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Sweetly Sent, Incorporated, manufactures scented pillar candles. Its standard cost information for the month of February follows: Standard Unit Cost $ 0.75 3.50 Direct materials (wax) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($10,000+ 40,000 units) Standard Quantity 15 ounce 0.25 hour 0.25 hour Standard Price (Rate) $ 0.05 per ounce $ 14.00 per hour $0.40 per hour 0.10 0.25

Sweetly Sent, Incorporated, manufactures scented pillar candles. Its standard cost information for the month of February follows: Standard Unit Cost $ 0.75 3.50 Direct materials (wax) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($10,000+ 40,000 units) Standard Quantity 15 ounce 0.25 hour 0.25 hour Standard Price (Rate) $ 0.05 per ounce $ 14.00 per hour $0.40 per hour 0.10 0.25

FINANCIAL ACCOUNTING
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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Sweetly Sent, Incorporated, manufactures scented pillar candles. Its standard cost information for the month of February follows: Standard Unit Cost $0.75 3.50 Direct materials (wax) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($10,000 ÷ 40,000 units) Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Sweetly Sent has the following actual results for the month of February: Number of units produced and sold Number of ounces of wax purchased and used Cost of wax used Standard Quantity 15 ounce Required 1 0.25 hour Required 2 Required 3 0.25 hour Required: 1. Calculate the direct materials price, quantity, and total spending variances for Sweetly Sent. 2. Calculate the direct labor rate, efficiency, and total spending variances for Sweetly Sent. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Sweetly Sent. Complete this question by entering your answers in the tabs below. Direct Materials Price Variance Direct Materials Quantity Variance 38,500 583,000 $ 37,895 9,900 $ 136,620 $ 3,630 $ 9,900 Standard Price (Rate) $ 0.05 per ounce. $14.00 per hour $ 0.40 per hour 0.10 0.25 Calculate the direct materials price, quantity, and total spending variances for Sweetly Sent. Note: Do not round your intermediate calculations. Enter the dollar value of the variance as an absolute value (positive number) and then use the drop-down menu to indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Show less
Transcribed Image Text:Sweetly Sent, Incorporated, manufactures scented pillar candles. Its standard cost information for the month of February follows: Standard Unit Cost $0.75 3.50 Direct materials (wax) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($10,000 ÷ 40,000 units) Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Sweetly Sent has the following actual results for the month of February: Number of units produced and sold Number of ounces of wax purchased and used Cost of wax used Standard Quantity 15 ounce Required 1 0.25 hour Required 2 Required 3 0.25 hour Required: 1. Calculate the direct materials price, quantity, and total spending variances for Sweetly Sent. 2. Calculate the direct labor rate, efficiency, and total spending variances for Sweetly Sent. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Sweetly Sent. Complete this question by entering your answers in the tabs below. Direct Materials Price Variance Direct Materials Quantity Variance 38,500 583,000 $ 37,895 9,900 $ 136,620 $ 3,630 $ 9,900 Standard Price (Rate) $ 0.05 per ounce. $14.00 per hour $ 0.40 per hour 0.10 0.25 Calculate the direct materials price, quantity, and total spending variances for Sweetly Sent. Note: Do not round your intermediate calculations. Enter the dollar value of the variance as an absolute value (positive number) and then use the drop-down menu to indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Show less
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