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Karyn Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket: E (Click the icon to view the standards.) Actual results from last month's production of 2,100 blankets are as follows: E (Click the loon to vlew the actual results.) Read the requirements. Requirements 1. What is the standard direct material cost for one blanket? 2. What is the actual cost per yard of fabric purchased? Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cent.) 3. Calculate the direct material price and quantity variances.

Karyn Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket: E (Click the icon to view the standards.) Actual results from last month's production of 2,100 blankets are as follows: E (Click the loon to vlew the actual results.) Read the requirements. Requirements 1. What is the standard direct material cost for one blanket? 2. What is the actual cost per yard of fabric purchased? Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cent.) 3. Calculate the direct material price and quantity variances.

FINANCIAL ACCOUNTING
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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Karyn Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket: E (Click the icon to view the standards.) Actual results from last month's production of 2,100 blankets are as follows: E (Click the lcon to view the actual results.) Read the requirements. Requirements 1. What is the standard direct material cost for one blanket? Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cent.) 2. What is the actual cost per yard of fabric purchased? 3. Calculate the direct material price and quantity variances. 4. What is the standard direct labor cost for one blanket? 5. What is the actual direct labor cost per hour? 6. Calculate the direct labor rate and efficiency variances. 7. Analyze Bach variance and speculate as to what may have caused that The standard direct material cost for one blanket is - X Cost standards for the blanket Data table variance. 8. Look at all four variances together (the big picture). How might they all be related? What variance is very likely to have caused the other variances? Direct materials (fabric) 4.0 yards per blanket at $9.00 per yard Direct labor. 1.5 direct labor hours per blanket at $14.00 per hour Print Done Data table Actual Results Actual cost of 9,450 yards of direct material (fabric) purchased. $ 80,325 Actual yards of direct material (fabric) used 8,800 ................ Actual wages for 3,260 hours worked **...................S 43,684
Transcribed Image Text:Karyn Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket: E (Click the icon to view the standards.) Actual results from last month's production of 2,100 blankets are as follows: E (Click the lcon to view the actual results.) Read the requirements. Requirements 1. What is the standard direct material cost for one blanket? Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cent.) 2. What is the actual cost per yard of fabric purchased? 3. Calculate the direct material price and quantity variances. 4. What is the standard direct labor cost for one blanket? 5. What is the actual direct labor cost per hour? 6. Calculate the direct labor rate and efficiency variances. 7. Analyze Bach variance and speculate as to what may have caused that The standard direct material cost for one blanket is - X Cost standards for the blanket Data table variance. 8. Look at all four variances together (the big picture). How might they all be related? What variance is very likely to have caused the other variances? Direct materials (fabric) 4.0 yards per blanket at $9.00 per yard Direct labor. 1.5 direct labor hours per blanket at $14.00 per hour Print Done Data table Actual Results Actual cost of 9,450 yards of direct material (fabric) purchased. $ 80,325 Actual yards of direct material (fabric) used 8,800 ................ Actual wages for 3,260 hours worked **...................S 43,684
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