Homework Answers
3) material price variance = (Standard price-actual price)Actual qty
= (19.25*3200-63200)
Material price variance = 1600 Unfavorable
So answer is b) $1600 Unfavorable
2) Labour rate variance = (Standard rate-actual rate)Actual hours
= (50*145-7540)
Labour rate variance = 290 Unfavorable
So answer is a) $290 Unfavorable
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D Question 3 4 pts Study Inc. manufactures desks. The standard cost card shows that each...
Buckler Company manufactures desks with vinyl tops. In 2004, a 1,000 desk production run cost for...
Buckler Company manufactures desks with vinyl tops. In 2004, a 1,000 desk production run cost for the vinyl used per Model S desk is $27.00 based on 12 square feet of vinyl at a cost of $2.25 per square foot. A production run of 1,000 desks in 2003 resulted in the usage of 12,600 square feet of vinyl at a cost of $2.00 per square foot, a total cost of $25,200. What is the material volume variance resulting from the...
Lee Company manufactures a product for which the following direct material standards have been set: 3...
Lee Company manufactures a product for which the following direct material standards have been set: 3 feet per unit at a standard unit cost of $15. During October, the company purchased direct materials at a cost of $55,650, all of which were used in the production of 3,200 units of product. In addition, 4,900 hours of direct labor were logged during the month. The cost of labor time was $36,750. For the month, the direct materials quantity variance was an...
Reelmates manufactures fishing poles. In a recent month, the company budgeted production of 2,000 poles. Actual...
Reelmates manufactures fishing poles. In a recent month, the company budgeted production of 2,000 poles. Actual production was 2,200. According to the standard cost card, each pole requires 3 feet of fiberglass rod at a cost of $9 per foot. Reelmates used 6,500 feet of rod at a net cost of $65,000 for the period. The total material variance was: Multiple Choice $5,600 unfavorable. $6,500 favorable. $900 unfavorable. $900 favorable.
Sheldon Company manufactures only one product and uses a standard cost system. During the past month,...
Sheldon Company manufactures only one product and uses a standard cost system. During the past month, the manufacturing operations had the following variances: Direct labor rate variance = $29,000 Favorable. Direct labor efficiency variance = $48,000 Unfavorable. Sheldon allows 4.60 standard direct labor hours per unit produced, and its standard direct labor hourly rate is $46. During the month, the company used 23.00% more direct labor hours than the standard allowed. What was the standard labor cost of units produced...
Question Two (40 Marks): School Days Furniture, Inc., manufactures a variety of desks, chairs, tables, and...
Question Two (40 Marks): School Days Furniture, Inc., manufactures a variety of desks, chairs, tables, and shelf units which are sold to public school systems throughout the mid-west. The controller of the company's Desk Division is currently preparing a budget for the third quarter of the year. The following sales forecast has been made by the division's sales manager. July 10,000 desk-and-chair sets August 12,000 desk-and-chair sets September 15,000 desk-and-chair sets Each desk-and-chair set requires 10 board feet of pine...
E23-19 (similar to) Question Help Deluxe Fender, which uses a standard cost system, manufactured 20,000 boat...
E23-19 (similar to) Question Help Deluxe Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 146,000 square feet of extruded vinyl purchased at $1.10 per square foot. Production required 450 direct labor hours that cost 512 50 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.15 per square foot. The labor standard was 0.027 dired labor hour per fender, at a standard cost of...
Scholastic Furniture, Inc. manufactures a variety of desks, chairs, tables, and shelf units that are sold...
Scholastic Furniture, Inc. manufactures a variety of desks,
chairs, tables, and shelf units that are sold to public school
systems throughout the Midwest. The controller of the company’s
Desk Division is currently preparing a budget for the second
quarter of the year. The following sales forecast has been made by
the division’s sales manager.
April
10,000
desk-and-chair sets
May
12,000
desk-and-chair sets
June
15,000
desk-and-chair sets
Each desk-and-chair set requires 10 board feet of pine planks
and 1.5 hours of...
