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Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year ollows: Direct materials (plastic). Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($480,480 + 924,000 units) arker 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 1,180,000 12,100,000 $ 18,150,000 Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance 322,000 $ 3,799,600 $ 1,200,000 $ 379,000 x Answer is not complete. S Required: Calculate Parker Plastic's variable overhead rate and efficiency variances and its over- or underapplied variable overhead. lote: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for nfavorable, and "None" for no effect (i.e., zero variance). UFU › › › Standard Quantity 13 square foot 0.3 hour 0.3 hour 38,400 F Standard Price (Rate) $ 1.55 per square foot $ 12.10 per hour $ 1.20 per hour Standard Unit Cost $ 20.15 3.63 0.36 0.52

Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year ollows: Direct materials (plastic). Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($480,480 + 924,000 units) arker 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 1,180,000 12,100,000 $ 18,150,000 Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance 322,000 $ 3,799,600 $ 1,200,000 $ 379,000 x Answer is not complete. S Required: Calculate Parker Plastic's variable overhead rate and efficiency variances and its over- or underapplied variable overhead. lote: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for nfavorable, and "None" for no effect (i.e., zero variance). UFU › › › Standard Quantity 13 square foot 0.3 hour 0.3 hour 38,400 F Standard Price (Rate) $ 1.55 per square foot $ 12.10 per hour $ 1.20 per hour Standard Unit Cost $ 20.15 3.63 0.36 0.52

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter9: Standard Costing: A Functional-based Control Approach
Section: Chapter Questions
Problem 28P: Haversham Corporation produces dress shirts. The company uses a standard costing system and has set...
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Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($480,480 924,000 units) 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. 1,180,000 12,100,000 $ 18,150,000 322,000 $3,799,600 $ 1,200,000 $ 379,000 Answer is not complete. Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance Required: Calculate Parker Plastic's variable overhead rate and efficiency variances and its over- or underapplied variable overhead. Note: 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). U $ 38,400 F U › › › Standard Quantity 13 square foot 0.3 hour 0.3 hour ✓ last year Standard Price (Rate) $ 1.55 per square foot $ 12.10 per hour $ 1.20 per hour Standard Unit Cost $ 20.15 3.63 0.36 0.52
Transcribed Image Text:Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($480,480 924,000 units) 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. 1,180,000 12,100,000 $ 18,150,000 322,000 $3,799,600 $ 1,200,000 $ 379,000 Answer is not complete. Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance Required: Calculate Parker Plastic's variable overhead rate and efficiency variances and its over- or underapplied variable overhead. Note: 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). U $ 38,400 F U › › › Standard Quantity 13 square foot 0.3 hour 0.3 hour ✓ last year Standard Price (Rate) $ 1.55 per square foot $ 12.10 per hour $ 1.20 per hour Standard Unit Cost $ 20.15 3.63 0.36 0.52
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