You have been invited to interview for an internship with an international food manufacturing company. When you arrive for the interview, you are given the following information related to a fictitious Belgian chocolatier for the month of June. The choco- latier manufactures truffles in 12-piece boxes. The production is labor intensive, and the delicate nature of the chocolate requires a high degree of skill. Actual Boxes produced Direct materials used in production Actual direct material cost 10,000 2,150,000 g 60,200 euro Actual direct manufacturing labor-hours Actual direct manufacturing labor cost 1,100 12,650 euro Standards Purchase price of direct materials Materials per box Wage rate Boxes per hour 0.03 euro/g 200 g 12 euro/hour 10

You have been invited to interview for an internship with an international food manufacturing company. When you arrive for the interview, you are given the following information related to a fictitious Belgian chocolatier for the month of June. The choco- latier manufactures truffles in 12-piece boxes. The production is labor intensive, and the delicate nature of the chocolate requires a high degree of skill. Actual Boxes produced Direct materials used in production Actual direct material cost 10,000 2,150,000 g 60,200 euro Actual direct manufacturing labor-hours Actual direct manufacturing labor cost 1,100 12,650 euro Standards Purchase price of direct materials Materials per box Wage rate Boxes per hour 0.03 euro/g 200 g 12 euro/hour 10

Name: Q.Calculate the materials efficiency and price variance and the wage a
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Description: Q.Calculate the materials efficiency and price variance and the wage and labor efficiency variances for the month of June. You have been invited to interview for aninternship with an international food manufacturing company. When you arrive for the i

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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If the materials price variance is $3,600 F and the materials quantity and labor variances are each $2,700 U, what is the total materials variance?
Subject-Acounting
The variable overhead spending variance is most effective in measuring: O how well overhead spending matches the targets set in the original budget at the beginning of the year. O the efficiency with which the activity base was utilized in production. O the excessive use of overhead resources. O the utilization of plant facilities.
Question 3 A shoe company had the following journal entries recorded for the end of June. Materials Control 300,000 Direct Materials Price Variance 10,000 Accounts Payable Control 290,000 Work-in-Process Control 120,000 8,000 Direct Materials Efficiency Variance Materials Control 128,000 Standard cost for direct labor per pair of shoes: 1 hour at a standard price of $100 each. The company produced 8,500 shoes in June with 8,470 hours and incurred total direct labor costs of $832,000.
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Example: Using the direct labor standards for the production process at Hardrock Quarry, Inc. as above: Required: Compute the following variances for Hardrock Quarry, Inc. for the month of August: 1. Direct labor yield variances for the individual labor categories and for the total output. 2. Direct labor mix variances for the individual labor categories and for the total output.
The labor efficiency variance is the difference between the actual quantity of hours at the standard rate and the standard direct labor hours at the standard rate. A. True B. False
Required: 1. Calculate Suds & Cuts direct materials variances for both shampoo and water for the month of July. 2. Calculate Suds & Cuts direct labor variances for the month of July.
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1. Prepare a report showing the conpany's activity variances for July. 2. Which of the activity variances should be of concern to management? Explain.
Assume the labor rate variance is $400 unfavorable and the labor spending variance is $200 unfavorable. Given these assumptions, which of the following statements is true? Multiple Choice The labor efficiency variance must be $600 favorable. The labor efficiency variance must be $600 unfavorable. The labor efficiency variance must be $200 favorable. The labor efficiency variance must be $200 unfavorable.