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Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Pixed manufacturing overhead ($972,000 1,000,000 unite) 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 plastie purchased and used i Humber of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cont 1,180,000 13,570,000 $10,041,800 939,000 Fixed Overhead Spending Variance Fixed Overhead Volume Variance Over- or Underapplied Fixed Overhead $9,671,700 $1,220,700 $964,000 Standard Quantity 12 aquare foot 0.8 hour 0.8 hour Standard Price (Rate) $0.76 per square foot $10.70 per hour $ 1.20 per hour Required: Calculate Parker Plastic's fixed overhead spending and volume variances and its over- or underapplied fixed overhead. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Standard Onit Cost $9.12 8.56 0.96 0.90

Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Pixed manufacturing overhead ($972,000 1,000,000 unite) 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 plastie purchased and used i Humber of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cont 1,180,000 13,570,000 $10,041,800 939,000 Fixed Overhead Spending Variance Fixed Overhead Volume Variance Over- or Underapplied Fixed Overhead $9,671,700 $1,220,700 $964,000 Standard Quantity 12 aquare foot 0.8 hour 0.8 hour Standard Price (Rate) $0.76 per square foot $10.70 per hour $ 1.20 per hour Required: Calculate Parker Plastic's fixed overhead spending and volume variances and its over- or underapplied fixed overhead. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Standard Onit Cost $9.12 8.56 0.96 0.90

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter10: Standard Costing And Variance Analysis
Section: Chapter Questions
Problem 76P: Shumaker Company manufactures a line of high-top basketball shoes. At the beginning of the year, the...
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Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Pixed manufacturing overhead ($972,000 1,000,000 unite) 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 Humber of labor hours worked. Direct labor cost. Variable overhead cost Fixed overhead cost 1,100,000 13,570,000 $10,041,800 Fixed Overhead Spending Variance Fixed Overhead Volume Variance - Over- or Underapplied Fixed Overhead 939,000 $9,671,700 $1,220,700 $964,000 Standard Quantity 12 aquare foot 0.8 hour 0.8 hour Standard Price (Kate) 0.76 per square foot $10.70 per hour $ 1.20 per hour Required: Calculate Parker Plastic's fixed overhead spending and volume variances and its over- or underapplied fixed overhead. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Check my wor Standard Unit Cost $9.12 8.56 0.96 0.90
Transcribed Image Text:Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Pixed manufacturing overhead ($972,000 1,000,000 unite) 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 Humber of labor hours worked. Direct labor cost. Variable overhead cost Fixed overhead cost 1,100,000 13,570,000 $10,041,800 Fixed Overhead Spending Variance Fixed Overhead Volume Variance - Over- or Underapplied Fixed Overhead 939,000 $9,671,700 $1,220,700 $964,000 Standard Quantity 12 aquare foot 0.8 hour 0.8 hour Standard Price (Kate) 0.76 per square foot $10.70 per hour $ 1.20 per hour Required: Calculate Parker Plastic's fixed overhead spending and volume variances and its over- or underapplied fixed overhead. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Check my wor Standard Unit Cost $9.12 8.56 0.96 0.90
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