At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products:
| Direct materials (5 lbs. @ $4.00) | $20.00 |
| Direct labor (2 hrs. @ $15.00) | 30.00 |
| Standard prime cost per unit | $50.00 |
The actual results for the year are as follows:
Units produced: 400,000.
Materials purchased: 2,060,000 pounds @ $3.95.
Materials used: 2,100,000 pounds.
Direct labor: 825,000 hours @ $14.85.
Required:
1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable.
| Material price variance | $ | |
| Material usage variance | $ |
2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable.
| Labor rate variance | $ | |
| Labor efficiency variance | $ |
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At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for th
Materials and Labor Variances At the beginning of the year, Craig Company had the following standard...
Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: Units produced: 500,000. Materials purchased: 3,500,000 pounds @ $5.35. Materials used: 3,000,000 pounds. Direct labor: 950,000 hours @ $12.96. Required: 1. Compute price and usage variances for...
Standard Price and Volume Standards: Direct materials 21.0 yards per awning at $15.00 per yard Direct labor 5.0 hours p...
Standard Price and Volume Standards: Direct materials 21.0 yards per awning at $15.00 per yard Direct labor 5.0 hours per awning at $17.00 per hour Variable MOH standard rate $4.00 per direct labor hour Predetermined fixed MOH standard rate $7.00 per direct labor hour Total budgeted fixed MOH cost $78,200 Print Done X Actual Results 1 Purchased 51,750 yards at a total cost of $755,550 Used 47,500 yards in producing 2,300 awnings Actual direct labor cost of $194,256 for a...
need help with the journal Materials Direct Materials Price Variance Direct materials (5 lbs. @ $2.60)...
need help with the journal
Materials Direct Materials Price Variance Direct materials (5 lbs. @ $2.60) Accounts Payable $13.00 Work in Process Direct labor (0.75 hr. @ $18.00) 13.50 Direct Materials Usage Variance Materials Fixed overhead (0.75 hr. @ $4.00) 3.00 Variable overhead (0.75 hr. @ $3.00) 2.25 Work in Process Direct Labor Efficiency Variance Direct Labor Rate Variance Wages Payable Standard cost per unit $31.75 Work in Process Variable Overhead Control Fixed Overhead Control Algers computes its overhead rates...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (10 lbs. $3 per lb.) Direct labor (2 hrs. $12 per hr.) points During June the company incurred the following actual costs to produce 9,000 units. Bo Direct materials (92,000 lbs. $2.95 per lb.) Direct labor (18.00 hrs. $12.05 per he.) $271.000 226,340 int P References AQ - Actual Quantity SQ - Standard Quantity AP - Actual Price...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. $4 per lb.) Direct labor ( hrs. $15 per hr.) Sosis 15.) 588 points During May the company incurred the following actual costs to produce 9,000 units. Direct materiale 18.000 lbs. ).75 per 1.) Direct labor 31.000 hrs. 515.10 per hr.). $517.500 468,100 AQ - Actual Quantity SQ - Standard Quantity AP Actual Price SP Standard...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for...
Reed Corp. has set the following standard direct materials and
direct labor costs per unit for the product it
manufactures.
Direct materials (16 lbs. @ $5 per lb.) $80
Direct labor (4 hrs. @ $15 per hr.) $60
During June the company incurred the following actual costs to
produce 9,000 units.
Direct materials (146,700 lbs. @ $4.75 per lb.) $696,825
Direct labor (40,300 hrs. @ $15.10 per hr.). $608,530
AH = Actual Hours
SH = Standard Hours
AR = Actual...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of April, 305,000 cans were produced using 1,250,000 ounces of aluminum. The actual cost of aluminum was $0.2 per ounce and the standard price was $0.14 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as...
Standard Cost per Unit Actual Cost per Unit $ 3.96 $ 4.20 12.60 Direct materials: Standard: 1.80 feet at $2.20 per foot...
Standard Cost per Unit Actual Cost per Unit $ 3.96 $ 4.20 12.60 Direct materials: Standard: 1.80 feet at $2.20 per foot Actual: 1.75 feet at $2.40 per foot Direct labor: Standard: 0.90 hours at $14.00 per hour Actual: 0.95 hours at $13.40 per hour Variable overhead: Standard: 0.90 hours at $5.00 per hour Actual: 0.95 hours at $4.60 per hour Total cost per unit Excess of actual cost over standard cost per unit 12.73 4.50 4.37 $ 21.30 $21.06...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. $60 42 Direct materials (15 lba. e $4 per lb.) Direct labor (3 hrs. e $14 per hr.) During May the company incurred the following actual costs to produce 8,800 units. Direct materials (134,700 lbs. $3.80 per lb.) Direct labor (30,000 hrs. $14.10 per hr.). $511,860 423,000 AQ = Actual Quantity SQ - Standard Quantity AP = Actual Price SP...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (10 lbs. @ $3 per lb.) Direct labor (2 hrs. @ $12 per hr.) $30 24 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (92,000 lbs. @ $2.95 per lb.) Direct labor (18,800 hrs. @ $12.05 per hr.) $ 271,400 226,540 AH = Actual Hours SH = Standard Hours AR =...
