Required information [The following information applies to the questions displayed below.] European Styles, Incorporated, manufactures women's blouses of one quality, which are produced in lots to fill each special order. Its customers are department stores in various cities. European Styles sews the particular stores' labels on the blouses. During November, the company worked on three orders, for which the month's job-cost records disclose the following data. Material Used Hours Lot Number Boxes in Lot (yards) Worked 222 22 1,100 25,400 3,260 23 1,800 40,980 24 1,300 29,935 5,440 2,750 The following additional information is available: 1. The firm purchased 98,000 yards of material during November at a cost of $119,700. 2. Direct labor during November amounted to $148,850. According to payroll records, production employees were paid $13.00 per hour. 3. There was no work in process on November 1. During November, lots 22 and 23 were completed. All material was issued for lot 24, which was 70 percent completed as to direct labor. 4. The standard costs for a box of six blouses are as follows: Direct material Direct labor 23 yards at 3 hours at Production overhead 3 hours at $ 1.20 per yard $12.50 per hour $ 9.00 per hour $ 27.60 37.50 27.00 Standard cost per box $ 92.10 2. For each lot produced during November, complete the following schedules: a. Direct-material purchase price variance. b. Direct-material quantity variance. c. Direct-labor efficiency variance. d. Direct-labor rate variance. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2C Req 2D For each lot produced in November, complete the following schedule for the direct-material purchase price variance. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (I.e., zero variance), EUROPEAN STYLES, INCORPORATED Direct-Material Purchase Price Variance For November Actual cost of materials purchased Standard cost of materials purchased Direct-material purchase price variance Ben 24 Rea 2B S
Required information [The following information applies to the questions displayed below.] European Styles, Incorporated, manufactures women's blouses of one quality, which are produced in lots to fill each special order. Its customers are department stores in various cities. European Styles sews the particular stores' labels on the blouses. During November, the company worked on three orders, for which the month's job-cost records disclose the following data. Material Used Hours Lot Number Boxes in Lot (yards) Worked 222 22 1,100 25,400 3,260 23 1,800 40,980 24 1,300 29,935 5,440 2,750 The following additional information is available: 1. The firm purchased 98,000 yards of material during November at a cost of $119,700. 2. Direct labor during November amounted to $148,850. According to payroll records, production employees were paid $13.00 per hour. 3. There was no work in process on November 1. During November, lots 22 and 23 were completed. All material was issued for lot 24, which was 70 percent completed as to direct labor. 4. The standard costs for a box of six blouses are as follows: Direct material Direct labor 23 yards at 3 hours at Production overhead 3 hours at $ 1.20 per yard $12.50 per hour $ 9.00 per hour $ 27.60 37.50 27.00 Standard cost per box $ 92.10 2. For each lot produced during November, complete the following schedules: a. Direct-material purchase price variance. b. Direct-material quantity variance. c. Direct-labor efficiency variance. d. Direct-labor rate variance. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2C Req 2D For each lot produced in November, complete the following schedule for the direct-material purchase price variance. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (I.e., zero variance), EUROPEAN STYLES, INCORPORATED Direct-Material Purchase Price Variance For November Actual cost of materials purchased Standard cost of materials purchased Direct-material purchase price variance Ben 24 Rea 2B S
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
[The following information applies to the questions displayed below.]
European Styles, Incorporated, manufactures women's blouses of one quality, which are produced in lots to fill each
special order. Its customers are department stores in various cities. European Styles sews the particular stores' labels on
the blouses. During November, the company worked on three orders, for which the month's job-cost records disclose the
following data.
Material Used
Hours
Lot Number Boxes in Lot
(yards)
Worked
222
22
1,100
25,400
3,260
23
1,800
40,980
24
1,300
29,935
5,440
2,750
The following additional information is available:
1. The firm purchased 98,000 yards of material during November at a cost of $119,700.
2. Direct labor during November amounted to $148,850. According to payroll records, production employees were paid
$13.00 per hour.
3. There was no work in process on November 1. During November, lots 22 and 23 were completed. All material was
issued for lot 24, which was 70 percent completed as to direct labor.
4. The standard costs for a box of six blouses are as follows:
Direct material
Direct labor
23 yards at
3 hours at
Production overhead
3 hours at
$ 1.20 per yard
$12.50 per hour
$ 9.00 per hour
$ 27.60
37.50
27.00
Standard cost per box
$ 92.10
2. For each lot produced during November, complete the following schedules:
a. Direct-material purchase price variance.
b. Direct-material quantity variance.
c. Direct-labor efficiency variance.
d. Direct-labor rate variance.
Complete this question by entering your answers in the tabs below.
Req 2A
Req 2B
Req 2C
Req 2D
For each lot produced in November, complete the following schedule for the direct-material purchase price variance.
Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect
(I.e., zero variance),
EUROPEAN STYLES, INCORPORATED
Direct-Material Purchase Price Variance
For November
Actual cost of materials purchased
Standard cost of materials purchased
Direct-material purchase price variance
Ben 24
Rea 2B
S](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F82172c0d-350b-4a75-9527-493ebb5798b8%2F6df28252-f163-4a02-9266-01137f7a6c6c%2Fu8uejn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
European Styles, Incorporated, manufactures women's blouses of one quality, which are produced in lots to fill each
special order. Its customers are department stores in various cities. European Styles sews the particular stores' labels on
the blouses. During November, the company worked on three orders, for which the month's job-cost records disclose the
following data.
Material Used
Hours
Lot Number Boxes in Lot
(yards)
Worked
222
22
1,100
25,400
3,260
23
1,800
40,980
24
1,300
29,935
5,440
2,750
The following additional information is available:
1. The firm purchased 98,000 yards of material during November at a cost of $119,700.
2. Direct labor during November amounted to $148,850. According to payroll records, production employees were paid
$13.00 per hour.
3. There was no work in process on November 1. During November, lots 22 and 23 were completed. All material was
issued for lot 24, which was 70 percent completed as to direct labor.
4. The standard costs for a box of six blouses are as follows:
Direct material
Direct labor
23 yards at
3 hours at
Production overhead
3 hours at
$ 1.20 per yard
$12.50 per hour
$ 9.00 per hour
$ 27.60
37.50
27.00
Standard cost per box
$ 92.10
2. For each lot produced during November, complete the following schedules:
a. Direct-material purchase price variance.
b. Direct-material quantity variance.
c. Direct-labor efficiency variance.
d. Direct-labor rate variance.
Complete this question by entering your answers in the tabs below.
Req 2A
Req 2B
Req 2C
Req 2D
For each lot produced in November, complete the following schedule for the direct-material purchase price variance.
Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect
(I.e., zero variance),
EUROPEAN STYLES, INCORPORATED
Direct-Material Purchase Price Variance
For November
Actual cost of materials purchased
Standard cost of materials purchased
Direct-material purchase price variance
Ben 24
Rea 2B
S
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