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rect Materials and Direct Labor Variance Analysis ericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 45 employees. Each employem information about a production week is as follows: Standard number of lbs. of brass Standard price per tb. of brass Standard wage per hr. Standard labor time per faucet Actual price per lb. of brass Actual lbs. of brass used during the week Number of faucets produced during the week Actual wage per he Actual hrs. for the week (45 employees x 38 hours) Required: 0.4. 10.80 $21.00 15 min. $0.90 4,500 lbs. 10,000 $22.00 1,710 a. Determine the standard cost per unit for direct materials and direct labor. Round the UO decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative n as a positive number,

rect Materials and Direct Labor Variance Analysis ericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 45 employees. Each employem information about a production week is as follows: Standard number of lbs. of brass Standard price per tb. of brass Standard wage per hr. Standard labor time per faucet Actual price per lb. of brass Actual lbs. of brass used during the week Number of faucets produced during the week Actual wage per he Actual hrs. for the week (45 employees x 38 hours) Required: 0.4. 10.80 $21.00 15 min. $0.90 4,500 lbs. 10,000 $22.00 1,710 a. Determine the standard cost per unit for direct materials and direct labor. Round the UO decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative n as a positive number,

FINANCIAL ACCOUNTING
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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Standard labor time per faucet Actual price per lb. of brass Actual lbs. of brass used during the week Number of faucets produced during the week Actual wage per hr. Actual hrs. for the week (45 employees x 38 hours) Required: 15 min. $0.90 4,500 lbs 10,000 $22.00 1,710 a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number, Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance c. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Direct Labor Rate Variance Drect Labor Time Variance Tetal Direct Labor Cost Variance
Transcribed Image Text:Standard labor time per faucet Actual price per lb. of brass Actual lbs. of brass used during the week Number of faucets produced during the week Actual wage per hr. Actual hrs. for the week (45 employees x 38 hours) Required: 15 min. $0.90 4,500 lbs 10,000 $22.00 1,710 a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number, Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance c. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Direct Labor Rate Variance Drect Labor Time Variance Tetal Direct Labor Cost Variance
Direct Materials and Direct Labor Variance Analysis Jericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 45 employees. Each employee presently provides 38 hours of labor per week. Information about a production week is as follows: Standard number of lbs. of brass Standard price per lb. of brass Standard wage per hr. Standard labor time per faucet Actual price per lb. of brass Actual lbs. of brass used during the week Number of faucets produced during the week Actual wage per br Actual hrs, for the week (45 employees x 38 hours) Required: 0.4 lb. $0.80 $21.00 15 min. $0.90 4,500 lbs. 10,000 $22.00 1,710 a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance, Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance
Transcribed Image Text:Direct Materials and Direct Labor Variance Analysis Jericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 45 employees. Each employee presently provides 38 hours of labor per week. Information about a production week is as follows: Standard number of lbs. of brass Standard price per lb. of brass Standard wage per hr. Standard labor time per faucet Actual price per lb. of brass Actual lbs. of brass used during the week Number of faucets produced during the week Actual wage per br Actual hrs, for the week (45 employees x 38 hours) Required: 0.4 lb. $0.80 $21.00 15 min. $0.90 4,500 lbs. 10,000 $22.00 1,710 a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance, Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance
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