Crystal Charm Company makes handcrated silver charms that atach to jeweiry such as a necklace or bracelet. Each charm is adomedwith two crystals of varlous colors Standard costs foilowandard andant Fries anaOantity.35 os 22.00 per e.4.00AN Cost11.101.4016.30CryatalsDreet labor 1.50 hes. i.00 per he.0.35 eryatalDuring the month of January. Crystal Charm made 1,520 charms. The company used 507 ounces of silver otal cost of $IL66n and6,130 crystais (total cost of $2.022 90), and paid for 2.430 actual direct labor hours (cost of $25,515.00)Required:1. Calculate Crystal Charm's direct materials variances for silver and crystals for the month of January2. Calculate Crystal Charm's direct labor variances for the month of JanuaryComplete this question by entering your answers in the tabs below.Required 1Required 2Calculate Crystal Charm's direct labor variances for the month of January. (Round your intermediate calculations and finalanswers to 2 decimal places. Indicate the effect of each vartance by selecting for favorable, U for unfavorabie, andNone for no effect (e zero variance))Direct Labor Rate VarianceDirect Labor Efficency Variance( Raquired 1

Name: Crystal Charm Company makes handcrated silver charms that atach to je
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Crystal Charm Company makes handcrated silver charms that atach to jeweiry such as a necklace or bracelet. Each charm is adomedwith two crystals of varlous colors Standard costs foilowandard andant Fries anaOantity.35 os 22.00 per e.4.00AN Cost11.10

The answer has been mentioned below.

Business

Accounting

he. 34.30 anuary Crystal Charm made 1520 charms. The company used S07 ounces t of $2.022 90) and paid for 2430 actual direct labor hours (cost of $255t rm's direct materials variances for silver and crystals for the month of Janu arm's direct labor variances for the month of January tion by entering your answers in the tabs below. s direct labor variances for the month of January. (Round your intermediate e laces. Indicate the effect of each variance by selecting for favorable, fe zero variance)

he. 34.30 anuary Crystal Charm made 1520 charms. The company used S07 ounces t of $2.022 90) and paid for 2430 actual direct labor hours (cost of $255t rm's direct materials variances for silver and crystals for the month of Janu arm's direct labor variances for the month of January tion by entering your answers in the tabs below. s direct labor variances for the month of January. (Round your intermediate e laces. Indicate the effect of each variance by selecting for favorable, fe zero variance)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

