8 Fixed cost, $4.40Each unit requires 0.25 hour of direct labor.Required:$89,540 fixed costa. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negativenumber using a minus sign and an unfavorable variance as a positive number.Direct Materials Price VarianceDirect Materials Quantity VarianceTotal Direct Materials Cost Varianceb. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using aminus sign and an unfavorable variance as a positive number.Direct Labor Rate VarianceDirect Labor Time VarianceTotal Direct Labor Cost Variancec. Determine the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. Enter a favorablevariance as a negative number using a minus sign and an unfavorable variance as a positive number.Variable factory overhead controllable varianceFixed factory overhead volume varianceTotal factory overhead cost varianceAccounting numeric field Direct Materials, Direct Labor, and Factory Overhead Cost Variance AnalysisMackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for themanufacture of 78,000 units of product were as follows:Standard CostsDirect materialsDirect laborFactory overhead218,400 lbs. at $5.4019,500 hrs. at $17.00Rates per direct labor hr.,based on 100% of normalcapacity of 20,350 directlabor hrs.:Variable cost, $2.80Fixed cost, $4.40Each unit requires 0.25 hour of direct labor.Required:Actual Costs216,200 lbs. at $5.3019,950 hrs. at $17.40$54,050 variable cost$89,540 fixed costa. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negativenumber using a minus sign and an unfavorable variance as a positive number.Direct Materials Price VarianceDirect Materials Quantity VarianceTotal Direct Materials Cost Variance

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Description: 8 Fixed cost, $4.40Each unit requires 0.25 hour of direct labor.Required:$89,540 fixed costa. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a

Answer to Question (a):- Direct Materials Price Variance = (Std Price - Actual Price)*Actual Qty…

Business

Accounting

Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 78,000 units of product were as follows: Standard Costs Direct materials Direct labor Factory overhead 218,400 lbs. at $5.40 19,500 hrs. at $17.00 Rates per direct labor hr., based on 100% of normal capacity of 20,350 direct labor hrs.: Variable cost, $2.80 Fixed cost, $4.40 Each unit requires 0.25 hour of direct labor. Required: Actual Costs 216,200 lbs. at $5.30 19,950 hrs. at $17.40 $54,050 variable cost $89,540 fixed cost a. Determine the direct materials price variance, direct materials quantity variance, and total number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance irect materials cost variance. Enter a favorable variance as a negative

Mackinaw Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 78,000 units of product were as follows: Standard Costs Direct materials Direct labor Factory overhead 218,400 lbs. at $5.40 19,500 hrs. at $17.00 Rates per direct labor hr., based on 100% of normal capacity of 20,350 direct labor hrs.: Variable cost, $2.80 Fixed cost, $4.40 Each unit requires 0.25 hour of direct labor. Required: Actual Costs 216,200 lbs. at $5.30 19,950 hrs. at $17.40 $54,050 variable cost $89,540 fixed cost a. Determine the direct materials price variance, direct materials quantity variance, and total number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance irect materials cost variance. Enter a favorable variance as a negative

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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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
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