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During June, Danby Company's material purchases amounted to 8,100 pounds at a price of $8.00 per pound. Actual costs Incurred in the production of 1,600 units were as follows: Direct labor: $ 135,975 ($18.50 per hour) Direct material: $ 39,200 ($8.00 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 4 hours per unit Rate, $18.40 per hour Direct Material: Quantity, 3 pounds per unit Price, $7.78 per pound EX 10-27 (Algo) Diagramming Direct-Material and Direct-Labor Variances (LO 10-3) Required: All in the amounts in the tables below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places. Direct-Labor Rate and Efficiency Variances Actual Labor Cost Projected Labor Cost Standard Labor Cost Actual Hours x Actual Rate Actual Hours x Standard Rate Standard Hours x Standard Rate hours used × ol per hour hours used 0 X per hour hours allowed per hour S

During June, Danby Company's material purchases amounted to 8,100 pounds at a price of $8.00 per pound. Actual costs Incurred in the production of 1,600 units were as follows: Direct labor: $ 135,975 ($18.50 per hour) Direct material: $ 39,200 ($8.00 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 4 hours per unit Rate, $18.40 per hour Direct Material: Quantity, 3 pounds per unit Price, $7.78 per pound EX 10-27 (Algo) Diagramming Direct-Material and Direct-Labor Variances (LO 10-3) Required: All in the amounts in the tables below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places. Direct-Labor Rate and Efficiency Variances Actual Labor Cost Projected Labor Cost Standard Labor Cost Actual Hours x Actual Rate Actual Hours x Standard Rate Standard Hours x Standard Rate hours used × ol per hour hours used 0 X per hour hours allowed per hour S

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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Required Information EX 10-26, 27 (Algo) Use the following information for the Exercises below. During June, Danby Company's material purchases amounted to 8,100 pounds at a price of $8.00 per pound. Actual costs Incurred in the production of 1,600 units were as follows: Direct labor: Direct material: $ 135,975 ($18.50 per hour) $ 39,200 ($8.00 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 4 hours per unit Rate, $18.40 per hour Direct Material: Quantity, 3 pounds per unit Price, $7.78 per pound EX 10-27 (Algo) Diagramming Direct-Material and Direct-Labor Variances (LO 10-3) Required: Fill in the amounts in the tables below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places. Direct-Labor Rate and Efficiency Variances Actual Labor Cost Projected Labor Cost Standard Labor Cost Actual Hours × Actual Rate Actual Hours x Standard Rate Standard Hours x Standard Rate × × hours used per hour hours used per hour hours allowed $ 0 Direct-labor rate variance $ 0 $ 0 Direct-labor efficiency variance Direct-labor variance < Required 2 Required 3 > per hour
Transcribed Image Text:Required Information EX 10-26, 27 (Algo) Use the following information for the Exercises below. During June, Danby Company's material purchases amounted to 8,100 pounds at a price of $8.00 per pound. Actual costs Incurred in the production of 1,600 units were as follows: Direct labor: Direct material: $ 135,975 ($18.50 per hour) $ 39,200 ($8.00 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 4 hours per unit Rate, $18.40 per hour Direct Material: Quantity, 3 pounds per unit Price, $7.78 per pound EX 10-27 (Algo) Diagramming Direct-Material and Direct-Labor Variances (LO 10-3) Required: Fill in the amounts in the tables below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places. Direct-Labor Rate and Efficiency Variances Actual Labor Cost Projected Labor Cost Standard Labor Cost Actual Hours × Actual Rate Actual Hours x Standard Rate Standard Hours x Standard Rate × × hours used per hour hours used per hour hours allowed $ 0 Direct-labor rate variance $ 0 $ 0 Direct-labor efficiency variance Direct-labor variance < Required 2 Required 3 > per hour
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