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

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

What is a central repository in a CASE system?
Can you further explain this to me to better understand the concept on what I'm supposed to do and what formulas I need to apply.
Define the term lnvesting activities? Explain with an example?
how to analyze system development
Why are transactions testing important? Please provide enough context
Explain the concept of contribution and its importance to the CVP technique.
Briefly explain the importance of conceptual or internal mapping in DBMS
What problems does the data cleansing step attempt to resolve?
Explain “EPS computation”.
Explain Evaluat ing a Single Project?