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Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: SP SQ 1.2 pounds e.8 hours $ 1.50 per pound $12.00 per hour Direct materials Direct labor During the month of May, the company made 900 cakes and Incurred the following actual costs. Direct materials purchased and used (1.340 pounds) $1,742 Direct labor (960 hours) $11,040 Required: 1. Calculate the direct materials price variance. 2. Calculate the direct materials quantity varlance. 3. Calculate the direct materials variance. 4. Calculate the direct labor rate variance. 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending variance. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero veriance).) 1 Direct matenals price variance 2 Direct maternials quantity variance 3 Total direct materials spending variance 4 Drect labor rate varance 5 Direct labor efficency vanance 6 Total direct labor spending variance

Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: SP SQ 1.2 pounds e.8 hours $ 1.50 per pound $12.00 per hour Direct materials Direct labor During the month of May, the company made 900 cakes and Incurred the following actual costs. Direct materials purchased and used (1.340 pounds) $1,742 Direct labor (960 hours) $11,040 Required: 1. Calculate the direct materials price variance. 2. Calculate the direct materials quantity varlance. 3. Calculate the direct materials variance. 4. Calculate the direct labor rate variance. 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending variance. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero veriance).) 1 Direct matenals price variance 2 Direct maternials quantity variance 3 Total direct materials spending variance 4 Drect labor rate varance 5 Direct labor efficency vanance 6 Total direct labor spending variance

FINANCIAL ACCOUNTING
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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Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: SP $ 1.50 per pound $12.00 per hour Direct naterials 1.2 pounds Direct labor 0.8 hours During the month of May, the company made 900 cakes and incurred the following actual costs. Direct materials purchased and used (1,340 pounds) $1,742 Direct labor (960 hours) $11,040 Required: 1. Calculate the direct materlals price variance. 2. Calculate the direct materials quantity varlance. 3. Calculate the direct materials variance. 4. Calculate the direct labor rate variance. 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending varlance. tes (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 veriance).) 1 Direct matenials price variance 2 Drect materials quantity variance 3Total drect materials spending variance 4 Direct labor rate variance 5 Drect labor efficiency vanance 6 Total direct labor spending variance
Transcribed Image Text:Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: SP $ 1.50 per pound $12.00 per hour Direct naterials 1.2 pounds Direct labor 0.8 hours During the month of May, the company made 900 cakes and incurred the following actual costs. Direct materials purchased and used (1,340 pounds) $1,742 Direct labor (960 hours) $11,040 Required: 1. Calculate the direct materlals price variance. 2. Calculate the direct materials quantity varlance. 3. Calculate the direct materials variance. 4. Calculate the direct labor rate variance. 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending varlance. tes (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 veriance).) 1 Direct matenials price variance 2 Drect materials quantity variance 3Total drect materials spending variance 4 Direct labor rate variance 5 Drect labor efficiency vanance 6 Total direct labor spending variance
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