Last month, Bugsby Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control. FE(Click the icon to view the table.) Complete the following table. (Round your answers to two decimal places.) Direct materials information Standard pounds per unit Standard price per pound Actual quantity purchased and used per unit Actual price paid for material per pound Direct materials price variance Direct materials quantity variance Total direct material variance Number of units produced $ $ $ $ Medium speed bump 10 1.00 1.80 1.280 U 400 F 200 S speed bump $ $ $ Large 1.50 12 2.30 2,880 U 2,430 U 300 Data table Direct materials information Standard pounds per unit. Standard price per pound.. Actual quantity purchased and used per unit Actual price paid for material per pound.. Direct materials price variance.. Direct materials quantity variance. Total direct material variance.. Number of units produced Print Medium speed Large speed bump bump $ $ C Done 10 1.00 $ ? 1.80 $ $1,280 U $400 F ? 200 ? 1.50 12 2.30 $2,880 U ? $2,430 U 300 X

Last month, Bugsby Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control. FE(Click the icon to view the table.) Complete the following table. (Round your answers to two decimal places.) Direct materials information Standard pounds per unit Standard price per pound Actual quantity purchased and used per unit Actual price paid for material per pound Direct materials price variance Direct materials quantity variance Total direct material variance Number of units produced $ $ $ $ Medium speed bump 10 1.00 1.80 1.280 U 400 F 200 S speed bump $ $ $ Large 1.50 12 2.30 2,880 U 2,430 U 300 Data table Direct materials information Standard pounds per unit. Standard price per pound.. Actual quantity purchased and used per unit Actual price paid for material per pound.. Direct materials price variance.. Direct materials quantity variance. Total direct material variance.. Number of units produced Print Medium speed Large speed bump bump $ $ C Done 10 1.00 $ ? 1.80 $ $1,280 U $400 F ? 200 ? 1.50 12 2.30 $2,880 U ? $2,430 U 300 X

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Description: Last month, Bugsby Corporation purchased and used the same quantity of material in producing its product, speed bumps for traffic control.FE(Click the icon to view the table.)Complete the following table.(Round your answers to two decimal places.)Di

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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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 1. Materials price variance 1. Materials quantity variance Standard Quantity or Hours 7.80 pounds 0.30 hours 2. Labor rate variance 2. Labor efficiency variance Standard Price or Rate $ 2.50 per pound $ 6.00 per hour Standard Cost During the most recent month, the following activity was recorded: a. 9,300.00 pounds of material were purchased at a cost of $2.20 per pound. b. All of the material purchased was used to produce 1,000 units of Zoom. c. 200 hours of direct labor time were recorded at a total labor cost of $1,400. Required: 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 effect (i.e.,…
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Subject: acounting