Direct Materials and Direct Labor Variance AnalysisAbbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 70 employees. Each employee presentlyprovides 40 hours of labor per week. Information about a production week is as follows:$17.4020 min.1.20 lb.Standard wage per hr.Standard labor time per faucetStandard number of lb. of brassStandard price per lb. of brassActual price per lb. of brassActual lb. of brass used during the weekNumber of faucets produced during the weekActual wage per hr.Actual hrs. for the weekRequired:$11.50$11.757,400 lb.6,000$17.902,800 hrs.a. Determine the standard cost per unit for direct materials and direct labor. Do not round your intermediate calculations and round the cost per unit to twodecimal places.Direct materials standard cost per unitDirect labor standard cost per unitTotal standard cost per unitmaterials cost variance. Do not round your intermediate

Name: Direct Materials and Direct Labor Variance AnalysisAbbeville Company
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Direct Materials and Direct Labor Variance AnalysisAbbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 70 employees. Each employee presentlyprovides 40 hours of labor per week.

Business

Accounting

Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 70 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: $17.40 20 min. 1.20 lb. $11.50 $11.75 Standard wage per hr. Standard labor time per faucet Standard number of lb. of brass Standard price per lb. of brass Actual price per lb. of brass Actual Ib. of brass used during the week Number of faucets produced during the week Actual wage per hr. Actual hrs. for the week 7,400 b 6,000 $17.90 2,800 hrs. Required: a. Determine the standard cost per unit for direct materials and direct labor. Do not round your intermediate calculations and round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit Do not round your intermediate

Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 70 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: $17.40 20 min. 1.20 lb. $11.50 $11.75 Standard wage per hr. Standard labor time per faucet Standard number of lb. of brass Standard price per lb. of brass Actual price per lb. of brass Actual Ib. of brass used during the week Number of faucets produced during the week Actual wage per hr. Actual hrs. for the week 7,400 b 6,000 $17.90 2,800 hrs. Required: a. Determine the standard cost per unit for direct materials and direct labor. Do not round your intermediate calculations and round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit Do not round your intermediate

