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Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead (5364,800 912,000 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 i Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost. 1,060,000 11,500,000 $ 10,350,000 310,000 $3,565,000 $ 780,000 $367,000 Required: Calculate Parker Plastic's direct labor rate and efficiency variances. Direct Labor Rate Variance Direct Labor Efficiency Variance Answer is complete but not entirely correct. $ 345,000 K $ 2,120,400 Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). F Standard Quantity 13 square foot 0.3 hour 0.3 hour F Standard Price (Rate). $0.93 per square foot $10.90 per hour. $2.40 per hour Cost $ 12.09 3.27 0.72 0.40

Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead (5364,800 912,000 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 i Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost. 1,060,000 11,500,000 $ 10,350,000 310,000 $3,565,000 $ 780,000 $367,000 Required: Calculate Parker Plastic's direct labor rate and efficiency variances. Direct Labor Rate Variance Direct Labor Efficiency Variance Answer is complete but not entirely correct. $ 345,000 K $ 2,120,400 Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). F Standard Quantity 13 square foot 0.3 hour 0.3 hour F Standard Price (Rate). $0.93 per square foot $10.90 per hour. $2.40 per hour Cost $ 12.09 3.27 0.72 0.40

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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TUBOWS Direct materials (plastie); Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead (5364,800 912,000 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 1,060,000 11,500,000 $ 10,350,000 310,000 $ 3,565,000 $ 780,000 $367,000 Required: Calculate Parker Plastic's direct labor rate and efficiency variances. Direct Labor Rate Variance Direct Labor Efficiency Variance Answer is complete but not entirely correct. $345.000 F F $ 2,120,400 Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Standard Quantity 13 square foot 0.3 hour 0.3 hour (Ⓡ Standard Price (Rate) $0.93 per square foot $10.90 per hour $ 2.40 per hour Standard Unit Cost $ 12.09. 3.27 0.72
Transcribed Image Text:TUBOWS Direct materials (plastie); Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead (5364,800 912,000 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 1,060,000 11,500,000 $ 10,350,000 310,000 $ 3,565,000 $ 780,000 $367,000 Required: Calculate Parker Plastic's direct labor rate and efficiency variances. Direct Labor Rate Variance Direct Labor Efficiency Variance Answer is complete but not entirely correct. $345.000 F F $ 2,120,400 Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Standard Quantity 13 square foot 0.3 hour 0.3 hour (Ⓡ Standard Price (Rate) $0.93 per square foot $10.90 per hour $ 2.40 per hour Standard Unit Cost $ 12.09. 3.27 0.72
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