Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for on unit of Zoom are given below: Standard Quantity or Direct materials Direct labor Hours 5.40 pounds 0.40 hours Standard Price or Rate Standard Cost $3.00 per pound $0.00 per hour $ 16.20 $2.40 During the most recent month, the following activity was recorded a. Ten thousand four hundred pounds of material were purchased at a cost of $2.90 per pound. b. The company produced only 1,040 units, using 9,360 pounds of material. (The rest of the material purchased remained in raw materials inventory) c. 516 hours of direct labor time were recorded at a total tabor cost of $6.192. Required: Compute the materials price and quantity variances for the month (Indicete the effect of each veriance by selecting F for favorable, "U" for unfavorable, and "None" for no effect (ie, zero veriance). Input all amounts as positive velues. Do not round intermediate calculations.) Materials price variance Materials quantity variance

Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for on unit of Zoom are given below: Standard Quantity or Direct materials Direct labor Hours 5.40 pounds 0.40 hours Standard Price or Rate Standard Cost $3.00 per pound $0.00 per hour $ 16.20 $2.40 During the most recent month, the following activity was recorded a. Ten thousand four hundred pounds of material were purchased at a cost of $2.90 per pound. b. The company produced only 1,040 units, using 9,360 pounds of material. (The rest of the material purchased remained in raw materials inventory) c. 516 hours of direct labor time were recorded at a total tabor cost of $6.192. Required: Compute the materials price and quantity variances for the month (Indicete the effect of each veriance by selecting F for favorable, "U" for unfavorable, and "None" for no effect (ie, zero veriance). Input all amounts as positive velues. Do not round intermediate calculations.) Materials price variance Materials quantity variance

Name: Huron Company produces a commercial cleaning compound known as Zoom.
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Description: Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below:| | Standard Quantity or Hours | Standard Price or Rate | Standard Cost

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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