 per DLH 0.50 DLH 8.00 Total standard cost per test $20.00 At the end of March, London reported the following operational results: ● The company actually performed 2,280 core tests during the month. ● 8,500 pounds of direct materials were purchased during the month at a total cost of $5,700. ● 6,200 pounds of direct materials were used to conduct the core tests. ● 840 direct labor hours were worked at a total cost of $9,830. ● Actual variable overhead was $7,700. ● Actual fixed overhead was $15,800. (a) Calculate the direct materials price variance for March. (Round per unit value to 2 decimal places, e.g. 52.75 and final answer todecimal places, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.)1445UnfavorableDirect materials price variance(b) Calculate the direct materials quantity variance for March. (Round answer to 0 decimal places, e.g. 5,275. If variance is zero, sele"Not Applicable" and enter O for the amounts.)$-2600FavorableDirect materials quantity variance(c) Calculate the direct labor rate variance for March. (Round per unit value to 2 decimal places, e.g. 52.75 and final answer to 0 decplaces, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.)1428UnfavorableDirect labor rate variance(d) Calculate the direct labor efficiency variance for March. (Round answer to O decimal places, e.g. 5,275. If variance is zero, selectApplicable" and enter O for the amounts.)5880FavorableDirect labor efficiency variance%24

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Answered: (a) Calculate the direct materials…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Chapter 6 question 8

Please help with part A-D

Sheffield Construction Consultants performs cement core tests in its Greenville laboratory. The following standard costs for the tests have been developed by the company’s controller, Landon Sheffield, based on performing 2,100 core tests per month.

	Standard Price	Standard Quantity	Standard Cost
Direct materials	$0.50 per pound	5 pounds		$2.50
Direct labor	$10 per DLH	0.50 DLH		5.00
Variable overhead	$9 per DLH	0.50 DLH		4.50
Fixed overhead	$16 per DLH	0.50 DLH		8.00
Total standard cost per test				$20.00

At the end of March, London reported the following operational results:
●		The company actually performed 2,280 core tests during the month.
●		8,500 pounds of direct materials were purchased during the month at a total cost of $5,700.
●		6,200 pounds of direct materials were used to conduct the core tests.
●		840 direct labor hours were worked at a total cost of $9,830.
●		Actual variable overhead was $7,700.
●		Actual fixed overhead was $15,800.

(a) Calculate the direct materials price variance for March. (Round per unit value to 2 decimal places, e.g. 52.75 and final answer to
decimal places, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.)
1445
Unfavorable
Direct materials price variance
(b) Calculate the direct materials quantity variance for March. (Round answer to 0 decimal places, e.g. 5,275. If variance is zero, sele
"Not Applicable" and enter O for the amounts.)
$
-2600
Favorable
Direct materials quantity variance
(c) Calculate the direct labor rate variance for March. (Round per unit value to 2 decimal places, e.g. 52.75 and final answer to 0 dec
places, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.)
1428
Unfavorable
Direct labor rate variance
(d) Calculate the direct labor efficiency variance for March. (Round answer to O decimal places, e.g. 5,275. If variance is zero, select
Applicable" and enter O for the amounts.)
5880
Favorable
Direct labor efficiency variance
%24

Definition Definition System of assigning an estimated cost to the product (instead of the actual cost) so that the product cost can be determined well in advance and the pricing of the product can be done on time. Since the actual cost cannot be predicted at the initial stage of the production process, the estimated cost is recorded in the books. Any deviation of the estimated cost of the actual cost is adjusted in the books at the end of the period.

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