PLEASE MAKE SURE TO SOLVE ALL PARTS OF THE QUESTION, AND IT'S CORRECT 100% Jordan Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. During June, Orion purchased 190,000 pounds of direct material at a total cost of $600,000. The total wages for June were $50,000, 70 percent of which were for direct labor. Jordan manufactured 25,000 dartboards during June, using 180,000 pounds of the direct material purchased in June and 9,000 direct-labor hours. Required: Compute the following variances for June and indicate whether each is favorable or unfavorable. The direct-material price variance. The direct-material quantity variance. Direct-material purchase price variance. The direct-labor rate variance. The direct-labor efficiency variance
PLEASE MAKE SURE TO SOLVE ALL PARTS OF THE QUESTION, AND IT'S CORRECT 100% Jordan Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. During June, Orion purchased 190,000 pounds of direct material at a total cost of $600,000. The total wages for June were $50,000, 70 percent of which were for direct labor. Jordan manufactured 25,000 dartboards during June, using 180,000 pounds of the direct material purchased in June and 9,000 direct-labor hours. Required: Compute the following variances for June and indicate whether each is favorable or unfavorable. The direct-material price variance. The direct-material quantity variance. Direct-material purchase price variance. The direct-labor rate variance. The direct-labor efficiency variance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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PLEASE MAKE SURE TO SOLVE ALL PARTS OF THE QUESTION, AND IT'S CORRECT 100%
Jordan Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards.
During June, Orion purchased 190,000 pounds of direct material at a total cost of $600,000. The total wages for June were $50,000, 70 percent of which were for direct labor. Jordan manufactured 25,000 dartboards during June, using 180,000 pounds of the direct material purchased in June and 9,000 direct-labor hours.
Required:
Compute the following variances for June and indicate whether each is favorable or unfavorable.
- The direct-material price variance.
- The direct-material quantity variance.
- Direct-material purchase price variance.
- The direct-labor rate variance.
- The direct-labor efficiency variance.
Transcribed Image Text:Standard Quantity
10 pounds
Standard Price or Rate
$5.00 per pound
$6.00 per hour
Direct material
Direct labor
0.5 hour
Total
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