Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following standard cost card for each dog bath given: Shampoo Water Direct labor Standard Quantity ounces gallons hour 2.2 20 1.3 Standard Rate $0.50 per ounces $0.04 per gallons $11.00 per hour Required 1 Required 2 During the month of July, Collin's employees gave 400 baths. The actual results were 750 ounces of shampoo used (cost of $435.00), 7,000 gallons of water used (cost of $560), and labor costs for 340 hours (cost of $4,216). Complete this question by entering your answers in the tabs below. Required: 1. Calculate Suds & Cuts, direct materials variances for both shampoo and water for the month of July. 2. Calculate Suds & Cuts, direct labor variances for the month of July. Standard Unit Cost Direct Material Price Variance Direct Material Quantity Variance $1.10 0.80 14.30 Calculate Suds & Cuts, direct materials variances for both shampoo and water for the month of July Note: Round your intermediate calculations and final answers to 2 decimal places. Indicate the effe selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Shampoo Water

Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following standard cost card for each dog bath given: Shampoo Water Direct labor Standard Quantity ounces gallons hour 2.2 20 1.3 Standard Rate $0.50 per ounces $0.04 per gallons $11.00 per hour Required 1 Required 2 During the month of July, Collin's employees gave 400 baths. The actual results were 750 ounces of shampoo used (cost of $435.00), 7,000 gallons of water used (cost of $560), and labor costs for 340 hours (cost of $4,216). Complete this question by entering your answers in the tabs below. Required: 1. Calculate Suds & Cuts, direct materials variances for both shampoo and water for the month of July. 2. Calculate Suds & Cuts, direct labor variances for the month of July. Standard Unit Cost Direct Material Price Variance Direct Material Quantity Variance $1.10 0.80 14.30 Calculate Suds & Cuts, direct materials variances for both shampoo and water for the month of July Note: Round your intermediate calculations and final answers to 2 decimal places. Indicate the effe selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Shampoo Water

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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