Table 8: THE ROGER COMPANY CASEThe Roger Company produces product NRV by heating materials X, Y, and Z. Normal evaporation loss is 20%; thus, 1,000 gallons of input areanticipated to yield an output of 800 gallons.STANDARDS for 800 gallons of NRV:Material XMaterial YMaterial ZTotals/Weighted AverageOUTPUT of 40,000 gallons, actual costs:Material XMaterial YMaterial ZTotals/Weighted AverageGALLONS6003001001,000GALLONS26,00018,2007,80052,000PRICE PER GALLON$0.80$1.20$1.60$1.00PRICE PER GALLON$0.82$1.23$1.67$1.091TOTAL$480360160$1,000TOTAL$21,32022,38613,026$56,732Use the above information to calculate the materials price and efficiency variances. Then break down the efficiency variance into the mix andyield variances. Explain any computational similarities as compared to the calculations of any of those variances you calculated for the

Calculation of Variances, from the data provided

Answered: Use the above information to calculate…

Use the above information to calculate the materials price and efficiency variances. Then break down the efficiency variance into the mix an a pang p + + +1+34

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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Here are the questions from my study material. Question included in the attached image. _________________ What were the price and quantity variances for direct material, respectively? What were the rate and efficiency variances for direct labour, respectively?
Wetherbee Tech Services (WTS) is a chain of computer maintenance technicians for households and small businesses. The following data are available for last year's services: • WTS recorded 120,900 tech calls last year. It had budgeted 126,800 calls, averaging 90 minutes each. • Standard variable labor and support costs per tech call were as follows: Direct IT specialist services: 90 minutes at $54 per hour Variable support staff, supplies, and overhead: 30 minutes at $24 per hour Fixed overhead costs: Annual budget $4,141,800 • Fixed overhead is applied at the rate of $36.00 per call. . Actual tech service call costs: Direct IT specialist services: 120,900 calls averaging 84 minutes at $56.00 per hour Variable support staff, supplies, and overhead: averaging 40 minutes per call at $22.50 per hour x 120,900 calls Fixed overhead Required: a. Prepare a cost variance analysis for each variable cost for last year. b. Prepare a fixed overhead cost variance analysis. Complete this question by…
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H1. Answer b please
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Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ $4 per pound) $ 64 Direct labor (3 hours @ $15 per hour) 45 During May the company incurred the following actual costs to produce 8,000 units. Direct materials (131,100 pounds @ $3.80 per pound). Direct labor (27,300 hours @ $15.10 per hour) AR-Actual Rate SR Standard Rate AQ-Actual Quantity SQ = Standard Quantity AP Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 $ 498,180 412,230 Required 2
Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places and round your answers to the nearest dollar, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials quantity variance Direct labor time variance
Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.35 feet of leather and predicts leather will cost $4.20 per foot. Suppose Perfect Ret made 85 collars during February. For these 85 collars, the company actually averaged 2.50 feet of leather per collar and paid $3.80 per foot. Required: 1. Calculate the standard direct materials cost per unit. 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 6. Calculate the direct materials price and quantity variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 6 Calculate the standard direct materials cost per unit. Note: Round your answer to 2 decimal places. Standard Direct Materials per Collar Reg 2 and 3>