Crane Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Crane Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $1.00 per tube) Direct labor (1 hour @ $30 per hour) Variable overhead (1 hour @ $6.00 per hour) Fixed overhead (1 hour @ $12.00 per hour) Total standard cost per test Direct materials (2,520 test tubes) Direct labor (1,236 hours) Variable overhead Fixed overhead (a) The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity for the month of November 2022, when 1,200 tests were conducted, resulted in the following. Materials price variance Materials quantity variance Labor price variance Labor quantity variance $ $ $2,268 Monthly budgeted fixed overhead is $17,880. Revenues for the month were $80,400, and selling and administrative expenses were $3,500. $ 34,608 $ 6,912 Compute the price and quantity variances for direct materials and direct labor. $2.00 13,536 30.00 6.00 12.00 $50.00

Crane Labs, Inc. provides mad cow disease testing for both state and federal governmental agricultural agencies. Because the company's customers are governmental agencies, prices are strictly regulated. Therefore, Crane Labs must constantly monitor and control its testing costs. Shown below are the standard costs for a typical test. Direct materials (2 test tubes @ $1.00 per tube) Direct labor (1 hour @ $30 per hour) Variable overhead (1 hour @ $6.00 per hour) Fixed overhead (1 hour @ $12.00 per hour) Total standard cost per test Direct materials (2,520 test tubes) Direct labor (1,236 hours) Variable overhead Fixed overhead (a) The lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are used that month. Actual activity for the month of November 2022, when 1,200 tests were conducted, resulted in the following. Materials price variance Materials quantity variance Labor price variance Labor quantity variance $ $ $2,268 Monthly budgeted fixed overhead is $17,880. Revenues for the month were $80,400, and selling and administrative expenses were $3,500. $ 34,608 $ 6,912 Compute the price and quantity variances for direct materials and direct labor. $2.00 13,536 30.00 6.00 12.00 $50.00

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

True or False: Access controls limit who can change records Group of answer choices True False
could not understand need manual answer not on excel
Define deferred call
Which of the following QBO features can be used to save a transaction that will be re-used in the future? Multiple Choice Saved transactions (+) New icon Recurring transactions None of the choices is correct.
please see attached problem
LutoSave 日 Off UnitlILabAssignment_Question1 O Search (Alt-Q) Protected View Home Insert Draw Page Layout Formulas Data Review View Help PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing fx Formula: Multiply, Subtract; Cell Referencing A D E F G H. K Formula: Multiply, Subtract; Cell Referencing Using Excel to Record Stock Entries Student Work Area PROBLEM Required: Provide input into cells shaded in yellow in this template. Select account names from the drop-down lists. Use cell references to the data area. Use mathematical formulas to calculate any amounts not given. On May 10, Jack Corporation issues common stock for cash. Shares of stock issued Par value per share 2,000 24 %24 10.00 Amount at which stock issued 18.00 Journalize the issuance of the stock. 10 11 Date Debit Credit 12 May 10 13 14 15 16 17 18 19 20 21 22 23 25 26 27 28 29 30 31 32 33 Enter Answer Ready 24
Alert for not submit AI generated answer. I need unique and correct answer. Don't try to copy from anywhere. Do not give answer in image formet and hand writing
Write me a human paragraph without using Al about what a memorandoms of understanding is and how it is used
The easiest way to change the order in a chart is in the __________. Multiple Choice underlying spreadsheet slicer chart options chart itself