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Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 70 employees. Each employee presently provides 35 hours of labor per week. Information about a production week is as f s follows: Standard wage per hour Standard labor time per unit Standard number of lbs. of brass Standard price per lb. of brass Actual price per lb. of brass Actual lbs. of brass used during the week Number of units produced during the week Actual wage per hour Actual hours for the week (70 employees x 35 hours) Required: $15.60 20 min. 2 lbs. $9.50 $9.75 17,922 lbs. 8,700 $16.07 2,450 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 vanano, direct materials quantity vianance, and total direct materials cost Narance. Round your answers to the nearest whole dollar. 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 $

Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 70 employees. Each employee presently provides 35 hours of labor per week. Information about a production week is as f s follows: Standard wage per hour Standard labor time per unit Standard number of lbs. of brass Standard price per lb. of brass Actual price per lb. of brass Actual lbs. of brass used during the week Number of units produced during the week Actual wage per hour Actual hours for the week (70 employees x 35 hours) Required: $15.60 20 min. 2 lbs. $9.50 $9.75 17,922 lbs. 8,700 $16.07 2,450 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 vanano, direct materials quantity vianance, and total direct materials cost Narance. Round your answers to the nearest whole dollar. 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 $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 70 employees. Each employee presently provides 35 hours of labor per week. Information about a production week is as follows: Standard wage per hour Standard labor time per unit Standard number of lbs. of brass Standard price per lb. of brass Actual price per lb. of brass Actual lbs. of brass used during the week Number of units produced during the week Actual wage per hour Actual hours for the week (70 employees x 35 hours) Required: $15.60 20 min. 2 lbs. $9.50 $9.75 17,922 lbs. 8,700 $16.07 2,450 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 vanano, direct materials quantity variance, and total direct materials cost ananice. Round your answers to the nearest whole dollar. 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:Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 70 employees. Each employee presently provides 35 hours of labor per week. Information about a production week is as follows: Standard wage per hour Standard labor time per unit Standard number of lbs. of brass Standard price per lb. of brass Actual price per lb. of brass Actual lbs. of brass used during the week Number of units produced during the week Actual wage per hour Actual hours for the week (70 employees x 35 hours) Required: $15.60 20 min. 2 lbs. $9.50 $9.75 17,922 lbs. 8,700 $16.07 2,450 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 vanano, direct materials quantity variance, and total direct materials cost ananice. Round your answers to the nearest whole dollar. 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 $ $ $
Standard price per lb. of brass Actual price per lb. of brass Actual lbs. of brass used during the week Number of units produced during the week 2 185 $9.50 $9.75 17,922 lbs. Actual wage per hour Actual hours for the week (70 employees x 35 hours) Required: 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 8,700 $16.07 2,450 Direct Labor Rate Variance Direct Labor Time Variance i Total Direct Labor Cost Variance b. Determine the direct materiais price v sance, direct materials quanbry vanance, and total direct materials cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Check My Work Accounting numeric field Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance c. Determine the direct labor rate variance, direct labor time vanance, and total direct Jabor cost variance. Round your answers to the nearest whole dollar, Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number, Previous
Transcribed Image Text:Standard price per lb. of brass Actual price per lb. of brass Actual lbs. of brass used during the week Number of units produced during the week 2 185 $9.50 $9.75 17,922 lbs. Actual wage per hour Actual hours for the week (70 employees x 35 hours) Required: 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 8,700 $16.07 2,450 Direct Labor Rate Variance Direct Labor Time Variance i Total Direct Labor Cost Variance b. Determine the direct materiais price v sance, direct materials quanbry vanance, and total direct materials cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Check My Work Accounting numeric field Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance c. Determine the direct labor rate variance, direct labor time vanance, and total direct Jabor cost variance. Round your answers to the nearest whole dollar, Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number, Previous
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