Required information EX 10-26, 27 (Algo) Use the following information for the Exercises below. During June, Danby Company's material purchases amounted to 6,100 pounds at a price of $7.40 per pound. Actual costs Incurred in the production of 2.300 units were as follows: Direct labor Direct material: $ 119,210 ($18.28 per hour) $ 31,820 ($7.40 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 3 hours per unit Rate, $18.10 per hour Direct Materiali Quantity, 2 pounds per unit Price, $7.10 per pound EX 10-27 (Algo) Diagramming Direct-Material and Direct-Labor Variances (LO 10-3) Required: Fill in the amounts in the tables below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (ie, zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places. Direct-Material Price and Quantity Variances Actual Material Cost Projected Material Cost Standard Material Cost Actual Quantity Actual Price Actual Quantity Standard Price Standard Quantity Standard Price pounds used per pound pounds used per pound pounds allowed per pound $ 0 $ 이 S D Direct-material price variance Direct-material quantity variance Direct-material variance Required 2 > > Regard 3 R2 Required 1 Required 2 Required 3 Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (1., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places Direct-Material Purchase Price Variance Actual Material Cost of Purchases Actual Quantity Actual Price Projected Material Cost of Purchases Actual Quantity Standard Price $ 0 pounds purchased per pound Direct material purchase price variance Required 3> Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable" Select "None" and enter "0" for no effect e, zere variance).). Round "Actual Price" and "Standard Price to 2 decimal places Direct-Labor Rate and Efficiency Variances Projected Labor Cost Actusi Labor Cest Actual Rate Actual Hours Standard Labor Ceet S Directorate veran prou 이 Drector variance
Required information EX 10-26, 27 (Algo) Use the following information for the Exercises below. During June, Danby Company's material purchases amounted to 6,100 pounds at a price of $7.40 per pound. Actual costs Incurred in the production of 2.300 units were as follows: Direct labor Direct material: $ 119,210 ($18.28 per hour) $ 31,820 ($7.40 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 3 hours per unit Rate, $18.10 per hour Direct Materiali Quantity, 2 pounds per unit Price, $7.10 per pound EX 10-27 (Algo) Diagramming Direct-Material and Direct-Labor Variances (LO 10-3) Required: Fill in the amounts in the tables below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (ie, zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places. Direct-Material Price and Quantity Variances Actual Material Cost Projected Material Cost Standard Material Cost Actual Quantity Actual Price Actual Quantity Standard Price Standard Quantity Standard Price pounds used per pound pounds used per pound pounds allowed per pound $ 0 $ 이 S D Direct-material price variance Direct-material quantity variance Direct-material variance Required 2 > > Regard 3 R2 Required 1 Required 2 Required 3 Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (1., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places Direct-Material Purchase Price Variance Actual Material Cost of Purchases Actual Quantity Actual Price Projected Material Cost of Purchases Actual Quantity Standard Price $ 0 pounds purchased per pound Direct material purchase price variance Required 3> Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable" Select "None" and enter "0" for no effect e, zere variance).). Round "Actual Price" and "Standard Price to 2 decimal places Direct-Labor Rate and Efficiency Variances Projected Labor Cost Actusi Labor Cest Actual Rate Actual Hours Standard Labor Ceet S Directorate veran prou 이 Drector variance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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