(A)
Material price variance = actual quantity x (standard price - actual price)
= 11400000 x ($0.83 - $0.80)
= $342000 Favorable
Where,
Actual price = material cost paid/units of material purchased
= $9120000/11400000 = $0.80
(B)
Material quantity variance = standard price x (standard quantity - actual quantity)
= $0.83 x (12480000 - 11400000)
= $896400 Favorable
Where,
Standard quantity = actual output x standard quantity per unit of output
= 1040000 x 12 = 12480000 sq.ft
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost Information...
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (plastic) 12 sq ft. $ 0.83 per sq. ft. $ 9.96 Direct labor 0.25 hr. $ 10.50 per hr. 2.62 Variable manufacturing overhead (based on direct labor hours) 0.25 hr. $ 2.20 per hr. 0.55 Fixed manufacturing overhead $345,800 ÷ 910,000 units) 0.38 Parker Plastic had the following actual results...
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $289,280 = 904,000 units) Standard Quantity 9 sq ft. 0.25 hr. 0.25 hr. Standard Price (Rate) $ 0.92 per sq. ft. $ 10.40 per hr. $ 1.60 per hr. Standard Unit Cost $ 8.28 2.60 0.40 0.32 Parker Plastic had the following actual results...
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Standard Unit Cost 8.03 2.60 Quantity 11 sq ft 0.25 hr Standard Price (Rate) $ 0.73 per sq. ft $10.40 per hr. Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $326,880 908,000 units) $ 2.00 per hr. 0.25 hr. 0.50 0.36 Parker Plastic had the following actual results for the past...
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost Information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($364,880 = 912, e80 units) Standard Quantity 13 sq ft. @.3 hr. 0.3 hr. Standard Standard Price (Rate) Unit Cost $ 8.93 per sq. ft. $ 12.09 $19.90 per hr. 3.27 $ 2.40 per hr. 2.72 0.40 Parker Plastic had the following actual results...
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $326,880 - 908,000 units) Standard Quantity 11 sq ft. 0.25 hr. 025 hr Standard Price (Rate) $ 0.73 per sq. ft. $ 10.40 per hr. $ 2.00 per hr. Standard Unit Cost $ 8.03 2.60 0.50 0.36 Parker Plastic had the following actual results...
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity 12 sq ft. 0.25 hr. Standard Price (Rate) Standard Unit Cost $ 0.72 per sq. ft. $8.64 $12.20 per hr. 3.05 Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($378,000 + 900,000 units) 0.25 hr. $ 1.20 per hr. 0.39 0.42 Parker Plastic had the following actual results for the...
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $559,200 - 932,000 units) Standard Quantity 12 sq ft. 0.25 hr. 0.25 hr. Standard Price (Rate) $ 1.00 per sq. ft. $ 12.80 per hr. $ 2.00 per hr. Standard Unit Cost $12.00 3.20 0.50 0.60 Parker Plastic had the following actual results for...
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Standard Standard Price (Rate) $ 0.90 per sq. ft $12.60 per hr. Quantity 15 sq ft 0.25 hr Unit Cost Direct materials (plastic) $13.50 3.15 Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $539,400 930,000 units) 0.25 hr $ 1.80 per hr 0.45 0.58 Parker Plastic had the following actual results for the past...
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity 12 sq ft. 0.25 hr. 0.25 hr. Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $559,200 - 932,000 units) Standard Unit Cost $12.00 3.20 Standard Price (Rate) $ 1.00 per sq. ft. $ 12.80 per hr. $ 2.00 per hr. 0.50 0.60 Parker Plastic had the following actual results for...
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead S579,080 = 934,000 units) Standard Quantity 12 sq ft. 0.25 hr. 0.25 hr. Standard Price (Rate) $ 1.10 per sq. ft. $ 13.20 per hr $ 2.20 per hr Standard Unit Cost $13.20 3.30 0.55 0.62 Parker Plastic had the following actual results for...