Direct labor:Direct material:$169,400 for 12,320 hours$178,596 for 270,600 kilogramsRequired:1. Use the variance formulas to compute the direct-material price and quantity variances, the direct-material purchase price variance,and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. (Indicate the effect ofeach variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).)Answer is complete but not entirely correct.Direct-material price varianceDirect-material quantity varianceDirect-material purchase price varianceDirect-labor rate varianceDirect-labor efficiency variance$$$$$10,26011,20015,440 Favorable XUnfavorable ✔Favorable X0X Unfavorable ✓0Unfavorable ✓Exercise 10-25 Computing Standard Direct-Material Cost (LO 10-2)Cayuga Hardwoods produces handcrafted jewelry boxes. A standard-size box requires 13 board feet of hardwood in the finishedproduct. In addition, 7.0 board feet of scrap lumber are normally left from the production of one box. Hardwood costs $14.00 per boardfoot, plus $11.50 in transportation charges per board foot.Required:Compute the standard direct-material cost of a jewelry box. (Do not round intermediate calculations. Round your final answer to 2decimal places.)Answer is complete but not entirely correct.Standard direct-material cost $ 262.50X Exercise 10-22 Straightforward Computation of Variances (LO 10-1, 10-3)Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The followingstandards have been set by the production-engineering staff and the controller.Direct Labor:Quantity, 0.27 hourRate, $13.50 per hourDirect Material:Quantity, 6 kilogramsPrice, $0.64 per kilogramActual material purchases amounted to 290,400 kilograms at $0.660 per kilogram. Actual costs incurred in the production of 44,000units were as follows:Direct labor:Direct material:$169,400 for 12,320 hours$178,596 for 270,600 kilogramsRequired:1. Use the variance formulas to compute the direct-material price and quantity variances, the direct-material purchase price variance,and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. (Indicate the effect ofeach variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).)

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Description: Direct labor:Direct material:$169,400 for 12,320 hours$178,596 for 270,600 kilogramsRequired:1. Use the variance formulas to compute the direct-material price and quantity variances, the direct-material purchase price variance,and the direct-labor r

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Exercise 10-22 Straightforward Computation of Variances (LO 10-1, 10-3) Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 0.27 hour Rate, $13.50 per hour Direct Material: Quantity, 6 kilograms Price, $0.64 per kilogram Actual material purchases amounted to 290,400 kilograms at $0.660 per kilogram. Actual costs incurred in the production of 44,000 units were as follows: Direct labor: Direct material: $169,400 for 12,320 hours $178,596 for 270,600 kilograms Required: 1. Use the variance formulas to compute the direct-material price and quantity variances, the direct-material purchase price variance, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).)

Exercise 10-22 Straightforward Computation of Variances (LO 10-1, 10-3) Saskatewan Can Company manufactures recyclable soft-drink cans. A unit of production is a case of 12 dozen cans. The following standards have been set by the production-engineering staff and the controller. Direct Labor: Quantity, 0.27 hour Rate, $13.50 per hour Direct Material: Quantity, 6 kilograms Price, $0.64 per kilogram Actual material purchases amounted to 290,400 kilograms at $0.660 per kilogram. Actual costs incurred in the production of 44,000 units were as follows: Direct labor: Direct material: $169,400 for 12,320 hours $178,596 for 270,600 kilograms Required: 1. Use the variance formulas to compute the direct-material price and quantity variances, the direct-material purchase price variance, and the direct-labor rate and efficiency variances. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).)

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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Question 3 Owen plc manufactures one product, and the entire product is sold as soon as it is produced. The company operates a standard costing system and analysis of variances is made every month. The standard cost card for a product is as follows. Materials (4 Kg at £4 per Kg) Labour (4 Hours at £5 per hr) Variable overheads (5 hrs at £2 per hr) Fixed overheads (6 hrs at £3 per hr) Budgeted selling price is £80 per unit Budgeted production Budgeted sales There is no opening inventory The actual results are as follows: Sales: 8,400 units for £613,200 Production: 9,900 units Actual costs: Materials (35,464 kg): £163,455 Labour: £ 234,515 Variable overheads: £97,348 Fixed overheads: £ 144,074 £ per Unit 16 20 10 18 £64 8.900 units 8,200 units Required: a) Prepare a flexed budget and calculate the total variances b) Using the data, analyse each of the cost variances: Materials; Labour; Variable Overheads and; Fixed Overheads c) Using data, calculate the Sales price variance and the Sales…
Current Attempt in Progress Blossom Company's standard labor cost of producing one unit of Product DD is 3.40 hours at the rate of $10.50 per hour. During August, 42,900 hours of labor are incurred at a cost of $10.70 per hour to produce 12,400 units of Product DD. (a) Compute the total labor variance. Total labor variance $ (b) Compute the labor price and quantity variances. Labor price variance Labor quantity variance $ (c) $ Labor price variance 16350 Compute the labor price and quantity variances, assuming the standard is 3.6 hours of direct labor at $10.85 per hour. $ Labor quantity variance $ Unfavorable
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