Wonderland Company produces jewelry. The table below shows the data for the month in production of bracelets: Direct Materials Direct Labor Actual price per unit of input 0.45 0.60 Std price per unit of input 0.55 0.45 Actual units of input 385,000.00 525,800.00 Actual units of output 150,000.00 150,000.00 It takes 15 units of direct materials and 3 hrs to produce 5 rings. Required: Compute for the Material Price, Efficiency and Flexible Budget Variance as well as the Labor Rate, Efficiency and Flexible Budget Variance. Please use 2 decimal places. Indicate "U" for Unfavorable and "F" if Favorable. Amount (2 decimal places) U or F MPV MEV MFBV
Wonderland Company produces jewelry. The table below shows the data for the month in production of bracelets: Direct Materials Direct Labor Actual price per unit of input 0.45 0.60 Std price per unit of input 0.55 0.45 Actual units of input 385,000.00 525,800.00 Actual units of output 150,000.00 150,000.00 It takes 15 units of direct materials and 3 hrs to produce 5 rings. Required: Compute for the Material Price, Efficiency and Flexible Budget Variance as well as the Labor Rate, Efficiency and Flexible Budget Variance. Please use 2 decimal places. Indicate "U" for Unfavorable and "F" if Favorable. Amount (2 decimal places) U or F MPV MEV MFBV
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Wonderland Company produces jewelry. The table below shows the data for the month in production of bracelets:
| Direct Materials | Direct Labor | |
| Actual price per unit of input | 0.45 | 0.60 |
| Std price per unit of input | 0.55 | 0.45 |
| Actual units of input | 385,000.00 | 525,800.00 |
| Actual units of output | 150,000.00 | 150,000.00 |
It takes 15 units of direct materials and 3 hrs to produce 5 rings.
Required: Compute for the Material Price, Efficiency and Flexible
| Amount (2 decimal places) | U or F | |
| MPV | ||
| MEV | ||
| MFBV | ||
| LRV | ||
| LEV | ||
| LFBV |
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