Amber Company produces iron table and chair sets. During
October, Amber’s costs were as follows:
Homework Answers
1. Total purchases = 1105000*2.20 = $2431000
2. Direct material price variance = (2-2.20)*1105000 = $221000 Unfavorable
3. Material quantity variance = (960000-990000)*2 = $60000 Unfavorable
4. Direct labor price variance = (standard rate - actual rate)*actual hours
5400 = (Standard direct labor rate - 7.40)*9000
Standard direct labor rate = $8 per hour
5. Direct labor efficiency variance = (10000-9000)*8 = $8000 Favorable
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Amber Company produces iron table and chair sets. During
October, Amber’s costs were as follows:
Amber...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.30 per lb. $ 6.50 per hour $ 1.10 per lb. 870,000 lbs. 15,000 1,015,000 lbs. 7,000 900,000 lbs. $4,500 F Required: 1. Calculate the total...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.90 per lb. $7.10 per hour $ 1.70 per lb. 930,000 lbs. 15,000 1,075,000 lbs. 8,000 960,000 lbs. $5,100 F Required: 1. Calculate the total cost...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.30 per lb. $ 6.50 per hour $ 1.10 per lb. 870,000 lbs. 15,000 1,015,000 lbs. 7,000 900,000 lbs. $4,500 F Required: 1. Calculate the total...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 2.60 per lb. $ 7.80 per hour $ 2.40 per lb. 1,000,000 lbs. 17,000 1,175,000 lbs. 13,000 1,030,000 lbs. $5,800 F Required: 1. Calculate the total cost...
Amber Company produces iron table and chair sets. During October, Amber’s costs were as follows: Actual...
Amber Company produces iron table and chair sets. During
October, Amber’s costs were as follows:
Actual purchase price
$ 3.00
per lb.
Actual direct labor rate
$ 8.20
per hour
Standard purchase price
$ 2.80
per lb.
Standard quantity for sets produced
1,040,000
lbs.
Standard direct labor hours allowed
21,000
Actual quantity purchased in October
1,295,000
lbs.
Actual direct labor hours
17,000
Actual quantity used in October
1,070,000
lbs.
Direct labor rate variance
$6,200
F
3. Calculate the direct materials...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price $2.00 per lb. $7.20 per hour $1.80 per lb. 940,000 lbs 15,000 1,085,000 lbs 9,000 970,000 lbs $5,200 F Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $ 2.10 per lb $7.30 pe...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $ 2.10 per lb $7.30 per hour $1.90 per lb. 950,000 lbs. 15,000 1,095,000 lbs 10,000 980.000 lbs. $5,300 F Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $ 3.00 per lb. $ 8.20...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $ 3.00 per lb. $ 8.20 per hour $ 2.80 per lb. 1,040,000 bs. 21,000 1,295,000 lbs. 17,000 1,070,000 lbs. $6.200 F Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total...
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table...
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 2.20 per Ib. $ 7.40 per hour $ 2.00 per lb. 960,000 lbs. 10,000 1,105,000...
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 94] Amber Company produces iron table...
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 94] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows $160 per lb. 56.80 per hour $1.40 perib 900,000 Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance 1.045,000 lbs. 10,000 930.000 lbs $4,800 F...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.30 per lb. $ 6.50 per hour $ 1.10 per lb. 870,000 lbs. 15,000 1,015,000 lbs. 7,000 900,000 lbs. $4,500 F Required: 1. Calculate the total...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.90 per lb. $7.10 per hour $ 1.70 per lb. 930,000 lbs. 15,000 1,075,000 lbs. 8,000 960,000 lbs. $5,100 F Required: 1. Calculate the total cost...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 1.30 per lb. $ 6.50 per hour $ 1.10 per lb. 870,000 lbs. 15,000 1,015,000 lbs. 7,000 900,000 lbs. $4,500 F Required: 1. Calculate the total...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 2.60 per lb. $ 7.80 per hour $ 2.40 per lb. 1,000,000 lbs. 17,000 1,175,000 lbs. 13,000 1,030,000 lbs. $5,800 F Required: 1. Calculate the total cost...
Amber Company produces iron table and chair sets. During
October, Amber’s costs were as follows:
Actual purchase price
$ 3.00
per lb.
Actual direct labor rate
$ 8.20
per hour
Standard purchase price
$ 2.80
per lb.
Standard quantity for sets produced
1,040,000
lbs.
Standard direct labor hours allowed
21,000
Actual quantity purchased in October
1,295,000
lbs.
Actual direct labor hours
17,000
Actual quantity used in October
1,070,000
lbs.
Direct labor rate variance
$6,200
F
3. Calculate the direct materials...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price $2.00 per lb. $7.20 per hour $1.80 per lb. 940,000 lbs 15,000 1,085,000 lbs 9,000 970,000 lbs $5,200 F Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $ 2.10 per lb $7.30 per hour $1.90 per lb. 950,000 lbs. 15,000 1,095,000 lbs 10,000 980.000 lbs. $5,300 F Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of...
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: $ 3.00 per lb. $ 8.20 per hour $ 2.80 per lb. 1,040,000 bs. 21,000 1,295,000 lbs. 17,000 1,070,000 lbs. $6.200 F Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total...
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 2.20 per Ib. $ 7.40 per hour $ 2.00 per lb. 960,000 lbs. 10,000 1,105,000...
E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 94] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows $160 per lb. 56.80 per hour $1.40 perib 900,000 Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance 1.045,000 lbs. 10,000 930.000 lbs $4,800 F...
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