Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed $ 1.90 per lb. $ 7.10 per hour $ 1.70 per lb. 930,000 lbs. 15,000 1,075,000 lbs. 8,000 960,000 lbs. $5,120 F Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Req 5 Calculate the total cost of purchases for October. Total Purchases < Req 1 Req 2 and 3

Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed $ 1.90 per lb. $ 7.10 per hour $ 1.70 per lb. 930,000 lbs. 15,000 1,075,000 lbs. 8,000 960,000 lbs. $5,120 F Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Req 5 Calculate the total cost of purchases for October. Total Purchases < Req 1 Req 2 and 3

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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Question

Need help on 4. and 5. on this question

Amber Company produces iron table and chair sets. During October, Amber's costs were as follows:
Actual purchase price
Actual direct labor rate
Standard purchase price
Standard quantity for sets produced
Standard direct labor hours allowed
$ 1.90 per lb.
$ 7.10 per hour
$ 1.70 per lb.
930,000 lbs.
15,000
1,075,000 lbs.
8,000
960,000 lbs.
$5,120 F
Actual quantity purchased in October
Actual direct labor hours
Actual quantity used in October
Direct labor rate variance
Required:
1. Calculate the total cost of purchases for October.
2. Compute the direct materials price variance based on quantity purchased.
3. Calculate the direct materials quantity variance based on quantity used.
4. Compute the standard direct labor rate for October.
5. Compute the direct labor efficiency variance for October.
Complete this question by entering your answers in the tabs below.
Req 1
Req 2 and 3
Req 4
Req 5
Calculate the total cost of purchases for October.
Total Purchases
< Req 1
Req 2 and 3

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