Direct Materials and Direct Labor Variances At the beginning of April, Winslow Toy Company budgeted 21,000 toy action figures to be manufactured in April at standard direct materials and direct labor costs as follows: Direct materials Direct labor Total $22,050 12,600 $34,650 The standard materials price is $0.70 per pound. The standard direct labor rate is $12.00 per hour. At the end of April, the actual direct materials and direct labor costs were as follows: Actual direct materials Actual direct labor Total $20,400 11,700 $32,100 There were no direct materials price or direct labor rate variances for April. In addition, assume no changes in the direct materials inventory balances in April. Winslow Toy Company actually produced 18,900 units during April. Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places and round your answers to the nearest dollar, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable varnce as a positive number. Direct materials quantity variance Direct labor time variance 1,646 X Unfavorable 900 X Unfavorable
Direct Materials and Direct Labor Variances At the beginning of April, Winslow Toy Company budgeted 21,000 toy action figures to be manufactured in April at standard direct materials and direct labor costs as follows: Direct materials Direct labor Total $22,050 12,600 $34,650 The standard materials price is $0.70 per pound. The standard direct labor rate is $12.00 per hour. At the end of April, the actual direct materials and direct labor costs were as follows: Actual direct materials Actual direct labor Total $20,400 11,700 $32,100 There were no direct materials price or direct labor rate variances for April. In addition, assume no changes in the direct materials inventory balances in April. Winslow Toy Company actually produced 18,900 units during April. Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places and round your answers to the nearest dollar, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable varnce as a positive number. Direct materials quantity variance Direct labor time variance 1,646 X Unfavorable 900 X Unfavorable
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Am.123.
Transcribed Image Text:Direct Materials and Direct Labor Variances
At the beginning of April, Winslow Toy Company budgeted 21,000 toy action figures to be manufactured in April at
standard direct materials and direct labor costs as follows:
Direct materials
Direct labor
Total
$22,050
12,600
$34,650
The standard materials price is $0.70 per pound. The standard direct labor rate is $12.00 per hour. At the end of April,
the actual direct materials and direct labor costs were as follows:
Actual direct materials
Actual direct labor
Total
$20,400
11,700
$32,100
There were no direct materials price or direct labor rate variances for April. In addition, assume no changes in the direct
materials inventory balances in April. Winslow Toy Company actually produced 18,900 units during April.
Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two
decimal places and round your answers to the nearest dollar, if required. Enter a favorable variance as a
negative number using a minus sign and an unfavorable varnce as a positive number.
Direct materials quantity variance
Direct labor time variance
1,646 X
Unfavorable
900 X
Unfavorable
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
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,
Accounting
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