The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding...
The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding Industries. In addition, the variances for one month's production are given. Assume that all inventory accounts have zero balances at the beginning of the month.
| Standard Cost Per Unit | Standard Monthly Costs | ||||||
| Materials | $ | 5.00 | $ | 14,000 | |||
| Direct Labor 3 hrs. @ $2.80 | 8.40 | 23,520 | |||||
| Factory Overhead: | |||||||
| Variable | 1.80 | 5,040 | |||||
| Fixed | 5.50 | 15,400 | |||||
| $ | 20.70 | $ | 57,960 | ||||
| Variances: | |||
| Material price | 210.00 | unfavorable | |
| Material quantity | 800.00 | unfavorable | |
| Labor rate | 630.00 | favorable | |
| Labor efficiency | 2,520.00 | unfavorable | |
What were the actual direct labor hours worked during the month?
Homework Answers
>> Standard labor Hours = $ 23,520 / $ 2.8 = 8,400 Hours.
>> Standard Rate per hour = $ 2.8.
>> Labor efficiency variance = ( Standard Hours - Actual Hours ) * Standard price.
>> -2520 = ( 8400 - Actual hours ) * 2.8
>> Actual Direct Labor hours = 7500 Hours
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The following information summarizes the standard cost for
producing one metal tennis racket frame at Spaulding...
The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding...
The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding Industries. In addition, the variances for one month's production are given. Assume that all inventory accounts have zero balances at the beginning of the month. Standard Cost Per Unit Standard Monthly Costs Materials $ 4.00 $ 8,400 Direct Labor 2 hrs. @ $2.60 5.20 10,920 Factory Overhead: Variable 1.80 3,780 Fixed 5.00 10,500 $ 16.00 $ 33,600 Variances: Material price 244.75 unfavorable Material quantity...
The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding...
The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding Industries. In addition, the variances for one month's production are given. Assume that all inventory accounts have zero balances at the beginning of the month. Standard Cost Per Unit Standard Monthly Costs Materials $ 5.00 $ 11,000 Direct Labor 3 hrs @ $2.00 6.00 13,200 Factory Overhead: Variable 2.00 4,400 Fixed 5.00 11,000 $ 18.00 $ 39,600 Variances: Material price $ 337.50 unfavorable Material...
Material and Labor Variances The following actual and standard cost data for direct material and direct...
Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 7,800 lbs. @ $5.30 8,000 lbs. @ $5.10 Direct labor 12,400 hrs. @ $8.40 12,000 hrs. @ $8.70 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable Materials...
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Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to the production of 2,000 units of a product: Actual Costs Standard Costs Direct material 7,800 lbs. @ $5.30 8,000 lbs. @ $5.10 Direct labor 12,400 hrs. @ $8.40 12,000 hrs. @ $8.70 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable Materials...
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Please assist with the inquiry below:
Material and Labor Variances The following actual and standard cost data for direct material and direct labor relate to Jones Company's production of 2,000 units of a product: Actual Costs Standard Costs Direct material 4,200 lbs. @ $4.90 4,000 lbs. @ $5.10 Direct labor 5,800 hrs. @ $9.30 6,000 hrs. @ $9.50 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F"...
Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity 1.80 lbs 1.80 hrs Standard Price (Rate) 1.90 per lb. $ 11.00 per hr. 1.10 per hr. Standard Unit Cost 3.42 19.80 Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($396,000.00 180,000.00 units) 1.80 hrs. 1.98 2.20 Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay...
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Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($396,000.00 - 180,000.00 units) Standard Quantity 1.80 lbs. 1.80 hrs. 1.80 hrs. Standard Price (Rate) $ 1.90 per Ib. $11.00 per hr. $ 1.10 per hr. Standard Unit Cost $ 3.42 19.80 1.98 2.20 Barley Hopp had the following actual results last year: Number of units produced and sold Number of...
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