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 Standard Price or Standard Quantity or Mours 6.90 pounds 0.50 hours Rate $ 2.50 per pound $ 13.50 per hour Cost Direct materials Direct labor $ 17.25 $ 6.75 During the most recent month, the following activity was recorded: a. Thirteen thousand four hundred pounds of material were purchased at a cost of $2.40 per pound. b. The company produced only 1,340 units, using 12,060 pounds of material. (The rest of the material purchased remained i materials inventory.) c. 770 hours of direct labor time were recorded at a total labor cost of $9,240. Required: Compute the materials price and quantity variances for the month. (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.) Materials price variance Materials quantity variance

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 Standard Price or Standard Quantity or Mours 6.90 pounds 0.50 hours Rate $ 2.50 per pound $ 13.50 per hour Cost Direct materials Direct labor $ 17.25 $ 6.75 During the most recent month, the following activity was recorded: a. Thirteen thousand four hundred pounds of material were purchased at a cost of $2.40 per pound. b. The company produced only 1,340 units, using 12,060 pounds of material. (The rest of the material purchased remained i materials inventory.) c. 770 hours of direct labor time were recorded at a total labor cost of $9,240. Required: Compute the materials price and quantity variances for the month. (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.) Materials price variance Materials quantity variance

Name: Huron Company produces a commercial cleaning compound known as Zoom.
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for oneunit of Zoom are given below:StandardQuantity orStandard Price orStandardHoursRateCostDirect materialsDirect labor6.90 pounds

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

Chenango Industries uses 12 units of part JR63 each month in the production of radar equipment. The cost of manufacturing one unit of JR63 is the following: 5 4,000 Direct naterial Material handling (20x of direct-naterial cost) Direct labor Manufarturing overhead (150% of direct labor) 39,000 S8,500 Total manufacturing cost $102, 300 Material handling represents the direct variable costs of the Recelving Department that are applied to direct materials and purchased components on the basis of their cost. This is a separate charge in addition to manufacturing overhead. Chenango Industries' annual manufacturing overhead budget is one-third variable and two thirds fixed. Scott Supply, one of Chenango Industries' reliable vendors. has offered to supply part number JR63 at a unit price of $64,000.
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 7.10 pounds 0.20 hours Standard Price or Rate $ 1.80 per pound $ 12.00 per hour During the most recent month, the following activity was recorded: a. 19,250.00 pounds of material were purchased at a cost of $1.70 per pound. b. All of the material purchased was used to produce 2,500 units of Zoom. c. 400 hours of direct labor time were recorded at a total labor cost of $5,200. Required: 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance Standard Cost $ 12.78 $ 2.40 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. Note: For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no…
Do not provide answer in image format
Sah
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: Direct materials Direct labor Standard Quantity or Hours 4.6 pounds 0.2 hours Rate $ 2.50 per pound $18.00 per hour During the most recent month, the following activity was recorded: a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound. b. The company produced only 3,000 units, using 14,750 pounds of material. (The rest of the material purchased remained in raw materials inventory.) c. 750 hours of direct labor time were recorded at a total labor cost of $14,925. Standard Price or Materials price variance Materials quantity variance Required: Compute the materials price and quantity variances for the month. (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.) Answer is complete but…
None
Cop
The direct materials and direct labour standards for one bottle of Clean-All spray cleaner are given below: Standard Quantity or Hours Direct materials Direct labour 7.0 millilitres 0.4 hours Standard Price or Rate $ 0.26 per millilitre $12.00 per hour Standard Cost $1.82 $4.80 During the most recent month, the following activity was recorded: a. 25,000 millilitres of material was purchased at a cost of $0.21 per millilitre. b. All of the material was used to produce 3,000 bottles of Clean-All. c. 750 hours of direct labour time was recorded at a total labour cost of $9,000. Required: 1. Compute the direct materials price and quantity variances for the month. (Indicate the effect of each varlance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (l.e., zero variance).) Materials price variance Materials quantity variance 2. Compute the direct labour rate and efficiency variances for the month. (Indicate the effect of each varlance by selecting "F" for…
ces of The standard cost card for a unit of Product AX at the Cleaning Chemicals Corp. shows the following standard cost information: Materials: 3 gallons at $3 per gallon Labor: 2 hours at $12 per hour Overhead: 80% of direct labor Total $9 24 19 $ 52 During the month of October 20X1, Job O-3 was completed. It was the only job worked on during October. Five thousand two hundred units were produced from the job. The actual costs were as shown below: Materials: 15,800 gallons at $3.10 per gallon Labor: 10,500 hours at $12.10 per hour Actual overhead Total Standard cost of materials Actual cost of materials Total variance for materials $ 48,980 127,050 101,640 $277,670 Required: Calculate the total variance for materials for the month. (Indicate the effect of the variance by selecting "Favorable", "Unfavorable", and "None" for no effect (i.e., zero variance).)
Denger
Linis Company produces a commercial cleaning compound known as Zide. The direct materials and direct labor standards for one unit of Zide are as follows: Standard Qty Standard Price Standard Cost 4.6 lbs P 11.50 7.00 Direct Materials P2.5/lb Direct Labor 0.2 hr 35/ hr During the most recent month, the following activity was recorded: [a] Twenty thousand pounds of material were purchased at a cost of P2.35 per pound. [b] All of the materials purchased was used to produce 4,000 units of Zide. [c] 750 hours of direct labor time were recorded at a total labor cost of P30,375. Compute for the direct labor efficiency variance. Indicate whether favorable or unfavorable.
A 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 Standard Price or Rate Standard Cost Direct materials 5.70 pounds $ 2.50 per pound $ 14.25 Direct labor 0.50 hours $ 7.50 per hour $ 3.75 During the most recent month, the following activity was recorded: Eleven thousand pounds of material were purchased at a cost of $2.40 per pound. The company produced only 1,100 units, using 9,900 pounds of material. (The rest of the material purchased remained in raw materials inventory.) 650 hours of direct labor time were recorded at a total labor cost of $7,800. Required: Compute the materials price and quantity variances for the month.