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

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Standard Quantity 12 sq ft. $ 1.00 per sq. ft. Standard Price (Rate) Unit Cost $ 12.00 Direct materials (plastic) Direct labor 0.25 hr. $12.80 per hr. 3.20 Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $559, 200 + 932,000 units) 0.25 hr. $ 2.00 per 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 1, 260,000 12,500,000 $ 11, 250,000 Direct labor cost Variable overhead cost 330,000 4,026,000 $ 1,480,000 Fixed overhead cost 387,000 Required: Calculate Parker Plastic's direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Direct Material Price Variance Direct Material Quantity 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. $ 1.00 per sq. ft.0.25 hr.Standard Price (Rate) Unit Cost$ 12.003.20Direct mater

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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