Homework Answers
- MPV = (AP – SP)AQ= (0.075 – $0.08) 2700000 = $ 13500F
MUV = (AQ – SQ)SP= [2700000 – (100000 *25)]$ 0.08= $ 16000 U
LRV = (AR – SR)AH= ($ 35 – $ 32)5200 = $ 15600 U
Given that Total Actual Payroll=$ 182000
Therefore AR = $ 182000/5200 = $ 35
LEV = (AH – SH)SR= [ 5200 – (100000 *0.05)]$ 32= $ 6400 U
- Journal Entries
|
1 |
Material Inventory |
$ 216000 |
|
|
Material Price Variance |
$ 13500 |
||
|
Accounts Payable |
$ 202500 |
||
|
2 |
Work in Process |
$ 200000 |
|
|
Material Usage Variance |
$ 16000 |
||
|
Material Inventory |
$ 216000 |
||
|
3 |
Work in Process |
$ 160000 |
|
|
Labor Rate Variance |
$ 15600 |
||
|
Labor Efficiency Variance |
$ 6400 |
||
|
Accrued Payroll |
$ 182000 |
||
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3) Chemical, Inc., has set the following standards for direct materials and direct labor for each...
P&G company produces large The standards for materials and labor costs to manufacture I bag are...
P&G company produces large The standards for materials and labor costs to manufacture I bag are as follows: size bags for the use of tourists. Company uses standard costing system lo «öHöl 0sts. Direct materials: 7.2 lbs. per bag @ $5 per lb. Direct labor: 0.4 hours per bag @$20 per hour During the last month, P&G produced 2,500 large bags. 20,000 lbs. of direct materials were purchased @ $4.8 per lb They used all direct materials to make the...
B. Howard Company has established the following standards: Direct materials: 2.0 pounds at $4.10 Direct labor: 1.5 hour...
B. Howard Company has established the following standards: Direct materials: 2.0 pounds at $4.10 Direct labor: 1.5 hours at $7 per hour Additional information was extracted from the accounting records: Actual production: 32,000 completed units Direct materials purchased: 70,000 pounds at $3.82, or $267.400 Direct materials consumed: 65,000 pounds Actual labor incurred: 51,000 hours at $6.30, or $321,300 Direct-labor rate variance: $35,700 favorable Direct-labor efficiency variance: $21,000 unfavorable Assume that the company computes variances at the earliest point in time....
EXERCISE 10-6 Direct Materials and Direct Labor Variances L010-1, L010-2 and direct labor standards for one...
EXERCISE 10-6 Direct Materials and Direct Labor Variances L010-1, L010-2 and direct labor standards for one unit of Zoom are given below: mat shown in Exhibit 10-6.) Huron Company produces a commercial cleaning compound known as Zoom. The direct materials Standard Quantity Standard Price or Hours or Rate Standard Cost Direct materials Direct labor. 4.6 pounds 0.2 hours $2.50 per pound $18.00 per hour $11.50 $3.60 During the most recent month, the following activity was recorded: a. Twenty thousand pounds...
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards fo...
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours 7.20 pounds 0.50 hours Standard Price or Rate $ 2.90 per pound $10.00 per hour Standard Cost $20.88 $ 5.00 Direct materials Direct labor During the most recent month, the following activity was recorded: a. 16,900.00 pounds of material were purchased at a cost of $2.60 per pound. b. All of...
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for...
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 4.6 pounds $ 2.50 per pound $ 11.50 Direct labor 0.2 hours $ 12.00 per hour $ 2.40 During the most recent month, the following activity was recorded: Twenty thousand pounds of material were purchased at a cost of $2.35 per pound. The...
Hutto Corp, has set the following standard direct materials and direct labor costs per unit for...
Hutto Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. $5 per lb.) Direct labor (3 hrs. $14 per hr.) During May the company incurred the following actual costs to produce 8,900 units. Direct materials (136,200 lbs. $4.80 per lb.) Direct labor (29,900 hrs. $14.10 per hr.). $653,760 421,590 AQ - Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price AH-Actual...
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for...
Huron Company produces a commercial cleaning compound known as
Zoom. The direct materials and direct labor standards for one unit
of Zoom are given below:
Please help me correct my error, provide me the way to do it too
if possible:
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost $16.25 5.75 Direct materials...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. $42 Direct materials (14 lbs. @ $3 per lb.) Direct labor (3 hrs. @ $15 per hr.) 45 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (128,900 lbs. @ $2.80 per lb.) Direct labor (31,000 hrs. @ $15.20 per hr.). $360,920 471,200 AH = Actual Hours SH = Standard Hours AR = Actual...
