During June, Keating Company produced 11,000 rain ponchos using nylon. Nylon costed $0.80 per yard, which is $0.10 cheaper than the standard cost. It also used 6,000 direct labor hours at a rate of $13.00. Its direct materials standard is 2 yards per poncho. Its direct labor standard is 0.50 hour per poncho. Its materials usage variance was a favorable $ 1,800, and its labor rate variance was a favorable $1,200. Required: Complete the following: (Round the rates to two decimal places.) A. The actual quantity of materials used is B. The standard labor rate is $ C. The materials price ΤΙ LI D LIL

During June, Keating Company produced 11,000 rain ponchos using nylon. Nylon costed $0.80 per yard, which is $0.10 cheaper than the standard cost. It also used 6,000 direct labor hours at a rate of $13.00. Its direct materials standard is 2 yards per poncho. Its direct labor standard is 0.50 hour per poncho. Its materials usage variance was a favorable $ 1,800, and its labor rate variance was a favorable $1,200. Required: Complete the following: (Round the rates to two decimal places.) A. The actual quantity of materials used is B. The standard labor rate is $ C. The materials price ΤΙ LI D LIL

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Description: During June, Keating Company produced 11,000 rain ponchos using nylon. Nylon costed $0.80 per yard, which is $0.10cheaper than the standard cost. It also used 6,000 direct labor hours at a rate of $13.00. Its direct materials standard is2 yards per

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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During June, Keating Company produced 11,000 rain ponchos using nylon. Nylon costed $0.80 per yard, which is $0.10 cheaper than the standard cost. It also used 6,000 direct labor hours at a rate of $13.00. Its direct materials standard is 2 yards p labor standard is 0.50 hour per poncho. Its materials usage variance was favorable $1,800, and its labor rate variance was a favorable $1,200. Required: Complete the following: (Round the rates to two decimal places.) A. The actual quantity of materials used is B. The standard labor rate is $ per hour.
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