E9-5 (Algo) Calculating Direct Materials and Direct Labor Variances (LO 9-3, 9-4) Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following standard cost card for each dog bath given: Standard Quantity 2.4 oz. Standard Unit Cost $ 1.68 1.32 Standard Rate $ 0.70 per oz. 22 gal. $0.06 per gal. $11.00 per hr. Shampoo Water Direct labor 1.4 hr. 15.40 During the month of July, Collin's employees gave 420 baths. The actual results were 760 ounces of shampoo used (cost of $600.40). 7,200 gallons of water used (cost of $648), and labor costs for 360 hours (cost of $4,536). Required: 1. Calculate Suds & Cuts direct materials variances for both shampoo and water for the month of July. 2. Calculate Suds & Cuts direct labor variances for the month of July. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate Suds & Cuts direct labor varlances for the month of July. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Round your answers to nearest dollar amount.) Direct Labor Rate Variance Direct Labor Efficiency Variance ( Required 1 Required 2

E9-5 (Algo) Calculating Direct Materials and Direct Labor Variances (LO 9-3, 9-4) Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following standard cost card for each dog bath given: Standard Quantity 2.4 oz. Standard Unit Cost $ 1.68 1.32 Standard Rate $ 0.70 per oz. 22 gal. $0.06 per gal. $11.00 per hr. Shampoo Water Direct labor 1.4 hr. 15.40 During the month of July, Collin's employees gave 420 baths. The actual results were 760 ounces of shampoo used (cost of $600.40). 7,200 gallons of water used (cost of $648), and labor costs for 360 hours (cost of $4,536). Required: 1. Calculate Suds & Cuts direct materials variances for both shampoo and water for the month of July. 2. Calculate Suds & Cuts direct labor variances for the month of July. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate Suds & Cuts direct labor varlances for the month of July. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). Round your answers to nearest dollar amount.) Direct Labor Rate Variance Direct Labor Efficiency Variance ( Required 1 Required 2

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Description: E9-5 (Algo) Calculating Direct Materials and Direct Labor Variances (LO 9-3, 9-4)Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following standard cost card for each dogbath given:StandardStandardStandard Rate

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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Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following standard cost card for each dog bath given: Shampoo Water Standard Quantity 2.3 oz. 21 gal. Direct labor 1.35 hr. Standard Rate $ 0.60 per oz. $ 0.05 per gal. $11.00 per hr. Standard Unit Cost $ 1.38 1.05 14.85 During the month of July, Collin's employees gave 410 baths. The actual results were 755 ounces of shampoo used (cost of $520.95), 7,100 gallons of water used (cost of $639), and labor costs for 350 hours (cost of $4,375). Required: 1. Calculate Suds & Cuts direct materials variances for both shampoo and water for the month of July. 2. Calculate Suds & Cuts direct labor variances for the month of July Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate Suds & Cuts direct materials variances for both shampoo and water for the month of July. (Round your answers to 2 decimal places. Indicate the…
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