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 Standard Quantity AP Actual Price SP Standard Price 17,600 pounds at $4.85 per pound 18,235 hours at $35 per hour i 33,200 0.50 pound at $4.80 per pound 0.50 hour at $36 per hour (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. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Autual Cost Standard Cost

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Required 1 Required 2
Compute the direct labor rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.)
Standard Cost
Actual Cost
Required 1 Required 2
< Required 1
Actual Cost
Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no
variance.)
Required 2 >
<Required 1
Standard Cost
Required 2 >
Transcribed Image Text:Required 1 Required 2 Compute the direct labor rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Standard Cost Actual Cost Required 1 Required 2 < Required 1 Actual Cost Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Required 2 > <Required 1 Standard Cost 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 Standard Quantity
AP Actual Price
SP Standard Price
17,600 pounds at $4.85 per pound
18,235 hours at $35 per hour
33,200
0.50 pound at $4.80 per pound
0.50 hour at $36 per hour
(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.
Required 1
Required 2
Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no
variance.)
Autual Cost
Standard Cost
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 Standard Quantity AP Actual Price SP Standard Price 17,600 pounds at $4.85 per pound 18,235 hours at $35 per hour 33,200 0.50 pound at $4.80 per pound 0.50 hour at $36 per hour (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. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Autual Cost Standard Cost
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