SE9-9 (Algo) Calculating Direct Labor Variances [LO 9-4]Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last yearfollows:Direct materials (plastic)Direct laborVariable manufacturing overhead (based on direct labor hours)Fixed manufacturing overhead ($559,200 932,000 units)Parker Plastic had the following actual results for the past year:Number of units produced and soldNumber of square feet of plastic used:Cost of plastic purchased and usedor hours workedNumber ofDirect labor costVariable overhead costFixed overhead coat1,260,00012,500,000$ 11,250,000Direct Labor Rate VarianceDirect Labor Efficiency Variance330,000$4,026,000$ 1,480,000$ 387,000FEEStandard Quantity12 square footRequired:Calculate Parker Plastic's direct labor rate and efficiency variances.Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" forunfavorable, and "None" for no effect (i.e., zero variance).Maxt0.25 hour0.25 hourStandard Price (Rate)$1.00 per square foot$ 12.80 per hour$ 2.00 per hour

Name: SE9-9 (Algo) Calculating Direct Labor Variances [LO 9-4]Parker Plasti
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Description: SE9-9 (Algo) Calculating Direct Labor Variances [LO 9-4]Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last yearfollows:Direct materials (plastic)Direct laborVariable manu

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E9-9 (Algo) Calculating Direct Labor Variances [LO 9-4) Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($559,200 932,000 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 coat 1,260,000 12,500,000 $ 11,250,000 Direct Labor Rate Variance Direct Labor Efficiency Variance 330,000 $ 4,026,000 $ 1,480,000 $ 387,000 Standard Quantity 12 square foot 0.25 hour 0.25 hour Standard Price (Rate) $1.00 per square foot $12.00 per hour $ 2.00 per hour Required: Calculate Parker Plastic's direct labor rate and efficiency variances. 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 (ie, zero variance).

E9-9 (Algo) Calculating Direct Labor Variances [LO 9-4) Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($559,200 932,000 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 coat 1,260,000 12,500,000 $ 11,250,000 Direct Labor Rate Variance Direct Labor Efficiency Variance 330,000 $ 4,026,000 $ 1,480,000 $ 387,000 Standard Quantity 12 square foot 0.25 hour 0.25 hour Standard Price (Rate) $1.00 per square foot $12.00 per hour $ 2.00 per hour Required: Calculate Parker Plastic's direct labor rate and efficiency variances. 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 (ie, zero variance).

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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