Homework Help is Here – Start Your Trial Now!
Business
Accounting
Lenni Clothing Co. manufactures clothing in a small manufacturing facility. Manufacturing has 25 employees. Each employee presently provides 40 hours of productive labor per week. Information about a production week is as follows: $12.00 12 min. 5.0 yds. $5.00 $5.10 Standard wage per hr. Standard labor time per unit Standard number of yds, of fabric per unit Standard price per yd. of fabric Actual price per yd. of fabric Actual yds, of fabric used during the week Number of units produced during the week Actual wage per hr. Actual hrs, for the week Required: 26,200 yds 5,220 $11.80 1,000 hrs. a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places, DO Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the price variance, quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number, Price variance Quantity variance Total direct materials cost variance

Lenni Clothing Co. manufactures clothing in a small manufacturing facility. Manufacturing has 25 employees. Each employee presently provides 40 hours of productive labor per week. Information about a production week is as follows: $12.00 12 min. 5.0 yds. $5.00 $5.10 Standard wage per hr. Standard labor time per unit Standard number of yds, of fabric per unit Standard price per yd. of fabric Actual price per yd. of fabric Actual yds, of fabric used during the week Number of units produced during the week Actual wage per hr. Actual hrs, for the week Required: 26,200 yds 5,220 $11.80 1,000 hrs. a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places, DO Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the price variance, quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number, Price variance Quantity variance Total direct materials cost variance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question

Please do not give solution in image format thanku 

Standard number of yds, of fabric per unit Standard price per yd. of fabric Actual price per yd. of fabric Actual yds, of fabric used during the week Number of units produced during the week Actual wage per hr. Actual hrs. for the week Required: 5.0 yds. $5.00 $5.10 26,200 yds. 5,220 $11.80 1,000 hrs. a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the price variance, quantity variance, and tot direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance Quantity variance Total direct materials cost variance c. Determine the rate variance, time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance Time variance Total direct labor cost variance
Transcribed Image Text:Standard number of yds, of fabric per unit Standard price per yd. of fabric Actual price per yd. of fabric Actual yds, of fabric used during the week Number of units produced during the week Actual wage per hr. Actual hrs. for the week Required: 5.0 yds. $5.00 $5.10 26,200 yds. 5,220 $11.80 1,000 hrs. a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the price variance, quantity variance, and tot direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance Quantity variance Total direct materials cost variance c. Determine the rate variance, time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance Time variance Total direct labor cost variance
Direct Materials and Direct Labor Variance Analysis Lenni Clothing Co. manufactures clothing in a small manufacturing facility. Manufacturing has 25 employees. Each employee presently provides 40 hours of productive labor per week. Information about a production week is as follows: Standard wage per hr. Standard labor time per unit Standard number of yds, of fabric per unit Standard price per yd. of fabric Actual price per yd. of fabric Actual yds, of fabric used during the week Number of units produced during the week Actual wage per hr. Actual hrs, for the week. Required: $12.00 12 min. 5.0 yds. $5.00 $5.10 26,200 yds. 5,220 $11.80 1,000 hrs. a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the price variance, quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number, Price variance Quantity variance OQ Total direct materials cost variance Determine the rate variance, time variance and total direct lahor enek variance Entor a favorable scarianen.ac.a.nenatis number eine minue rion and an
Transcribed Image Text:Direct Materials and Direct Labor Variance Analysis Lenni Clothing Co. manufactures clothing in a small manufacturing facility. Manufacturing has 25 employees. Each employee presently provides 40 hours of productive labor per week. Information about a production week is as follows: Standard wage per hr. Standard labor time per unit Standard number of yds, of fabric per unit Standard price per yd. of fabric Actual price per yd. of fabric Actual yds, of fabric used during the week Number of units produced during the week Actual wage per hr. Actual hrs, for the week. Required: $12.00 12 min. 5.0 yds. $5.00 $5.10 26,200 yds. 5,220 $11.80 1,000 hrs. a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the price variance, quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number, Price variance Quantity variance OQ Total direct materials cost variance Determine the rate variance, time variance and total direct lahor enek variance Entor a favorable scarianen.ac.a.nenatis number eine minue rion and an
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Performance measurements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS