(a)Compute the price and quantity variances for direct materials and direct labor.Materials price varianceMaterials quantity varianceLabor price varianceLabor quantity varianceeTextbook and MediaList of AccountsSave for Later$$$$+++Submit Answer Hart Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies.Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Hart Labs mustconstantly monitor and control its testing costs. Shown below are the standard costs for a typical test.Direct materials (2 test tubes @ $1.90 per tube)Direct labor (1 hour @ $30 per hour)Variable overhead (1 hour @ $6.00 per hour)Fixed overhead (1 hour @ $12.00 per hour)Total standard cost per testDirect materials (2,310 test tubes)Direct labor (1,133 hours)Variable overheadFixed overhead$3.80$4,15832,8576,33612,67230.006.0012.00The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month.Actual activity for the month of November 2020, when 1,100 tests were conducted, resulted in the following.$51.80Monthly budgeted fixed overhead is $16,560. Revenues for the month were $73,700, and selling and administrativeexpenses were $4,900.

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Description: (a)Compute the price and quantity variances for direct materials and direct labor.Materials price varianceMaterials quantity varianceLabor price varianceLabor quantity varianceeTextbook and MediaList of AccountsSave for Later$$$$+++Submit Answer Har

MATERIALS PRICE VARIANCE Direct Materials Price Variance is the difference between the actual and…

Business

Accounting

(a) Compute the price and quantity variances for direct materials and direct labor. Materials price variance Materials quantity variance Labor price variance Labor quantity variance eTextbook and Media List of Accounts Save for Later $ $ $ $ + + + Submit Answer

(a) Compute the price and quantity variances for direct materials and direct labor. Materials price variance Materials quantity variance Labor price variance Labor quantity variance eTextbook and Media List of Accounts Save for Later $ $ $ $ + + + Submit Answer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Manufacturing Overhead Variance is: O a. A product cost and is expensed when the jobs are sent to customers O b. A product cost and is expensed in the period incurred O c. A period cost and is expensed when the jobs are sent to customers O d. A period cost and is expensed in the period incurred
I need help with parts B & C please!! REQUIRED C. Record entry for direct material costs payable and material variances. Record entry for direct labor costs payable and labor variances. Record the entry for variable overhead applied. Record the entry for variable overhead payable. Record the variable overhead variances. Record the entry for fixed overhead applied. Record the entry for fixed overhead payable. Record the fixed overhead variances. Record entry to transfer finished goods to inventory. Record sales on accounts. Record cost of goods sold. Record the disposition of variances to cost of goods sold.
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Required informetion [The following information applies to the questions displayed below.j Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Direct Material: Quantity, 0.25 hour Quantity, 4 kilograms Price, $8.60 per kilogram Rate, $12.50 per hour Actual material purchases amounted to 200,000 kilograms at $0.640 per kilogram. Actual costs incurred In the production of 40,000 units were as follows: Direct labor: $137, 700 for 10,800 hours $188, 800 for 170,000 kilograms Direct material:
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If materlals are purchased on account and the the actual price pald for materlals Is less than the standard price, the journal entry would Include: Multiple Choice debit to Work in Process, debit to Material Price Variance, credit to Raw Materials debit to Work in Process, credit to Material Price Variance, credit to Raw Materials debit to Raw Materials, credit to Material Price Variance, credit to Accounts Payable debit to Raw Materials, debit to Material Price Variance, credit to AcCounts Payable
56. When the actual amount of a raw material used in production is greater than the standard amount allowed for the actual output, the journal entry would include: Debit A. Materials Qty. Variance B. Materials Qty. Variance Credit Raw Materials Work in Process Credit c. Raw Materials d. Work in Process Credit Materials Qty. Variance Materials Qty. Variance
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Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price tires actual amount of materials used Actual production Standard direct materials costs per unit produced Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that 4,552 units remained in the warehouse. $ 378,300 $361,500 $ 333,500 56,900 units $6 Required: a. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. b. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to…