Please solve this question general accounting A suit company has the following standards to makeonesuit:Standard Quantity Standard PriceDirect materials 4 yards per unit$9.50 per yardDirect Labors 2 hours per unit$12 per hourThe company used 13,000 yards ofmaterial in order tomake 3,000 suits in April. The direct materials quantityvariance is:a. $12,000 unfavorable.b. $9,500 unfavorable.c. $9,500 favorable.d. $12,000 favorable

Step 1: Define Variance AnalysisThe variance analysis for a firm is usually carried out for…

Answered: A suit company has the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sagar
Subject: acounting
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Direct materials Direct labor Standard Quantity or Hours 6.00 pounds 0.50 hours Standard Price or Hate $ 2.30 per pound $ 10.00 per hour During the most recent month, the following activity was recorded: a. 11,000.00 pounds of material were purchased at a cost of $2.10 per pound. b. All of the material purchased was used to produce 1,500 units of Zoom. c. 500 hours of direct labor time were recorded at a total labor cost of $6,500. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance Standard Cost $13.80 $5.00 (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None"…
Milar Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Rate $ 5.50 per pound $ 24.00 per hour $ 11.00 per hour Direct materials 6.0 pounds Direct labor 0.8 hours Variable overhead 0.8 hours In January the company produced 3,350 units using 13,400 pounds of the direct material and 2,800 direct labor-hours. During the month, the company purchased 14,160 pounds of the direct material at & cost of $35,100. The actual direct labor cost was $66,796 and the actual variable overhead cost was $29,508. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for January is:
Ashvin
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Direct materials. Direct labor Standard Quantity or Hours 6.80 pounds 0.50 hours Standard Price or Rate $ 3.00 per pound $ 11.00 per hour During the most recent month, the following activity was recorded: a. 22,900.00 pounds of material were purchased at a cost of $2.70 per pound. b. All of the material purchased was used to produce 3,000 units of Zoom. c. 1,400 hours of direct labor time were recorded at a total labor cost of $18,200. 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance Standard Cost $ 20.40 $ 5.50 Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and…
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Standard Price Standard or Rate $2.30 per pound $8.50 per hour Hours Cost Direct materials 7.40 pounds $17.02 Direct labor 0.90 hours $ 7.65 During the most recent month, the following activity was recorded: a. 21,500.00 pounds of material were purchased at a cost of $2.10 per pound. b. All of the material purchased was used to produce 2,500 units of Zoom. c. 2,000 hours of direct labor time were recorded at a total labor cost of $21,000. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Round your intermediate calculations…
Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Standard Price or Cost Per Rate Unit $ 3.00 per ounce $ 17.00 per hour $ 6.00 per hour Direct materials 7.3 ounces $21.90 $ 3.40 $ 1.20 Direct labor e.2 hours Variable overhead e.2 hours The company reported the following results concening this product in June. 2,700 units 2,800 units 18,500 ounces Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours 21,600 ounces 480 hours $ 42,100 $ 12,700 $ 3,350 Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies varlable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materlals are purchased. The labor rate varlance for June is:
Huron Company produces a commercial cleaning compound known as Zoom. The direct materialsand direct labor standards for one unit of Zoom are given below:Standard Quantity Standard Price Standardor Hours or Rate CostDirect materials . . . . . 4.6 pounds $2.50 per pound $11.50Direct labor. . . . . . . . . 0.2 hours $12.00 per hour $2.40During the most recent month, the following activity was recorded:a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound.b. All of the material purchased was used to produce 4,000 units of Zoom.c. 750 hours of direct labor time were recorded at a total labor cost of $10,425.Required:1. Compute the direct materials price and quantity variances for the month.2. Compute the direct labor rate and effi ciency variances for the month.
Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Direct materials Direct labor Standard Quantity or Hours 7.10 pounds 0.20 hours Standard Price or Rate $ 1.80 per pound $ 12.00 per hour During the most recent month, the following activity was recorded: a. 19,250.00 pounds of material were purchased at a cost of $1.70 per pound. b. All of the material purchased was used to produce 2,500 units of Zoom. c. 400 hours of direct labor time were recorded at a total labor cost of $5,200. Required: 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance Standard Cost $ 12.78 $ 2.40 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. Note: For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no…
The following standards have been set for each test performed: Standard Price or Rate Standard Hours Direct materials. Direct labor.. or Quantity 3 pounds 0.4 hours S0.75 per pound S12 per hour During March, Your Company performed 2,000 tests. • 7,200 pounds of sand were used for core tests at a cost of $6,120. What is Standard Quantity? ENTER YOUR ANSWER WITHOUT DOLLAR SIGNS OR OTHER DESCRIPTIONS.
The following standards have been set for each test performed: Standard Hours Standard Price or Quantity 3 pounds 0.4 hours or Rate S0.75 per pound S12 per hour Direct materials. Direct labor. During March, Your Company performed 2,000 tests. • 840 actual direct labor-hours were worked at a cost of $8,610. What are the standard hours (SQ) for the period? ENTER YOUR ANSWER WITHOUT DOLLAR SIGNS OR OTHER DESCRIPTIONS

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS