Hart Company made 3,000 bookshelves using 22,000 board feet of wood costing $266,200. The company's direct materials standards for one bookshelf are 8 board feet of wood at $12 per board foot. Compute the direct materials price and quantity variances incurred in manufacturing these bookshelves.
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- Jameson Company produces paper towels. The company has established the following direct materials and direct labor standards for one case of paper towels: During the first quarter of the year, Jameson produced 45,000 cases of paper towels. The company purchased and used 135,700 pounds of paper pulp at 0.38 per pound. Actual direct labor used was 91,000 hours at 12.10 per hour. Required: 1. Calculate the direct materials price and usage variances. 2. Calculate the direct labor rate and efficiency variances. 3. Prepare the journal entries for the direct materials and direct labor variances. 4. Describe how flexible budgeting variances relate to the direct materials and direct labor variances computed in Requirements 1 and 2.Hart company made 3,000...financialA chair company set the following standards: Wood per chair: 7.5 feet. Cost per foot: $4.25. In June, it manufactured 20,000 chairs. The company purchased and used 300,000 feet of wood for $3.42 per foot. Calculate the materials price and efficiency variances.
- Inezza Industries purchased and consumed 72,000 gallons of direct material that was used in the production of 15,000 finished units of product. According to engineering specifications, each finished unit had a manufacturing standard of five gallons. If the material price variance is $7,200U and the material quantity variance is $2,400F, what is the actual price paid for a gallon of direct material?Rosser Company produces a container that requires 4 yards of material per unit. The standard price of one yard of material is $4.50. During the month, 9,500 containers were manufactured using 37,300 yards of material. Required: Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blankCan you answer this accounting question?
- Morocco Desk Co. purchases 6,000 feet of lumber at $6 per foot. The standard price for direct materials is $5. The entry to journalize the purchase and unfavorable direct materials price variance isArlington Corp. has determined a standard direct materials cost per unit of $7.50 (2.5 feet at $3.00 per foot). Last month, Arlington purchased and used 5,000 feet of direct materials, for which it paid $16,000. The company produced and sold 1,950 units during the month. Calculate the direct materials price variance, direct materials quantity variance, and direct materials spending variance.McDaniel Company manufactures 100-pound bags of fertilizer that have the following unit standard costs for direct materials and direct labor: Direct materials (100 lbs. @ $1.00 per lb.) $100.00 Direct labor (0.5 hours at $24 per hour) 12.00 Total standard prime cost per 100-lb. bag $112.00 The following activities were recorded for October: 1,000 bags were manufactured. 95,000 lbs. of materials costing $76,000 were purchased. 102,500 lbs. of materials were used. $12,000 was paid for 475 hours of direct labor. There were no beginning or ending work-in-process inventories. Required: A. Compute the direct materials variances. Materials price variance $fill in the blank 1 Favorable Materials usage variance $fill in the blank 3 Unfavorable B. Compute the direct labor variances. Labor rate variance $fill in the blank 5 Unfavorable Labor efficiency variance $fill in the blank 7 Favorable
- expert of account answerMark Corp. makes a chair with the following standard costs for direct materials and direct labor: Direct materials: 2 meters @ P3.25 per meter P6.50 Direct labor: 0.40 hours @ P12 per hour P4.80 During the month of December, 25,000 units of chairs were produced. The costs related to the production of these chairs were as follows: Direct materials purchased 60,000 meters @ P3.15 per meter Direct materials used in the production 52,500 meters Direct labor 9,875 hours @ P12.20 per hour The standard cost variances for direct materials and direct labor are as follows: Labor Efficiency Variance 124 hours @ P12 per hour 1,500 F Labor Rate Variance 9,875 hours @ PO.20 per hour 1,975 U Material Price Variance 60,000 meters @ PO.10 per meter 6,000 F Material Quantity Variance 2,500 meters @ P3.25 per meter 8,125 U Prepare the journal entries to record the purchased of materials, used of materials and labor incurrence.Boracay Company manufactures desks with vinyl tops. The standard material cost for the vinyl used for Model S desk is P27.00 based on 12 square feet of vinyl at a cost Ph2.25 per square foot. A production of run of 1,000 desks in March resulted in usage of 12,600 square feet of vinyl at a cost of Ph2.00 per square foot, a total cost of Ph 25,200. The usage variance resulting from the above production run was ? Ph 1,200 unfavorable Ph 1,350 unfavorable Ph 1,800 favorable Ph 3,150 favorable