Jameson Company produces paper towels. The company has established the following direct materials and direct labor...
Jameson Company produces paper towels. The company has established the following direct materials and direct labor standards for one case of paper towels: Paper pulp (3 lbs. @ $0.40) $ 1.20 Labor (2 hrs. @ $12) 24.00 Total prime cost $25.20 During the first quarter of the year, Jameson produced 45,000 cases of paper towels. The company purchased and used 135,700 pounds of paper pulp at $0.37 per pound. Actual direct labor used was 91,000 hours at $12.20 per hour....
Reed Corp. has set the following standard direct materials and direct labor costs per unit for...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (10 lbs. $3 per lb.) Direct labor (2 hrs. $12 per hr.) points During June the company incurred the following actual costs to produce 9,000 units. Bo Direct materials (92,000 lbs. $2.95 per lb.) Direct labor (18.00 hrs. $12.05 per he.) $271.000 226,340 int P References AQ - Actual Quantity SQ - Standard Quantity AP - Actual Price...
P&G company produces large The standards for materials and labor costs to manufacture I bag are as follows: size bags for the use of tourists. Company uses standard costing system lo «öHöl 0sts. Direct materials: 7.2 lbs. per bag @ $5 per lb. Direct labor: 0.4 hours per bag @$20 per hour During the last month, P&G produced 2,500 large bags. 20,000 lbs. of direct materials were purchased @ $4.8 per lb They used all direct materials to make the...
B. Howard Company has established the following standards: Direct materials: 2.0 pounds at $4.10 Direct labor: 1.5 hours at $7 per hour Additional information was extracted from the accounting records: Actual production: 32,000 completed units Direct materials purchased: 70,000 pounds at $3.82, or $267.400 Direct materials consumed: 65,000 pounds Actual labor incurred: 51,000 hours at $6.30, or $321,300 Direct-labor rate variance: $35,700 favorable Direct-labor efficiency variance: $21,000 unfavorable Assume that the company computes variances at the earliest point in time....
EXERCISE 10-6 Direct Materials and Direct Labor Variances L010-1, L010-2 and direct labor standards for one unit of Zoom are given below: mat shown in Exhibit 10-6.) Huron Company produces a commercial cleaning compound known as Zoom. The direct materials Standard Quantity Standard Price or Hours or Rate Standard Cost Direct materials Direct labor. 4.6 pounds 0.2 hours $2.50 per pound $18.00 per hour $11.50 $3.60 During the most recent month, the following activity was recorded: a. Twenty thousand pounds...
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours 7.20 pounds 0.50 hours Standard Price or Rate $ 2.90 per pound $10.00 per hour Standard Cost $20.88 $ 5.00 Direct materials Direct labor During the most recent month, the following activity was recorded: a. 16,900.00 pounds of material were purchased at a cost of $2.60 per pound. b. All of...
Hutto Corp, has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. $5 per lb.) Direct labor (3 hrs. $14 per hr.) During May the company incurred the following actual costs to produce 8,900 units. Direct materials (136,200 lbs. $4.80 per lb.) Direct labor (29,900 hrs. $14.10 per hr.). $653,760 421,590 AQ - Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price AH-Actual...
Huron Company produces a commercial cleaning compound known as
Zoom. The direct materials and direct labor standards for one unit
of Zoom are given below:
Please help me correct my error, provide me the way to do it too
if possible:
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Price or Rate Standard Cost $16.25 5.75 Direct materials...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. $42 Direct materials (14 lbs. @ $3 per lb.) Direct labor (3 hrs. @ $15 per hr.) 45 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (128,900 lbs. @ $2.80 per lb.) Direct labor (31,000 hrs. @ $15.20 per hr.). $360,920 471,200 AH = Actual Hours SH = Standard Hours AR = Actual...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (10 lbs. $3 per lb.) Direct labor (2 hrs. $12 per hr.) points During June the company incurred the following actual costs to produce 9,000 units. Bo Direct materials (92,000 lbs. $2.95 per lb.) Direct labor (18.00 hrs. $12.05 per he.) $271.000 226,340 int P References AQ - Actual Quantity SQ - Standard Quantity AP - Actual Price...
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