Homework Answers
Solution
| Material Price Variance | $ 18,144.00 | Unfavourable-U |
| Material quantity variance | $ 38,640.00 | Favourable-F |
| Material purchase price variance | $ 22,920.00 | Unfavorable -U |
| Labor rate variance | $ 28,536.00 | Favourable-F |
| Labor Efficiency variance | $ 16,800.00 | Unfavourable-U |
Working
| Material Purchase price variance | ||||||
| ( | Standard Rate | - | Actual Rate | ) | x | Actual Quantity |
| ( | $ 2.30 | - | $ 2.42 | ) | x | 191000 |
| -22920 | ||||||
| Variance | $ 22,920.00 | Unfavourable-U | ||||
.
| Standard DATA for | 24000 | Units | |
| Quantity (SQ) | Rate (SR) | Standard Cost | |
| [A] | [B] | [A x B] | |
| Direct Material | ( 7 pounds x 24000 Units)=168000 pounds | $ 2.30 | $ 386,400.00 |
| Direct labor | ( 1.5 Hour x 24000 Units)=36000 Hour | $ 5.00 | $ 180,000.00 |
.
| 24000 | Units | ||
| Quantity (AQ) | Rate (AR) | Actual Cost | |
| Direct Material | 151200 | $ 2.42 | $ 365,904.00 |
| Direct labor | 39360 | $ 4.28 | $ 168,264.00 |
.
| Material Price Variance | ||||||
| ( | Standard Rate | - | Actual Rate | ) | x | Actual Quantity |
| ( | $ 2.30 | - | $ 2.42 | ) | x | 151200 |
| -18144 | ||||||
| Variance | $ 18,144.00 | Unfavourable-U | ||||
| Material Quantity Variance | ||||||
| ( | Standard Quantity | - | Actual Quantity | ) | x | Standard Rate |
| ( | 168000 | - | 151200 | ) | x | $ 2.30 |
| 38640 | ||||||
| Variance | $ 38,640.00 | Favourable-F | ||||
.
| Labor Rate Variance | ||||||
| ( | Standard Rate | - | Actual Rate | ) | x | Actual Labor Hours |
| ( | $ 5.00 | - | $ 4.28 | ) | x | 39360 |
| 28536 | ||||||
| Variance | $ 28,536.00 | Favourable-F | ||||
| Labour Efficiency Variance | ||||||
| ( | Standard Hours | - | Actual Hours | ) | x | Standard Rate |
| ( | 36000 | - | 39360 | ) | x | $ 5.00 |
| -16800 | ||||||
| Variance | $ 16,800.00 | Unfavourable-U | ||||
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Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 7.00 pounds 1.50 hour Standard Price or Rate $2.30 per pound $5.00 per hour Standard Cost $16.10 7.50 $23.60 During June, Orion purchased 191,000 pounds of direct material at a total cost of $462,220. The total wages for June were $224,352, 75 percent of which were for direct labor. Orion manufactured 24,000 dartboards during...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Stall Direct material Direct labor Standard Quantity 11.00 pounds 1.90 hour Standard Price or Rate $ 2.70 per pound $12.00 per hour Standard Cost $29.70 22.80 $ 52.50 Total During June, Orion purchased 247,000 pounds of direct material at a total cost of $706,420. The total wages for June were $511,680, 90 percent of which were for direct labor. Orion manufactured...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for
the prime costs of one unit of its chief product, dartboards.
Standard Quantity
Standard Price or Rate
Standard Cost
Direct material
6.00
pounds
$
2.20
per pound
$
13.20
Direct labor
1.40
hour
$
7.00
per hour
9.80
Total
$
23.00
During June, Orion purchased 172,000 pounds of direct material
at a total cost of $397,320. The total wages for June were
$290,700, 90 percent of which were for direct labor. Orion...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 1.00 pounds 0.80 hour Standard Price or Rate $1.60 per pound 6.00 per hour Standard Cost $17.60 4.80 22.40 During June, Orion purchased 357,000 pounds of direct material at a total cost of $628,320. The total wages for June were $183,396 75 percent of which were for direct labor. Orion manufactured 31,000 dartboards during...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Standard Quantity Standard Price or Rate Standard Cost Direct material 8.00 pounds $ 1.30 per pound $ 10.40 Direct labor 0.50 hour $ 8.00 per hour 4.00 Total $ 14.40 During June, Orion purchased 285,000 pounds of direct material at a total cost of $407,550. The total wages for June were $156,060, 90 percent of which were for direct labor. Orion...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Standard Quantity Standard Price or Rate Standard Cost Direct material 6.00pounds $1.10per pound $6.60 Direct labor 0.30hour $6.00per hour 1.80 Total $8.40 During June, Orion purchased 227,000 pounds of direct material at a total cost of $274,670. The total wages for June were $72,576, 75 percent of which were for direct labor. Orion manufactured 36,000 dartboards during June, using 205,200 pounds of the direct...
