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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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 ($461,000 +922,000 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 S Variable overhead cost Fixed overhead cost 1,160,000 12,000,000 $ 16,800,000 320,000 $ 3,744,000 $ 1,100,000 $377,000 Standard Quantity 12 square foot 0.3 hour Standard Price (Rate) $ 1.45 per square foot $ 11.90 per hour Standard Unit Cost $ 17.40 3.57 0.3 hour $ 2.30 per hour 0.69 0.50 Required: Calculate Parker Plastic's direct materials price and quantity variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for…
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TB MC Qu. 10-180 (Algo) Chhom Corporation makes a product whose ... Chhom Corporation makes a product whose direct labor standards are 0.9 hours per unit and $24 per hour. In November the company produced 7,150 units using 5,935 direct labor-hours. The actual direct labor cost was $124,635. The labor efficiency variance for November is: