Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Direct materials Direct labor Standard Quantity or Hours 6.50 pounds 0.50 hours Materials price variance Materials quantity variance During the most recent month, the following activity was recorded: a. Twelve thousand six hundred pounds of material were purchased at a cost of $2.40 per pound. b. The company produced only 1,260 units, using 11,340 pounds of material. (The rest of the material purchased remained in raw materials inventory.) c. 730 hours of direct labor time were recorded at a total labor cost of $8,760. Standard Price or Rate: $ 2.50 per pound $ 11.50 per hour 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 (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. $ $ Standard Cost $ 16.25- $ 5.75 1,260 F (7.875) U

Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Direct materials Direct labor Standard Quantity or Hours 6.50 pounds 0.50 hours Materials price variance Materials quantity variance During the most recent month, the following activity was recorded: a. Twelve thousand six hundred pounds of material were purchased at a cost of $2.40 per pound. b. The company produced only 1,260 units, using 11,340 pounds of material. (The rest of the material purchased remained in raw materials inventory.) c. 730 hours of direct labor time were recorded at a total labor cost of $8,760. Standard Price or Rate: $ 2.50 per pound $ 11.50 per hour 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 (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations. $ $ Standard Cost $ 16.25- $ 5.75 1,260 F (7.875) U

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Description: Please do not give solution in image format thanku Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards forone unit of Zoom are given below:Standard Quantityor Hours6.50 pounds0.50 hoursDuring the

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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