Richetti Band Uniforms uses a standard costing system. The standard material and labor costs for producing a marching band hat are as follows:
Materials (0.90 yards × $11.70) | $10.53 | ||
Direct labor (1.20 hours × $13.30) | $15.96 |
During May, the company produced 3,770 band hats; 4,400 yards of
material were purchased for $42,240, and 3,270 yards of material
were used in production. Also during May, 4,790 direct labor hours
were worked at a cost of $57,480. Calculate material price and
quantity variances and labor rate and efficiency variances.
Indicate whether the variances are favorable or unfavorable.
(Round intermediate calculations to 2 decimal places,
e.g. 15.25 and final answers to 0 decimal places, e.g. 125. Enter
all variances as a positive number.)
Material Price Variance | $
|
|
|||
Material Quantity Variance | $
|
|
|||
Labor Rate Variance | $
|
|
|||
Labor Efficiency Variance | $
|
|
Materials Price Variance = (SP-AP) *AQ = (11.70 - 42240/4400) * 4400 = 9240 Favourable |
|
Materials Quantity Variance = (SQ - AQ) * SP = (3770*0.90 - 3270)*11.70 = 1439 Favourable |
|
Labor Rate Variance = (SR-AR) *AH = (13.30 - 57480/4790),4790 = 6227 Favourable |
|
Labor efficiency variance = (SH-AH) * SR = (3770*1.20 - 4790)*13.30 = 3538 Unfavorable |
Note that I have rounded some numbers. Comment if you face any issues
Richetti Band Uniforms uses a standard costing system. The standard material and labor costs for producing...
Lawn Band Uniforms uses a standard costing system. The standard
material and labor costs for producing a marching band hat are as
follows:
Materials (0.90 yards ×
$12.20)
$10.98
Direct labor (1.20 hours ×
$13.70)
$16.44
During May, the company produced 3,290 band hats; 4,340 yards of
material were purchased for $44,702, and 3,300 yards of material
were used in production. Also during May, 4,710 direct labor hours
were worked at a cost of $61,230. Calculate material price and
quantity...
Cinrich Band Uniforms uses a standard costing system. The standard material and labor costs for producing a marching band hat are as follows: Materials (0.90 yards x $11.50) Direct labor (1.20 hours x $13.20) $10.35 $15.84 During May, the company produced 3,520 band hats; 3,770 yards of material were purchased for $36,946, and 2,900 yards of material were used in production. Also during May, 4,300 direct labor hours were worked at a cost of $60,200. Calculate material price and quantity...
Exercise 11-9 Pukalani Band Uniforms uses a standard costing system. The standard material and labor costs for producing a marching band hat are as follows: Materials (0.90 yards x $11.40) Direct labor (1.20 hours x $13.80) $10.26 $16.56 During May, the company produced 3,340 band hats; 3,870 yards of material were purchased for $41,022, and 3,050 yards of material were used in production. Also during May, 4,240 direct labor hours were worked at a cost of $59,360. Calculate material price...
H55 Band Uniforms uses a standard costing system. The standard material and labor costs for producing a marching band hat are as follows: Materials (0.90 yards × $11.30) $10.17 Direct labor (1.20 hours × $13.90) $16.68 During May, the company produced 3,900 band hats; 4,090 yards of material were purchased for $46,217, and 3,170 yards of material were used in production. Also during May, 4,610 direct labor hours were worked at a cost of $59,930. Calculate material price and quantity...
Exercise 11-9 Pukalani Band Uniforms uses a standard costing system. The standard material and labor costs for producing a marching band hat are as follows: Materials (0.90 yards x $12.40) Direct labor (1.20 hours x $14.30) $11.16 $17.16 During May, the company produced 3,600 band hats; 3,910 yards of material were purchased for $44,574, and 3,120 yards of material were used in production. Also during May, 4,720 direct labor hours were worked at a cost of $61,360. Calculate material price...
Exercise 11-9 Your answer is partialy correct. Try again Granger Band Uniforms uses a standard costing system. The standard material and labor costs for producing a marching band hat are as follows: Materials (0.90 yards x$12.20) $10.98 Direct labor (1.20 hours x $13.70) $16.44 Ouring May, the company produced 3,290 band hats; 4,340 yards of material were purchased for $44,702, and 3.300 yards of material were used in production. Aliso during May, 4,710 direct labor hours were worked at a...
Kokomo uses a standard costing system. For production of a fuel
cell, standards call for 4 model RN-3 valves per cell costing
$2,340 each. During 2018, the company purchased 260 valves for
$642,200. The company used 252 valves in the production of 61 fuel
cells (8 valves were ruined through installation error).
Calculate material price and quantity variances for the model RN-3
valves. (Enter all variances as a positive
number.)
Material Price Variance
$
Neither Unfavorable nor FavorableFavorableUnfavorable
Material Quantity...
Granger Tees is a manufacturer of T-shirts. The standard amount
of 100% cotton jersey fabric used to make each T-shirt is 3.00
yards. The standard price per yard of the fabric is $2.31. During
last month, Granger purchased 6,300 yards of the jersey fabric for
$13,860. The production department used 4,900 yards to produce
1,800 T-shirts during the month.
Compute the material price and quantity variances.
(Round answers to 0 decimal places, e.g. 125. Enter all
variances as a positive...
Texas Boots uses a standard costing system. The standard material and labor costs Exercise 3) Texas Boots uses a standard for producing each pair of boots are as follows: Materials (1.5 yards x $9.00) $13.50 Direct labor (.5 hours x $15) 7.50 During May, the company produced 7,000 pairs of boots; 10,000 yards of material were purchased for $80,000, and 11,000 yards of material were used in production. Also during May. 3,800 direct labor hours were worked at a cost...
Sarah Aiken is the owner of Lawn Paws, a dog-grooming service.
At standard, it takes 1.0 hour to groom each dog. During the month
of October, it took Lawn Paws employees 342 hours to groom 279
dogs, at a total labor cost of $4,412. In November, employees spent
327 hours grooming 341 dogs, at a total labor cost of $6,115; in
December, 348 hours were used to groom 316 dogs, at a total labor
cost of $7,343. The wage rate...