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 ($308,040 + 906,000 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 rint Fixed overhead cost ferences Required: 1,220,000 11,200,000 $ 6,720,000 305,000 $ 3,233,000 $540,000 $ 361,000 Standard Quantity Standard Price (Rate) 8 square foot 0.26 hour 0.26 hour $ 0.63 per square foot $10.50 per hour $ 1.50 per hour 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 (i.e., zero variance). Direct Labor Rate Variance Direct Labor Efficiency Variance Standard Unit Cost $ 5.04 2.73 0.39 0.34

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 ($308,040 + 906,000 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 rint Fixed overhead cost ferences Required: 1,220,000 11,200,000 $ 6,720,000 305,000 $ 3,233,000 $540,000 $ 361,000 Standard Quantity Standard Price (Rate) 8 square foot 0.26 hour 0.26 hour $ 0.63 per square foot $10.50 per hour $ 1.50 per hour 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 (i.e., zero variance). Direct Labor Rate Variance Direct Labor Efficiency Variance Standard Unit Cost $ 5.04 2.73 0.39 0.34

Name: E9-9 (Algo) Calculating Direct Labor Variances [LO 9-4]Parker Plastic
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Description: 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 yearfollows:rintDirect materials (plastic)Direct laborVariable m

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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Jarvis Company uses the total cost concept of applying the cost-plus approach to product pricing. The costs and expenses of producing and selling 35,000 units of Product E are as follows: Variable costs: Direct materials $3.00 Direct labor 1.25 Factory overhead 0.75 Selling and administrative expenses 3.00 Total $8.00 Fixed costs: Factory overhead $50,000 Selling and administrative expenses 20,000 Jarvis desires a profit equal to a 14% rate of return on invested assets of $450,000. a. Determine the amount of desired profit from the production and sale of Product E. $ 63,000 b. Determine the total costs and the cost amount per unit for the production and sale of 35,000 units of Product E. Total manufacturing costs 350,000 V Cost amount per unit 10 c. Determine the markup percentage for Product E. 18 V % d. Determine the selling price of Product E. Round your answer to two decimal places.
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The following standards for variable manufacturing overhead have been established for a company that makes only one product: Standard hours per unit of output Standard variable overhead rate The following data pertain to operations for the last month: Actual hours Actual total variable manufacturing overhead cost Actual output What is the variable overhead efficiency variance for the month? Multiple Choice $13,985 U $13,325 U $660 U 6.6 hours $ 13.00 per hour $21,450 F 2,675 hours $ 35,435 250 units
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