E9-15 (Algo) Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price $ 2.20 per pound t rences Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. $ 7.40 per hour $ 2.00 per pound 960,000 pounds 10,000 1,105,000 pounds 9,000 990,000 pounds $5,400 F 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Req 5 Calculate the total cost of purchases for October. Total Purchases
E9-15 (Algo) Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price $ 2.20 per pound t rences Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. $ 7.40 per hour $ 2.00 per pound 960,000 pounds 10,000 1,105,000 pounds 9,000 990,000 pounds $5,400 F 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Req 5 Calculate the total cost of purchases for October. Total Purchases
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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![E9-15 (Algo) Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4]
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows:
Actual purchase price
$ 2.20 per pound
t
rences
Actual direct labor rate
Standard purchase price
Standard quantity for sets produced
Standard direct labor hours allowed
Actual quantity purchased in October
Actual direct labor hours
Actual quantity used in October
Direct labor rate variance
Required:
1. Calculate the total cost of purchases for October.
$ 7.40 per hour
$ 2.00 per pound
960,000 pounds
10,000
1,105,000 pounds
9,000
990,000 pounds
$5,400 F
2. Compute the direct materials price variance based on the actual quantity purchased.
3. Calculate the direct materials quantity variance based on the actual quantity used.
4. Compute the standard direct labor rate for October.
5. Compute the direct labor efficiency variance for October.
Complete this question by entering your answers in the tabs below.
Req 1
Req 2 and 3
Req 4
Req 5
Calculate the total cost of purchases for October.
Total Purchases
<Req 1
Req 2 and 3 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faa6836ab-bfbe-4388-be90-d86277d4dbc0%2F95c9ffec-5772-4f87-9877-c8ecb64bded1%2F7d5pla_processed.png&w=3840&q=75)
Transcribed Image Text:E9-15 (Algo) Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4]
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows:
Actual purchase price
$ 2.20 per pound
t
rences
Actual direct labor rate
Standard purchase price
Standard quantity for sets produced
Standard direct labor hours allowed
Actual quantity purchased in October
Actual direct labor hours
Actual quantity used in October
Direct labor rate variance
Required:
1. Calculate the total cost of purchases for October.
$ 7.40 per hour
$ 2.00 per pound
960,000 pounds
10,000
1,105,000 pounds
9,000
990,000 pounds
$5,400 F
2. Compute the direct materials price variance based on the actual quantity purchased.
3. Calculate the direct materials quantity variance based on the actual quantity used.
4. Compute the standard direct labor rate for October.
5. Compute the direct labor efficiency variance for October.
Complete this question by entering your answers in the tabs below.
Req 1
Req 2 and 3
Req 4
Req 5
Calculate the total cost of purchases for October.
Total Purchases
<Req 1
Req 2 and 3 >
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