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

Faucet Industries Inc. manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Faucet Industries has 70 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hour $12.00 Standard labor time per faucet 20 min. Standard number of lbs. of zinc 2.1 lbs. Standard price per lb. of zinc $10.00 Actual price per lb. of zinc $10.25 Actual lbs. of zinc used during the week 15,600 lbs. Number of faucets produced during the week 7,200 Actual wage per hour $12.40 Actual hours per week 2,520 hrs a. Determine the standard cost per faucet for direct materials and direct labor. Do not round intermediate calculations and round your answers to the nearest cent.
Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.0 ounces $ 9.00 per ounce $ 54.00 Direct labor 0.7 hours $ 11.00 per hour $ 7.70 Variable overhead 0.7 hours $ 9.00 per hour $ 6.30 The company reported the following results concerning this product in June. Originally budgeted output 3,600 units Actual output 3,200 units Raw materials used in production 21,000 ounces Purchases of raw materials 20,900 ounces Actual direct labor-hours 5,000 hours Actual cost of raw materials purchases $ 42,100 Actual direct labor cost $ 13,600 Actual variable overhead cost $ 3,800 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for June is:
The following labor standards have been established for a particular product: Standard labor - hours per unit of output 7.7 hours Standard labor rate $ 15.35 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 9,800 hours Actual total labor cost $ 148, 960 Actual output 1, 100 units What is the labor rate variance for the month? Multiple Choice $165 F $1,470 F $1,470 U $165 U
Lenni Clothing Co. manufactures clothing in a small manufacturing facility. Manufacturing has 25 employees. Each employee presently provides 40 hours of productive labor per week. Information about a production week is as follows: Standard wage per hr. $12.00 Standard labor time per unit 12 min. Standard number of yds. of fabric per unit 5.0 yds. Standard price per yd. of fabric $5.00 Actual price per yd. of fabric $5.10 Actual yds. of fabric used during the week 26,200 yds. Number of units produced during the week 5,220 Actual wage per hr. $11.80 Actual hrs. for the week 1,000 hrs.
Direct Materials and Direct Labor Variance Analysis Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 60 employees. Each employee presently provides 32 hours of labor per week. Information about a production week is as follows: Standard wage per hour $13.80 Standard labor time per unit 20 min. Standard number of Ibs. of brass 1.3 lbs. Standard price per Ib. of brass $9.75 Actual price per Ib. of brass $10.00 Actual Ibs. of brass used during the week 8,034 lbs. Number of units produced during the week 6,000 Actual wage per hour $14.21 Actual hours for the week (60 employees x 32 hours) 1,920 Required: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit 13 X Direct labor standard cost per unit 4.6 V Total standard cost per unit 17.3 X b. Determine the direct materials price variance, direct…
Direct Materials and Direct Labor Variance Analysis Abbeville Fixture Company manufactures units in a small manufacturing facility. The units are made from brass. Manufacturing has 30 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: Standard wage per hour $15.6 Standard labor time per unit 15 min. Standard number of lbs. of brass 2 lbs. Standard price per lb. of brass $11.25 Actual price per lb. of brass $11.5 Actual lbs. of brass used during the week 17,922 lbs. Number of units produced during the week 8,700 Actual wage per hour $16.07 Actual hours for the week (30 employees × 40 hours) 1,200 hrs. Required: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit $fill in the blank 1 Direct labor standard cost per unit $fill in the blank 2 Total standard cost per unit $fill in…
Jericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 50 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Line Item Description Value Standard number of lbs. of brass 1.3 lbs. Standard price per lb. of brass $11.50 Standard wage per hour $10.80 Standard labor time per unit 20 min. Actual price per lb. of brass $11.75 Actual lbs. of brass used during the week 12,051 lbs. Number of units produced during the week 9,000 Actual wage per hour $11.12 Actual hours for the week (50 employees × 36 hours) 1,800 Required: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Line Item Description Cost per Unit Direct materials standard cost per unit $fill in the blank 1 Direct labor standard cost per unit $fill in the blank 2 Total standard cost…
Do not give answer in image
Direct Materials and Direct Labor Variance Analysis Abbeville Fixture Company manufactures units in a small manufacturing facility. The units are made from brass. Manufacturing has 30 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: Standard wage per hour $12 Standard labor time per unit 15 min. Standard number of lbs. of brass 1.5 lbs. Standard price per lb. of brass $11.25 Actual price per lb. of brass $11.5 Actual lbs. of brass used during the week 9,734 lbs. Number of units produced during the week 6,300 Actual wage per hour $12.36 Actual hours for the week (30 employees × 40 hours) 1,200 hrs. Required: a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit $fill in the blank 1 Direct labor standard cost per unit $fill in the blank 2 Total standard cost per unit $fill in…
Direct Materials and Direct Labor Variance Analysis Abbeville Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 40 employees. Each employee presently provides 32 hours of labor per week. Information about a production week is as follows: Standard wage per hr. $10.80 Standard labor time per faucet 10 min. Standard number of lb. of brass 1.30 lb. Standard price per lb. of brass $9.75 Actual price per lb. of brass $10.00 Actual lb. of brass used during the week 11,600 lb. Number of faucets produced during the week 8,700 Actual wage per hr. $11.10 Actual hrs. per week 1,280 hrs. Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places. b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus…
eBook Direct Materials and Direct Labor Variance Analysis Faucet Industries Inc. manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Faucet Industries has 50 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hour $12.60 Standard labor time per faucet 10 min. Standard number of lbs. of zinc 2 lbs. Standard price per lb. of zinc $10.25 Actual price per lb. of zinc $10.50 Actual lbs. of zinc used during the week 14,200 lbs. Number of faucets produced during the week 6,900 Actual wage per hour $13.00 Actual hours per week 1,800 hrs. Required: a. Determine the standard cost per faucet for direct materials and direct labor. Do not round intermediate calculations and round your answers to the nearest cent. Direct materials standard cost per faucet $fill in the blank 1 Direct labor standard cost per faucet fill in the blank 2…
.