BagitUp Company manufactures paper bags. Consider the following selected data:Direct MaterialsDirect LaborStandards per Paper Bag 550 grams of input at $0.03 per gram 0.07 labor hours at $17 per labor hourActual Performance:Paper Bags Produced and Sold21,000 bagsDirect Materials Purchased and Used 8,000,000 gramsLabor Hours Used1,800 labor hoursTotal Direct Materials Costs$193,000Total Direct Labor Costs$47,800Do not enter dollar signs or commas in the input boxes.Round all answers to the nearest whole number.Enter all variances as positive values.a) Calculate price variance for direct materials.Favorableb) Calculate quantity variance for direct materials.106500Favorablec) Calculate labor rate variance.AUnfavorabled) Calculate efficiency variance for direct labor.5610Unfavorable +

The objective of the question is to calculate the price variance for direct materials, quantity…

Answered: BagitUp Company manufactures paper…

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

Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Standard Quantity 12 square foot 0.3 hour Standard Price (Rate) $ 0.83 per square foot $ 10.50 per hour 17 Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($345,800+ 910,000 units) 0.3 hour $2.20 per hour Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,040,000 11,400,000 $ 9,120,000 308,000 $ 3,449,600 $689,000 $ 365,000 Required: Calculate Parker Plastic's direct labor rate and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for…
Use the information below on Direct Labor costs to answer question#33. GIVEN: Management at the Best Ceramic Vase Company wishes to analyze its Direct Labor costs. During September, company management noted that it used 3,400 hours of Direct Labor at a cost of $76,500 to produce 2,300 vases. The company set the following Direct Labor standard. 1.5 hours of Direct Labor per unit at an hourly wage rate of $22.00 33) Determine the actual wage rate (using the Given information above). A) $15.00 B) $22.00 C) $22.18 D) $22.50
Please do not give solution in image format thanku
Please only answer the total amount of fixed manufacturing overhead.
Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($500,040 926,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of Labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1.200,000 12,200,000 $7,320,000 324,000 $3,855,600 $1,300,000 $ 381,000 Required: Calculate Parker Plastic's direct labor rate and efficiency variances Direct Labor Rate Variance Direct Labor Efficiency Vince Standard Quantity 13 square foot 0.25 hour 0.25 hour Standard Price (Rate) $ 0.70 per square foot $ 12.20 per hour $ 1.40 per hour Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting…
Please do not give solution in image format thanku
Fairmount Travel Gear produces backpacks and sells them to vendors who sell them under their own label. The cost of one of its backpacks follows. Materials $ 19.60 Labor 13.60 Variable overhead 6.60 Fixed overhead ($3,541,600 per year; 466,000 units per year) 7.60 Total $ 47.40 Riverside Discount Mart, a chain of low-price stores, has asked Fairmount to supply it with 35,000 backpacks for a special promotion Riverside is planning. Riverside has offered to pay Fairmount a unit price of $52 per pack. The regular selling price is $76. The special order would require some modification to the basic model. These modifications would add $5.60 per unit in material cost, $3.10 per unit in labor cost, and $2.10 in variable overhead cost. Although Fairmount has the capacity to produce the 35,000 units without affecting its regular production of 466,000 units, a one-time rental of special testing equipment to meet Riverside’s requirements would be…
Controller Incorporated produces two basic types of video games, Clash and Slash. Pertinent data follow (DLH = direct labor hour): Clash Sales price (per unit) $ 430 Slash $ 358 Costs (per unit): Direct materials 86 50 Direct labor 74 98 Variable factory overhead (@ $15 per DLH) 60 30 19 Allocated fixed factory overhead (based on DLHS) Marketing expenses (all variable) 24 12 54 43 Total costs 298 233 Operating income (per unit) $ 132 $ 125 There is insufficient labor capacity (i.e., DLHs) in the plant to meet the combined demand for both Clash and Slash. Both products are produced through the same production departments. In view of the labor shortage, which of the two products is most profitable, and how much is the contribution margin, per DLH? Multiple Choice Slash, $137.00.
Please do not give solution in image format thanku
Hansaben
Bullseye Company manufactures dartboards. Its standard cost information follows: Direct materials (cork board) Direct labor Standard Quantity 0.50 square feet 0.90 hour Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($21,750/87,000) Bullseye has the following actual results for the month of September: Number of units produced and sold Number of square feet of corkboard purchased and used Cost of corkboard used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 0.90 hour Standard Price (Rate) $ 1.30 per square feet $5.00 per hour $0.50 per hour 74,000 43,000 $ 47,200 80,000 $ 98,000 $ 103,880 $ 33,000 Standard Unit Cost $ 0.65 4.50 0.45 0.25 Required: 1. Calculate the fixed overhead spending variance for Bullseye. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). 2. Calculate the fixed overhead volume variance…
Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($461,000 +922,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost S Variable overhead cost Fixed overhead cost 1,160,000 12,000,000 $ 16,800,000 320,000 $ 3,744,000 $ 1,100,000 $377,000 Standard Quantity 12 square foot 0.3 hour Standard Price (Rate) $ 1.45 per square foot $ 11.90 per hour Standard Unit Cost $ 17.40 3.57 0.3 hour $ 2.30 per hour 0.69 0.50 Required: Calculate Parker Plastic's direct materials price and quantity variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for…

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