During March 2022, Vaughn Tool & Die Company worked on four jobs. A review of direct labor costs reveals the following summary data. Actual Standard Job Number Hours Costs Hours Costs Total Variance A257 220 $5,500 226 $5,650 $150 F A258 470 13,160 450 11,250 1,910 U A259 320 8,320 318 7,950 370 U A260 100 2,400 92 2,300 100 U Total variance $2,230 U Analysis reveals that Job A257 was a repeat job. Job A258 was a rush order that required overtime work at premium rates of pay. Job A259 required a more experienced replacement worker on one shift. Work on Job A260 was done for one day by a new trainee when a regular worker was absent.Prepare a report for the factory supervisor on direct labor cost variances for March.
Power Co.'s labor information for June is as follows: Direct labor hours worked 67,000 Standard labor hours for units manufactured 70,000 Unfavorable direct labor rate variance $26,800 Total payroll for labor $824,100 A. What was the actual labor rate per hour? Round your answer to two decimal places. Actual labor rate $fill in the blank 1 per hour B. What was the standard labor rate per hour? Round your answer to two decimal places. Standard labor rate $fill in the blank 2 per hour C. What was the total standard labor cost for units produced in June? Total standard labor cost $fill in the blank 3 D. What was the direct labor time variance for June? Direct labor rate variance $fill in the blank 4
Sheffield Company's standard materials cost per unit of output is $8.20 (2.00 pounds x $4.10). During July, the company purchases and uses 2,700 pounds of materials costing $14,580 in making 1,500 units of finished product. Compute the total, price, and quantity materials variances. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.) Total materials variance $ Materials price variance Materials quantity variance $ %24 %24
Power Co.'s labor information for June is as follows: Direct labor hours worked 69,100 Standard labor hours for units manufactured 72,000 Unfavorable direct labor rate variance $24,185 Total payroll for labor $839,565 A. What was the actual labor rate per hour? Round your answer to two decimal places. Actual labor rate $ per hour B. What was the standard labor rate per hour? Round your answer to two decimal places. Standard labor rate $ per hour C. What was the total standard labor cost for units produced in June? Total standard labor cost $ D. What was the direct labor time variance for June? Direct labor rate variance $
Simba Company's standard materials cost per unit of output is $9.00 (2.00 pounds x $4.50). During July, the company purchases and uses 3,080 pounds of materials costing $16,632 in making 1,400 units of finished product. Compute the total, price, and quantity materials variances. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.) Total materials variance $ Materials price variance $ Materials quantity variance $ %24 %24
A manufactured product has the following information for June. Standard Quantity and Coat 7 pounds 3 DLH 58 per pound 3 DLH Direct materials Direct labor Overhead Unita manufactured AH Actual Hours SH Standard Hours AR Actual Rate. SR Standard Rate $16 per DLH $11 per DL Actual Cost Actual Resulta 50,900 pounds 21,200 hours $ 243,000 7,200 unita Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour answers to 2 decimal places.) $8.20 per pound $16.60 per hour Standard Cost
Finch Car Wash, Incorporated expected to wash 1,000 cars during the month of August. Washing each car was expected to require 0.2 hour of labor. The company actually used 216 hours of labor to wash 930 cars. The labor usage variance was $540 unfavorable. Required e. Determine the standard labor price. b. If the actual labor rate is $13, calculate the labor price variance and indicate whether it would be favorable (F) or unfavorable (U). Note: Select "None" if there is no effect (i.e., zero variance). a Standard labor price. b. Total labor price variance
Information on Skymaster Company’s direct labor costs for the month of January follows: Actual direct labor rate $7.50 Standard direct labor hours allowed 11,000 Actual direct labor hours 10,000 Direct labor rate variance—favorable $5,500 What was the standard hourly direct labor rate in effect for the month of January?
Please do not proviede answer in image formate thank you. Information regarding Maxwell’s direct labor cost for the month of January follows: Direct labor hourly rate paid $ 29.70 Total standard direct labor hours for units produced this period 12,200 Direct labor hours actually worked 12,000 Direct labor rate variance $ 17,200 favorable Required: 1. Compute the standard direct labor wage rate per hour in January. (Round your answer to 2 decimal places.) 2. Compute the direct labor efficiency variance for January. Was this variance favorable or unfavorable? (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.)
Compute direct materials variances. BE11.4 (LO 2), AP Simba Company's standard materials cost per unit of output is $10 (2 pounds x $5). During July, the company purchases and uses 3,200 pounds of materials costing $16,192 in making 1,500 units of finished product. Compute the total, price, and quantity materials variances. Compute direct labor variances. utput is $20 (3 hours Su nor hour). During August the
Alpine Productions uses a standard cost system for recording transactions. Alpine reported the following data for the year ended December 31:Sales revenues: $800,000Cost of goods sold (standard costing): $382,000Selling & administrative expenses: $105,000Variances: Sales revenue variance $4100 F Direct materials cost variance 30 U Direct materials efficiency variance 300 F Direct labor cost variance 65 U Direct labor efficiency variance 10 F Variable overhead cost variance 300 U Variable overhead efficiency variance 80 F Fixed overhead cost variance 430 U Fixed overhead volume variance 100 F What is the net operating income on a standard cost income statement? Group of answer choices $312,665 $421,765 $316,765 $313,000
X Paradise Corporation has determined a standard labor cost per unit of $28 (0.50 hours $56 per hour). Last month, Paradise incurred 982 direct labor hours, for which it paid $27,005. The company produced and sold 2,750 units during the month. Required: Calculate the direct labor rate, efficiency, and spending variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero variance). Round your intermediate calculations to 2 decimal places. Answer is complete but not entirely correct. $ 491 1,104 F F 4,995 F Direct Labor Rate Variance Direct Labor Efficiency Variance Total Direct Labor Spending Variance $ $