The following information relates to production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced Standard quantity and price per unit for direct materials Standard quantity and rate per unit for direct labor AR Actual Rate SR Standard Rate AQ Actual Quantity SQ AP Standard Quantity Actual Price SP Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances. Complete this question by entering your answers in the tabs below. 16,200 pounds at $4.15 per pound 16,835 hours at $21 per hour 30,400 0.50 pound at $4.10 per pound 0.50 hour at $22 per hour Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost AQ X AP Price variance Quantity variance Total direct materials variance $ 0 AQ x SP $ 0 0 X $ 0 Standard Cost SQ x SP Required 2 >
The following information relates to production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced Standard quantity and price per unit for direct materials Standard quantity and rate per unit for direct labor AR Actual Rate SR Standard Rate AQ Actual Quantity SQ AP Standard Quantity Actual Price SP Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances. Complete this question by entering your answers in the tabs below. 16,200 pounds at $4.15 per pound 16,835 hours at $21 per hour 30,400 0.50 pound at $4.10 per pound 0.50 hour at $22 per hour Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost AQ X AP Price variance Quantity variance Total direct materials variance $ 0 AQ x SP $ 0 0 X $ 0 Standard Cost SQ x SP Required 2 >
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:The following information relates to production activities of Mercer Manufacturing for the year.
Actual direct materials used
Actual direct labor used
Actual units produced
Standard quantity and price per unit for direct materials
Standard quantity and rate per unit for direct labor
AR Actual Rate
SR Standard Rate
AQ Actual Quantity
SQ
AP
Standard Quantity
Actual Price
SP Standard Price
(1) Compute the direct materials price and quantity variances.
(2) Compute the direct labor rate and efficiency variances.
Complete this question by entering your answers in the tabs below.
16,200 pounds at $4.15 per pound
16,835 hours at $21 per hour
30,400
0.50 pound at $4.10 per pound
0.50 hour at $22 per hour
Required 1
Required 2
Compute the direct materials price and quantity variances.
Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.
Actual Cost
AQ
X
AP
Price variance
Quantity variance
Total direct materials variance
$
0
AQ
x
SP
$
0
0
X
$
0
Standard Cost
SQ
x
SP
Required 2 >
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