esAt standard, each set of covers should require 2.5 yards of material. All of the materials purchased during the month wereused in production.Required:1. Compute the materials price and quantity variances for August.2. Compute the labor rate and efficiency variances for August.3. Compute the variable overhead rate and efficiency variances for August.(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e.,zero variance). Input all amounts as positive values.)1. Materials price variance1. Materials quantity variance2. Labor rate variance2. Labor efficiency variance3. Variable overhead rate variance3. Variable overhead efficiency variance< Prev6 of 6Next Problem 9-24 (Algo) Comprehensive Variance Analysis [LO9-4, LO9-5, LO9-6]Marvel Parts, Incorporated, manufactures auto accessories. One of the company's products is a set of seat covers that canbe adjusted to fit nearly any small car. The company uses a standard cost system for all of its products. According to thestandards that have been set for the seat covers, the factory should work 1,040 hours each month to produce 2,080 sets ofcovers. The standard costs associated with this level of production are:Direct materialsDirect laborVariable manufacturing overhead (basedon direct labor-hours)Direct materials (5,000 yards)Direct laborVariable manufacturing overheadDuring August, the factory worked only 600 direct labor-hours and produced 1,800 sets of covers. The following actualcosts were recorded during the month:Total$ 40,560$ 7,280$ 4,160ERTotal$ 34,200$ 6,660$ 4,140< PrevPer Set ofCovers$19.503.50At standard, each set of covers should require 2.5 yards of material. All of the materials purchased during the month wereused in production.Required:1. Compute the materials price and quantity variances for August.2. Compute the labor rate and efficiency variances for August.6 of 62.00$ 25.00HPer Set ofCovers$ 19.003.702.30$ 25.00wwwwwwNextJL

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Description: esAt standard, each set of covers should require 2.5 yards of material. All of the materials purchased during the month wereused in production.Required:1. Compute the materials price and quantity variances for August.2. Compute the labor rate and ef

Variances is the difference between a standard cost and the actual cost incurred during a period.…

Business

Accounting

Required: 1. Compute the materials price and quantity variances for August. 2. Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e zero variance). Input all amounts as positive values.) 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance 2 Variable

Required: 1. Compute the materials price and quantity variances for August. 2. Compute the labor rate and efficiency variances for August. 3. Compute the variable overhead rate and efficiency variances for August. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e zero variance). Input all amounts as positive values.) 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance 2 Variable

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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Subject - Accounting
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Compute the (1) direct materials price variance and (2) direct materials quantity variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places. $ GA Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $17 per DLH 3 DLH @ $12 per DLH 0 $ Actual Results 47,400 pounds @ $8.10 per pound 23,100 hours @ $17.50 per hour $ 286,100 0 0 7,800 units S $ 0 Standard Cost
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Inputs Direct materials Direct labor Variable manufacturing overhead Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost The company has reported the following actual results for the product for September: Standard Quantity or Hours per Unit of Output Required: a. Compute the materials price variance for Septer b. Compute the materials quantity variance for September. c. Compute the labor rate variance for September. a. Materials price variance b. Materials quantity variance Labor rate variance Labor efficiency variance variable overhead spending variance Variable overhead efficiency variance C. d. 9.40 liters 0.60 hours 0.60 hours 11,600 units 110,000 liters $1,010,500 $ $ e. f. d. Compute the labor efficiency variance for September. e. Compute the variable overhead spending variance for September. 109,070 liters 6,380 hours f. Compute the variable…
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Example: Using the direct labor standards for the production process at Hardrock Quarry, Inc. as above: Required: Compute the following variances for Hardrock Quarry, Inc. for the month of August: 1. Direct labor yield variances for the individual labor categories and for the total output. 2. Direct labor mix variances for the individual labor categories and for the total output.
Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.35 feet of leather and predicts leather will cost $4.20 per foot. Suppose Perfect Ret made 85 collars during February. For these 85 collars, the company actually averaged 2.50 feet of leather per collar and paid $3.80 per foot. Required: 1. Calculate the standard direct materials cost per unit. 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 6. Calculate the direct materials price and quantity variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 6 Calculate the standard direct materials cost per unit. Note: Round your answer to 2 decimal places. Standard Direct Materials per Collar Reg 2 and 3>
1. Compute for Spending Variance 2. Compute for Variable Overhead Efficiency Variance 3. Compute for Controllable Variance