P 12-9: Healing Touch Healing Touch manufactures massage chairs with the following standard cost structure: Standard Cost Sheet: Massage Chair 6 m @ $3 2 sq m @ $7 3 kg @ $4 4 hr@ $15 Metal tubing Leather Padding Direct labor Total cost Metal tubing Leather Padding Direct labor Total standard cost $18.00 14.00 12.00 60.00 $104.00 During the month, 500 chairs are manufactured and the following costs incurred: Actual Costs Incurred for the Month: Massage Chair 3,100 m 1,100 sq m 1,600 kg 1,800 hr $ 9,455 7,722 6,560 27,270 $51,007 Required: a. Calculate all materials and labor variances (including price, quantity, wage rate, and labor efficiency variances). b. Write a short report summarizing and analyzing the manufacturing operations for the month.

P 12-9: Healing Touch Healing Touch manufactures massage chairs with the following standard cost structure: Standard Cost Sheet: Massage Chair 6 m @ $3 2 sq m @ $7 3 kg @ $4 4 hr@ $15 Metal tubing Leather Padding Direct labor Total cost Metal tubing Leather Padding Direct labor Total standard cost $18.00 14.00 12.00 60.00 $104.00 During the month, 500 chairs are manufactured and the following costs incurred: Actual Costs Incurred for the Month: Massage Chair 3,100 m 1,100 sq m 1,600 kg 1,800 hr $ 9,455 7,722 6,560 27,270 $51,007 Required: a. Calculate all materials and labor variances (including price, quantity, wage rate, and labor efficiency variances). b. Write a short report summarizing and analyzing the manufacturing operations for the month.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 5PB: Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units...

See similar textbooks

Similar questions

Please do not give solution in image format thanku
Standard Product Cost Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: $22.00 per hr. 2.5 hrs. $9.00 per bd. ft. 20 bd. ft. $2.40 per direct labor hr. $1.20 per direct labor hr. standard rate standard time per unit standard price standard quantity Variable factory overhead: standard rate Fixed factory overhead: standard rate a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. S per table Direct materials (oak): b. A standard cost system provides Atlas Furniture Company's management a cost control tool using the principle of corrected. F Using this principle, cost deviations from standards can be investigated and
Standard Product Cost Designer Furniture Company manufactures designer home furniture. Designer Furniture uses a standard cost system. The direct labor, direct materials, and factory overhead standards for a finished dining room table are as follows: Direct labor: Direct materials (oak): Variable factory overhead: Fixed factory overhead: standard rate standard time per unit standard price standard quantity standard rate standard rate $17.00 per hr. 2.00 hrs. $8.50 per bd. ft. 17 bd. ft. $3.20 per direct labor hr. $1.20 per direct labor hr. a. Determine the standard cost per dining room table. Round to two decimal places. per table b. A standard cost system provides the company's management a cost control tool using the principle of management by exception ✓. Using this principle, major deviations from standards can be investigated and corrected. ✓ cost
Standard Product Cost Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standard an unfinished dining room table are as follows: Direct labor: standard rate $20.00 per hr. standard time per unit 3.5 hrs. Direct materials (oak): standard price $10.00 per bd. ft. standard quantity 16 bd. ft. standard rate $3.20 per direct labor hr. Variable factory overhead: standard rate $1.20 per direct labor hr. Fixed factory overhead: a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. per table Using this principle, major b. A standard cost system provides Atlas Furniture Company's management a cost control tool using the principle of cost control cost deviations from standards can be investigated and corrected.
Standard Cost Journal Entries Bellingham Company produced 4,400 units that require eight standard pounds per unit at a $8 standard price per pound. The company actually used 36,300 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.
Saved Help Save & Exit Check my w Incoming material inspection In-process inspection Product certification Type of material Number of units Per order $11.50 per type 0.14 per unit 77.00 per order 12 types 17,500 units 25 orders Required: 1. Calculate the monthly quality-control cost to be assigned to the Satin Sheen product line under each of the following product- costing systems. a. Traditional system, which assigns overhead on the basis of direct-labor cost. b. Activity-based costing. 2. Does the traditional product-costing system overcost or undercost the Satin Sheen product line with respect to quality-control costs? By what amount? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Does the traditional product-costing system overcost or undercost the Satin Sheen product line with respect to quality-control costs? By what amount? (Round intermediate calculations to the nearest whole dollar.) Traditional system by
Standard Product Cost Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $15.00 per hr. standard time per unit 4 hrs. Direct materials (oak): standard price $12.50 per bd. ft. standard quantity 15 bd. ft. Variable factory overhead: standard rate $3.20 per direct labor hr. Fixed factory overhead: standard rate $0.80 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. per table Using b. A standard cost system provides Atlas Furniture Company's management a cost control tool using the principle of management by exception this principle, major cost deviations from standards can be investigated and corrected.
Standard Product Cost Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $18.00 per hr. standard time per unit 4 hrs. Direct materials (oak): standard price $12.50 per bd. ft. standard quantity 18 bd. ft. Variable factory overhead: standard rate $2.40 per direct labor hr. Fixed factory overhead: standard rate $0.80 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. per table
Standard Product Cost Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: standard rate Direct labor: $24.00 per hr. 4 hrs standard time per unit Direct materials (oak) standard price $10.50 per bd. ft. 20 bd. ft standard quantity $2.40 per direct labor hr. Variable factory overhead: standard rate Fixed factory overhead: standard rate $1.20 per direct labor hr a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. per table .Using this principle, b. A standard cost system provides Atlas Furniture Company's management a cost control tool using the principle of cost deviations from standards can be investigated and corrected.
Standard Product Cost Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $23.00 per hr. standard time per unit 4 hrs. Direct materials (oak): standard price $8.00 per bd. ft. standard quantity 20 bd. ft. Variable factory overhead: standard rate $2.40 per direct labor hr. Fixed factory overhead: standard rate $1.20 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places.$per table
Wrappers Tape makes two products: Simple and Removable. It estimates it will produce 369,991 units of Simple and 146,100 of Removable, and the overhead for each of its cost pools is as follows: It has also estimated the activities for each cost driver as follows: Â How much is the overhead allocated to each unit of Simple and Removable?
Standard Product Cost Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $28.00 per hr. standard time per unit 5.0 hrs. Direct materials (oak): standard price $12.00 per bd. ft. standard quantity 18 bd. ft. Variable factory overhead: standard rate $2.00 per direct labor hr. Fixed factory overhead: standard rate $3.80 per direct labor hr. a. Determine the standard cost per dining room table.