Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below. Standard Quantity or Hours 5.60 pounds 0.40 hours During the most recent month, the following activity was recorded: a. Ten thousand eight hundred pounds of material were purchased at a cost of $2.90 per pound. b. The company produced only 1,080 units, using 9,720 pounds of material. (The rest of the material purchased remained in raw materials inventory) c. 532 hours of direct labor time were recorded at a total labor cost of $6,384. Direct materials Direct labor Standard Price or Rate Standard Cost $3.00 per pound $7.00 per hour Materials price variance Materials quantity vanance 116.80 $2.00 Required: Compute the materials price and quantity variances for the month. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.

Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below. Standard Quantity or Hours 5.60 pounds 0.40 hours During the most recent month, the following activity was recorded: a. Ten thousand eight hundred pounds of material were purchased at a cost of $2.90 per pound. b. The company produced only 1,080 units, using 9,720 pounds of material. (The rest of the material purchased remained in raw materials inventory) c. 532 hours of direct labor time were recorded at a total labor cost of $6,384. Direct materials Direct labor Standard Price or Rate Standard Cost $3.00 per pound $7.00 per hour Materials price variance Materials quantity vanance 116.80 $2.00 Required: Compute the materials price and quantity variances for the month. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.

Name: Abhaliya Huron Company produces a cleaning compound known as Zoom. The
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Description: Abhaliya Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoomare given below.Standard Quantity orHours5.60 pounds0.40 hoursDuring the most recent month, the following activity

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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