Oyster Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $248 per board. This includes 35 pounds of direct materials, at the budgeted price of $3 per pound, and 11 hours of direct manufacturing labor, at the budgeted rate of $13 per hour. Following are additional data for the month of July: Units completed Direct material purchases Cost of direct material purchases Actual direct manufacturing labor-hours Actual direct manufacturing labor cost Direct materials efficiency variance 5,600 units 230,000 pounds $759,000 43,000 hours $623,500 $ 1,200 F

Oyster Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $248 per board. This includes 35 pounds of direct materials, at the budgeted price of $3 per pound, and 11 hours of direct manufacturing labor, at the budgeted rate of $13 per hour. Following are additional data for the month of July: Units completed Direct material purchases Cost of direct material purchases Actual direct manufacturing labor-hours Actual direct manufacturing labor cost Direct materials efficiency variance 5,600 units 230,000 pounds $759,000 43,000 hours $623,500 $ 1,200 F

Name: There were no beginning inventories.Q. Calculate the direct materials
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Description: There were no beginning inventories.Q. Calculate the direct materials price variance. Oyster Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials anddirect manufacturing labor is $248 per board. This includes 35 po

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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56. When the actual amount of a raw material used in production is greater than the standard amount allowed for the actual output, the journal entry would include: Debit A. Materials Qty. Variance B. Materials Qty. Variance Credit Raw Materials Work in Process Credit c. Raw Materials d. Work in Process Credit Materials Qty. Variance Materials Qty. Variance
The rate variance and total direct labor cost variance were not correct, please re do those calculations.
Please do not give solution in image format thanku
Please do not give solution in image format thanku
Here are the questions from my study material. Question included in the attached image. _________________ What were the price and quantity variances for direct material, respectively? What were the rate and efficiency variances for direct labour, respectively?
a. Direct materials price variance Unfavorable b. Direct materials quantity variance Favorable c. Direct materials cost variance Unfavorable
The standard price for direct materials is used in the calculation of which variances ? Neither the price variance nor the quantity variance The quantity variance but not the price variance Both the price variance and the quantity variance The price variance but not the quantity variance
а. Standard Cost per Unit for Direct Materials and Direct Labor b. Direct Materials Price Variance Wrong Direct Materials Quantity Variance Wrong Total Direct Materials Cost Variance Wrong с. Direct Labor Rate Variance Wrong Direct Labor (Time) Efficiency Variance Wrong Total Direct Labor Cost Variance Wrong
Subject: acounting
nee In which department would an investigation of the materials price variance most likely begin?
"Required 2" looks the save as "Required 1" (pictured).
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