Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:StandardStandardQuantity12 sq ft.0.25 hr.Standard Price (Rate) Unit Cost$ 1.00 per sq. ft.$12.80 per hr.Direct materials (plastic)$ 12.00Direct labor3.20Variable manufacturing overhead(based on direct labor hours)Fixed manufacturing overhead $559, 200+ 932,000 units)0.25 hr.$ 2.00 per hr.0.500.60Parker Plastic had the following actual results for the past year:Number of units produced and soldNumber of square feet of plastic usedCost of plastic purchased and usedNumber of labor hours workedDirect labor costVariable overhead costFixed overhead cost1,260,00012,500,000$ 11,250,000330,000$ 4,026,000$ 1,480,00024387,000Required:Calculate Parker Plastic's direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect ofeach variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)Direct Material Price VarianceDirect Material Quantity Variance Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:StandardQuantity11 sq ft.StandardStandard Price (Rate) Unit Cost$ 0.73 per sq. ft.$10.40 per hr.Direct materials (plastic)$ 8.03Direct labor0.25 hr.2.60Variable manufacturing overhead(based on direct labor hours)Fixed manufacturing overhead($326,880 + 908,000 units)0.25 hr.$ 2.00 per hr.0.500.36Parker Plastic had the following actual results for the past year:Number of units produced and soldNumber of square feet of plastic usedCost of plastic purchased and usedNumber of labor hours worked1,020,00011,300,000$ 7,910,000306,0003,335,400630,000363,000Direct labor costVariable overhead costFixed overhead costRequired:Calculate Parker Plastic's direct labor rate and efficiency variances. (Do not round intermediate calculations. Indicate the effect ofeach variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)Direct Labor Rate VarianceDirect Labor Efficiency Variance

Name: Parker Plastic, Inc., manufactures plastic mats to use with rolling o
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Description: Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:StandardStandardQuantity12 sq ft.0.25 hr.Standard Price (Rate) Unit Cost$ 1.00 per sq. ft.$12.80 per hr.Direct mat

Variance analysis is a form of study that looks at the discrepancy between expected and actual data.…

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Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Standard Quantity Standard Price (Rate) Unit Cost 12 sq ft. $ 1.00 per sq. ft. $12.80 per hr. $ 2.00 per hr. Direct materials (plastic) Direct labor $ 12.00 3.20 0.25 hr. Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $559,200 + 932,000 units) 0.25 hr. 0.50 0.60 Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,260,000 12,500,000 $ 11,250,000 330,000 $ 4,026,000 $ 1,480,000 387,000 Required: Calculate Parker Plastic's direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effec each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Direct Material Price Variance titu Maria

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Standard Quantity Standard Price (Rate) Unit Cost 12 sq ft. $ 1.00 per sq. ft. $12.80 per hr. $ 2.00 per hr. Direct materials (plastic) Direct labor $ 12.00 3.20 0.25 hr. Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $559,200 + 932,000 units) 0.25 hr. 0.50 0.60 Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,260,000 12,500,000 $ 11,250,000 330,000 $ 4,026,000 $ 1,480,000 387,000 Required: Calculate Parker Plastic's direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effec each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Direct Material Price Variance titu Maria

FINANCIAL ACCOUNTING

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Prime Cost, Conversion Cost, Preparation of Income Statement: Manufacturing Firm Kildeer Company makes easels for artists. During the last calendar year, a total of 34,000 easels were made, and 35,000 were sold for $52 each. The actual unit cost is as follows: Direct materials Direct labor Variable overhead Fixed overhead Total unit cost Required: $15.00 6.00 Ending units Dollar amount 4.00 14.00 The selling expenses consisted of a commission of $0.90 per unit sold and advertising co-payments totaling $94,500. Administrative expenses, all fixed, equaled $176,500. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was $109,200 for 2,800 easels. $39.00 1. Calculate the number and the dollar value of easels in ending finished goods inventory. 1,800 ✓ 70,200 2. Prepare a cost of goods sold statement. Kildeer Company Statement of Cost of Goods Sold For the Year Ended December 31 Cost of goods manufactured Add: Beginning finished goods…
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KBG Manufacturing has the following standard cost sheet for one of its products: Direct materials ( 5 ft. @ $5) $25 Direct labour (1 hours @ $10) 10 Variable overhead ( 1 hours@ $ 4) 4 Fixed overhead ( 1 hours@ $2*) 2 Standard unit cost 41 *Rate based on expected activity of 15,000 hours. During the most recent year, the following actual results were recorded: Production 10,000 units Fixed overhead $30,000 Variable overhead $57,000 Direct materials (71,250 ft. purchased) $361,620 Direct labour (15,900 hours) $ 182,580 Required: Compute the following variances: 1. Direct materials price and usage variances. 2. Direct labour rate and efficiency variances
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Required information [The following information applies to the questions displayed below] Sedona Company set the following standard costs for one unit of its product for this year. Direct material (20 pounds @ $3.30 per pound) Direct labor (15 hours @ $6.00 per DLH) Variable overhead (15 hours @ $2.80 per DLH) Fixed overhead (15 hours @ $1.20 per DLH) Standard cost per unit The $4.00 ($2.80+ $1.20) total overhead rate per direct labor hour (DLH) is based on a predicted activity level of 43,500 units, which is 75% of the factory's capacity of 58,000 units per month. The following monthly flexible budget information is available. Flexible Budget Budgeted production (units) Budgeted direct labor (standard hours) Budgeted overhead. Variable overhead Fixed overhead Total overhead Actual variable overhead: Actual fixed overhead Actual total overhead $ 66.00 90.00 42.00 18.00 $ 216.00 $1,624,000 866,000 $ 2,490,000 Operating Levels (% of capacity) 75% 70% 40,600 609,000 $ 1,705, 200 783,000…
Sedona Company set the following standard costs for one unit of its product for this year. Direct material (15 pounds $3.40 per pound) Direct labor (10 hours e S9.70 per DLH) Veriable overhead (10 hours $4.90 per DLH) Fied overhead (10 hours $2. 00 per DLH) Standard cost per unit $ 51.00 97.00 49.00 20.00 $ 217.00 The $6.90 ($4.90 - $2.00) total overhead rate per direct labor hour (DLH) is based on a predicted activity level of 41,300 units, which is 70% of the factory's capacity of 59,000 units per month. The following monthly flexible budget information Is avallable. Operat ing Levels (K of capacity) 65% 30, 350 383,500 Flexible Budget Budgeted production (units) Rudgeted direct labor (standard hours) Budgeted overhead Varlable overhead Fised overhead Total avertead 41, 300 413,000 75% 44, 250 442, 500 $1,879,150 826,000 $ 2,023, 700 826, 000 $ 2,849, 700 $2,168, 250 126, e00 $ 2,994, 250 $ 2,705, 150 During the current month, the company operated at 65% of capacity, direct labor of…