First Trax Company manufactures snowboards. Its standard cost information follows. Direct materials (fiberglass) Direct labor Standard Quantity 12 square feet 5 hours Variable manufacturing overhead (25% of direct labor cost) Fixed manufacturing overhead ($60,000 = 500 units) First Trax has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass purchased and used Cost of fiberglass purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 5 hours Standard Price (Rate) $6 per square feet $ 16 per hour $4 per hour 600 7,800 $ 42,900 2,700 $ 40,500 $ 12,600 $ 62,000 Required: 1. Calculate the direct materials price, quantity, and total spending variances for First Trax 2. Calculate the direct labor rate, efficiency, and total spending variances for First Trax. 3. Calculate the variable overhead rate, efficiency, and total spending variances for First Trax. Standard Unit Cost $ 72.00 80.00 20.00 120.00

First Trax Company manufactures snowboards. Its standard cost information follows. Direct materials (fiberglass) Direct labor Standard Quantity 12 square feet 5 hours Variable manufacturing overhead (25% of direct labor cost) Fixed manufacturing overhead ($60,000 = 500 units) First Trax has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass purchased and used Cost of fiberglass purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 5 hours Standard Price (Rate) $6 per square feet $ 16 per hour $4 per hour 600 7,800 $ 42,900 2,700 $ 40,500 $ 12,600 $ 62,000 Required: 1. Calculate the direct materials price, quantity, and total spending variances for First Trax 2. Calculate the direct labor rate, efficiency, and total spending variances for First Trax. 3. Calculate the variable overhead rate, efficiency, and total spending variances for First Trax. Standard Unit Cost $ 72.00 80.00 20.00 120.00

Name: First Trax Company manufactures snowboards. Its standard cost informa
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Description: First Trax Company manufactures snowboards. Its standard cost information follows.Direct materials (fiberglass)Direct laborStandard Quantity12 square feet5 hoursVariable manufacturing overhead (25% of directlabor cost)Fixed manufacturing overhead ($

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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