Orion Corporation has established the following standards for the prime costs of one unit of its...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 6.00 pounds 0.30 hour Standard Price or Rate $1.10 per pound $6.00 per hour Standard Cost $ 6.60 1.80 $ 8.40 During June, Orion purchased 227,000 pounds of direct material at a total cost of $274,670. The total wages for June were $72,576, 75 percent of which were for direct labor. Orion manufactured 36,000...
Hemandez Corporation uses a standard cost system and has established the following standards for one unit...
Hemandez Corporation uses a standard cost system and has established the following standards for one unit of product: Standard Quantity 10 pounds 25 hour Standard Cost $26.00 Price Direct materials Direct labor $2.60 per pound $10.00 per hour2.50 $28.50 During October, the company purchased 240,000 pounds of material at a total cost of $588,000. The total factory wages for October were $49,400. During October, 21,000 units ofproduct were manufactured using 211,000 pounds of material and 5,200 direct labor hours. Material...
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor...
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 7.50 pounds 0.35 hours Standard Price or Rate $2.30 per pound $7.50 per hour Standard Cost $17.25 $ 2.62 Direct materials Direct labor During the most recent month, the following activity was recorded: a. Sixteen thousand five hundred pounds of material were purchased at a cost of $2.10 per pound. b....
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 7.80 pounds 0.30 hours Standard Price Standard or Rate Cost $2.30 per pound $17.94 $8.00 per hour $ 2.40 Direct materials Direct labor During the most recent month, the following activity was recorded: a. 25,900.00 pounds of material were purchased at a cost of $2.10 per pound. b. All of the...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 7.00 pounds 1.50 hour Standard Price or Rate $2.30 per pound $5.00 per hour Standard Cost $16.10 7.50 $23.60 During June, Orion purchased 191,000 pounds of direct material at a total cost of $462,220. The total wages for June were $224,352, 75 percent of which were for direct labor. Orion manufactured 24,000 dartboards during...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Stall Direct material Direct labor Standard Quantity 11.00 pounds 1.90 hour Standard Price or Rate $ 2.70 per pound $12.00 per hour Standard Cost $29.70 22.80 $ 52.50 Total During June, Orion purchased 247,000 pounds of direct material at a total cost of $706,420. The total wages for June were $511,680, 90 percent of which were for direct labor. Orion manufactured...
Orion Corporation has established the following standards for
the prime costs of one unit of its chief product, dartboards.
Standard Quantity
Standard Price or Rate
Standard Cost
Direct material
6.00
pounds
$
2.20
per pound
$
13.20
Direct labor
1.40
hour
$
7.00
per hour
9.80
Total
$
23.00
During June, Orion purchased 172,000 pounds of direct material
at a total cost of $397,320. The total wages for June were
$290,700, 90 percent of which were for direct labor. Orion...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 1.00 pounds 0.80 hour Standard Price or Rate $1.60 per pound 6.00 per hour Standard Cost $17.60 4.80 22.40 During June, Orion purchased 357,000 pounds of direct material at a total cost of $628,320. The total wages for June were $183,396 75 percent of which were for direct labor. Orion manufactured 31,000 dartboards during...
Orion Corporation has established the following standards for the prime costs of one unit of its chief product, dartboards. Direct material Direct labor Total Standard Quantity 6.00 pounds 0.30 hour Standard Price or Rate $1.10 per pound $6.00 per hour Standard Cost $ 6.60 1.80 $ 8.40 During June, Orion purchased 227,000 pounds of direct material at a total cost of $274,670. The total wages for June were $72,576, 75 percent of which were for direct labor. Orion manufactured 36,000...
Hemandez Corporation uses a standard cost system and has established the following standards for one unit of product: Standard Quantity 10 pounds 25 hour Standard Cost $26.00 Price Direct materials Direct labor $2.60 per pound $10.00 per hour2.50 $28.50 During October, the company purchased 240,000 pounds of material at a total cost of $588,000. The total factory wages for October were $49,400. During October, 21,000 units ofproduct were manufactured using 211,000 pounds of material and 5,200 direct labor hours. Material...
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 7.50 pounds 0.35 hours Standard Price or Rate $2.30 per pound $7.50 per hour Standard Cost $17.25 $ 2.62 Direct materials Direct labor During the most recent month, the following activity was recorded: a. Sixteen thousand five hundred pounds of material were purchased at a cost of $2.10 per pound. b....
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 7.80 pounds 0.30 hours Standard Price Standard or Rate Cost $2.30 per pound $17.94 $8.00 per hour $ 2.40 Direct materials Direct labor During the most recent month, the following activity was recorded: a. 25,900.00 pounds of material were purchased at a cost of $2.10 per pound. b. All of the...
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