Homework Answers
a. Direct material price variance = (standard price- actual price)*actual quantity
= (13.50-42600/3150)*3150 = $75 unfavorable
Direct material efficiency variance = (standard quantity - Actual quantity)*standard rate
= (1500*2 - 3150)*13.50 = $2025 unfavorable
2. Labor price variance = (20-46150/2100)*2100 = $4150 unfavorable
Labor efficiency variance = (1500*1.50-2100)*20 = $3000 Favorable
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Fine Lumber Inc. mills and finishes furniture kits. A certain kit requires the following: Direct materials...
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Requirements:
1.
Compute the total amount of direct materials, direct labor,
and manufacturing overhead that should be shown on Job 310's job
cost record.
2.
Job 310 consists of four recliners. If each recliner sells for
$750, what is the gross profit per recliner?
Direct materials for job 310:
Lumber: 47 units at $10 per unit
Padding: 14 yards at $20 per yard
Upholstery fabric: 28 yards at $26 per yard
Labor time records for Job 310:
Penny Rawls: 11...
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Marvel Parts, Inc.
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3. Materials and Labor Variance Analysis (40 points) Madzinga's Draperies manufactures curtains. A certain window requires the following: Direct materials standard Direct manufacturing labor standard 5 square yards at $7 per yard 2 hours at $18 During the second quarter, the company purchased 67,000 yards of fabric for $7.50 a yard, made 12,000 curtains and used 56,000 square yards of fabric costing $364,000. Direct labor totaled 23,000 hours for $460,000. a. Compute the direct materials price and efficiency variances for...
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Daley, Inc. is a privately held fumiture manufacturer. For August 2014, Daley had the following standards for one of its products, a wicker chair Direct materials Direct manufacturing labor The following data were compiled regarding actual performance: actual output units (chairs) produced, 2,000; square yards of input purchased and used, 5,700; price per square yard, $5.30; direct manufacturing labor costs, $10,692; actual hours Standards per Chair 3 square yards of input at S 5.20 per square yard 0.5 hour of...
Flandro Company uses a standard cost system and sets its predetermined overhead rate on the basis of direct labor-hours. The following data are taken from the company's planning budget for the current year: Denominator activity (direct labor-hours) Variable manufacturing overhead coat Fixed manufacturing overhead coat $ 4,250 The standard cost card for the company's only product is given below. Standard Inputs Direct materials Direct labor Mutacturing overhead Total standard cost per Standard Quantity Dr Hours yards 2 hours 2 hour...
Q4) Direct materials and direct manufacturing labor variances. (25 Marks} Rugged Life, Inc., designs and manufactures fleece quarter-zip jackets. It sells its jackets to brand-name outdoor Outfitters in lots of one dozen. Rugged Life's May 2017 static budget and actual results for direct inputs are as follows: Static Budget Number of jacket lots (1 lot = 1 300 dozen) Per Lot of Jackets: Direct materials Direct manufacturing labor 18 yards at $4.65 per yard $83.70 2.4 hours at $12.50 per...
Requirements:
1.
Compute the total amount of direct materials, direct labor,
and manufacturing overhead that should be shown on Job 310's job
cost record.
2.
Job 310 consists of four recliners. If each recliner sells for
$750, what is the gross profit per recliner?
Direct materials for job 310:
Lumber: 47 units at $10 per unit
Padding: 14 yards at $20 per yard
Upholstery fabric: 28 yards at $26 per yard
Labor time records for Job 310:
Penny Rawls: 11...
Marvel Parts, Inc., manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 630 hours each month to produce 2,100 sets of covers. The standard costs associated with this level of production are: Per Set Total...
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