Please do not give solution in image format thanku Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following standard cost card for each dogbath given:MEShampooWaterDirect laborStandardStandard RateQuantity1.4 oz. $0.40 per oz.12 gal. $0.04 per gal.0.9 hr.$9.00 per hr.During the month of July, Collin's employees gave 320 baths. The actual results were 710 ounces of shampoo used (cost of $340.80).6,200 gallons of water used (cost of $434), and labor costs for 260 hours (cost of $2,756).StandardUnit Cost$ 0.560.488.10Required:1. Calculate Suds & Cuts direct materials variances for both shampoo and water for the month of July2. Calculate Suds & Cuts direct labor variances for the month of July.Complete this question by entering your answers in the tabs below.Required 1 Required 2Calculate Suds & Cuts direct materials variances for both shampoo and water for the month of July. (Round your answers to 2decimal places. Indicate the effect of each variance by selecting "F" for favorable, U for unfavorable, and "None" for noeffect (i.e., zero variance).)Direct Material Price VarianceDirect Matenal Quantity VarianceShampooWaterRequired 2 > Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following standard cost card for each dogbath given:ShampooWaterDirect laborStandardQuantity1.4 oz.12 gal.8.9 hr.Standard Rate$0.40 per oz.$0.04 per gal.$9.00 per hr.StandardUnit Cost$ 0.560.488.10During the month of July, Collin's employees gave 320 baths. The actual results were 710 ounces of shampoo used (cost of $340.80).6,200 gallons of water used (cost of $434), and labor costs for 260 hours (cost of $2,756).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.Complete this question by entering your answers in the tabs below.Required 1 Required 2Calculate Suds & Cuts direct labor variances for the month of July, (Indicate the effect of each variance by selecting "F" forfavorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your answers to nearest dollar amount.)Direct Labor Rate VarianceDirect Labor Efficiency Variance< Required 1

The variance is the difference between the standard and actual production costs. The favorable and…

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 Standard Rate Quantity 1.4 oz. $0.40 per oz. 12 gal. 50.04 per gal. 0.9 hr. 59.00 per hr. Standard Unit Cost $ 0.56 0.48 8.10 During the month of July, Collin's employees gave 320 baths. The actual results were 710 ounces of shampoo used (cost of $340.80), 6,200 gallons of water used (cost of $434), and labor costs for 260 hours (cost of $2,756) 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.

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 Standard Rate Quantity 1.4 oz. $0.40 per oz. 12 gal. 50.04 per gal. 0.9 hr. 59.00 per hr. Standard Unit Cost $ 0.56 0.48 8.10 During the month of July, Collin's employees gave 320 baths. The actual results were 710 ounces of shampoo used (cost of $340.80), 6,200 gallons of water used (cost of $434), and labor costs for 260 hours (cost of $2,756) 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.

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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