Standard Price and Volume Standards: Direct materials 21.0 yards per awning at $15.00 per yard Direct labor 5.0 hours per awning at $17.00 per hour Variable MOH standard rate $4.00 per direct labor hour Predetermined fixed MOH standard rate $7.00 per direct labor hour Total budgeted fixed MOH cost $78,200 Print Done X Actual Results 1 Purchased 51,750 yards at a total cost of $755,550 Used 47,500 yards in producing 2,300 awnings Actual direct labor cost of $194,256 for a...
need help with the journal
Materials Direct Materials Price Variance Direct materials (5 lbs. @ $2.60) Accounts Payable $13.00 Work in Process Direct labor (0.75 hr. @ $18.00) 13.50 Direct Materials Usage Variance Materials Fixed overhead (0.75 hr. @ $4.00) 3.00 Variable overhead (0.75 hr. @ $3.00) 2.25 Work in Process Direct Labor Efficiency Variance Direct Labor Rate Variance Wages Payable Standard cost per unit $31.75 Work in Process Variable Overhead Control Fixed Overhead Control Algers computes its overhead rates...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (10 lbs. $3 per lb.) Direct labor (2 hrs. $12 per hr.) points During June the company incurred the following actual costs to produce 9,000 units. Bo Direct materials (92,000 lbs. $2.95 per lb.) Direct labor (18.00 hrs. $12.05 per he.) $271.000 226,340 int P References AQ - Actual Quantity SQ - Standard Quantity AP - Actual Price...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (15 lbs. $4 per lb.) Direct labor ( hrs. $15 per hr.) Sosis 15.) 588 points During May the company incurred the following actual costs to produce 9,000 units. Direct materiale 18.000 lbs. ).75 per 1.) Direct labor 31.000 hrs. 515.10 per hr.). $517.500 468,100 AQ - Actual Quantity SQ - Standard Quantity AP Actual Price SP Standard...
Reed Corp. has set the following standard direct materials and
direct labor costs per unit for the product it
manufactures.
Direct materials (16 lbs. @ $5 per lb.) $80
Direct labor (4 hrs. @ $15 per hr.) $60
During June the company incurred the following actual costs to
produce 9,000 units.
Direct materials (146,700 lbs. @ $4.75 per lb.) $696,825
Direct labor (40,300 hrs. @ $15.10 per hr.). $608,530
AH = Actual Hours
SH = Standard Hours
AR = Actual...
Materials Variances Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.5 ounces of aluminum per can. During the month of April, 305,000 cans were produced using 1,250,000 ounces of aluminum. The actual cost of aluminum was $0.2 per ounce and the standard price was $0.14 per ounce. There are no beginning or ending inventories of aluminum. Required: Calculate the materials price and usage variances using the columnar and formula approaches. Enter amounts as...
Standard Cost per Unit Actual Cost per Unit $ 3.96 $ 4.20 12.60 Direct materials: Standard: 1.80 feet at $2.20 per foot Actual: 1.75 feet at $2.40 per foot Direct labor: Standard: 0.90 hours at $14.00 per hour Actual: 0.95 hours at $13.40 per hour Variable overhead: Standard: 0.90 hours at $5.00 per hour Actual: 0.95 hours at $4.60 per hour Total cost per unit Excess of actual cost over standard cost per unit 12.73 4.50 4.37 $ 21.30 $21.06...
Hutto Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. $60 42 Direct materials (15 lba. e $4 per lb.) Direct labor (3 hrs. e $14 per hr.) During May the company incurred the following actual costs to produce 8,800 units. Direct materials (134,700 lbs. $3.80 per lb.) Direct labor (30,000 hrs. $14.10 per hr.). $511,860 423,000 AQ = Actual Quantity SQ - Standard Quantity AP = Actual Price SP...
Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures. Direct materials (10 lbs. @ $3 per lb.) Direct labor (2 hrs. @ $12 per hr.) $30 24 During June the company incurred the following actual costs to produce 9,000 units. Direct materials (92,000 lbs. @ $2.95 per lb.) Direct labor (18,800 hrs. @ $12.05 per hr.) $ 271,400 226,540 AH = Actual Hours SH = Standard Hours AR =...
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