The Manchester Corporation manufactures wooden pictures frames. In order to better manage costs, the Manchester Corporation had previously developed the following standards for the manufacture of its product: • Each unit should have 3/4 of a pound of direct materials purchased at $12 per pound. • Each unit should be produced in 48 minutes at a direct labor cost of $16 per hour. The company had the following detailed retails: Actual production was 20,000 units using 14,600 pounds of direct materials at a total cost of $168,000 and required 11,000 direct labor hours at a total cost of $190,000. 1. What is the company's "quantity" variance related to direct materials? Use a positive number to indicate a favorable variance or a negative number to indicate an unfavorable variance. 2. What is the company's "cost" variance related to direct materials? Use a positive number to indicate a favorable variance or a negative number to indicate an unfavorable variance. 3. What is the company's total variance related to direct materials? Use a positive number to indicate a favorable variance or a negative number to indicate an unfavorable variance.

The Manchester Corporation manufactures wooden pictures frames. In order to better manage costs, the Manchester Corporation had previously developed the following standards for the manufacture of its product: • Each unit should have 3/4 of a pound of direct materials purchased at $12 per pound. • Each unit should be produced in 48 minutes at a direct labor cost of $16 per hour. The company had the following detailed retails: Actual production was 20,000 units using 14,600 pounds of direct materials at a total cost of $168,000 and required 11,000 direct labor hours at a total cost of $190,000. 1. What is the company's "quantity" variance related to direct materials? Use a positive number to indicate a favorable variance or a negative number to indicate an unfavorable variance. 2. What is the company's "cost" variance related to direct materials? Use a positive number to indicate a favorable variance or a negative number to indicate an unfavorable variance. 3. What is the company's total variance related to direct materials? Use a positive number to indicate a favorable variance or a negative number to indicate an unfavorable variance.

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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