Scholastic Furniture, Inc. manufactures a variety of desks, chairs, tables, and shelf units that are sold...
Scholastic Furniture, Inc. manufactures a variety of desks,
chairs, tables, and shelf units that are sold to public school
systems throughout the Midwest. The controller of the company’s
Desk Division is currently preparing a budget for the second
quarter of the year. The following sales forecast has been made by
the division’s sales manager.
April
10,000
desk-and-chair sets
May
12,000
desk-and-chair sets
June
15,000
desk-and-chair sets
Each desk-and-chair set requires 10 board feet of pine planks
and 1.5 hours of...
Scholastic Furniture, Inc. manufactures a variety of desks, chairs, tables, and shelf units that are sold to public sch...
Scholastic Furniture, Inc. manufactures a variety of desks, chairs, tables, and shelf units that are sold to public school systems throughout the Midwest. The controller of the company's Desk Division is currently preparing a budget for the second quarter of the year. The following sales forecast has been made by the division's sales manager. April May 1 desk-and-chair sets desk-and-chair sets 15 gga desk-and-chair sets June Each desk-and-chair set requires 10 board feet of pine planks and 1.5 hours of...
Acoma, Inc., has determined a standard direct materials cost per unit of $6.60 (2 feet <...
Acoma, Inc., has determined a standard direct materials cost per unit of $6.60 (2 feet < $3.30 per foot). Last month, Acoma purchased and used 4,410 feet of direct materials for which it paid $14,112. The company produced and sold 2,090 units during the month. Calculate the direct materials price, quantity, and spending variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your intermediate calculations...
Sheldon Company manufactures only one product and uses a standard cost system. During the past month, the manufacturing operations had the following variances: Direct labor rate variance = $29,000 Favorable. Direct labor efficiency variance = $48,000 Unfavorable. Sheldon allows 4.60 standard direct labor hours per unit produced, and its standard direct labor hourly rate is $46. During the month, the company used 23.00% more direct labor hours than the standard allowed. What was the standard labor cost of units produced...
Question Two (40 Marks): School Days Furniture, Inc., manufactures a variety of desks, chairs, tables, and shelf units which are sold to public school systems throughout the mid-west. The controller of the company's Desk Division is currently preparing a budget for the third quarter of the year. The following sales forecast has been made by the division's sales manager. July 10,000 desk-and-chair sets August 12,000 desk-and-chair sets September 15,000 desk-and-chair sets Each desk-and-chair set requires 10 board feet of pine...
E23-19 (similar to) Question Help Deluxe Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 146,000 square feet of extruded vinyl purchased at $1.10 per square foot. Production required 450 direct labor hours that cost 512 50 per hour. The direct materials standard was seven square feet of vinyl per fender, at a standard cost of $1.15 per square foot. The labor standard was 0.027 dired labor hour per fender, at a standard cost of...
Scholastic Furniture, Inc. manufactures a variety of desks,
chairs, tables, and shelf units that are sold to public school
systems throughout the Midwest. The controller of the company’s
Desk Division is currently preparing a budget for the second
quarter of the year. The following sales forecast has been made by
the division’s sales manager.
April
10,000
desk-and-chair sets
May
12,000
desk-and-chair sets
June
15,000
desk-and-chair sets
Each desk-and-chair set requires 10 board feet of pine planks
and 1.5 hours of...
Scholastic Furniture, Inc. manufactures a variety of desks,
chairs, tables, and shelf units that are sold to public school
systems throughout the Midwest. The controller of the company’s
Desk Division is currently preparing a budget for the second
quarter of the year. The following sales forecast has been made by
the division’s sales manager.
April
10,000
desk-and-chair sets
May
12,000
desk-and-chair sets
June
15,000
desk-and-chair sets
Each desk-and-chair set requires 10 board feet of pine planks
and 1.5 hours of...
Scholastic Furniture, Inc. manufactures a variety of desks, chairs, tables, and shelf units that are sold to public school systems throughout the Midwest. The controller of the company's Desk Division is currently preparing a budget for the second quarter of the year. The following sales forecast has been made by the division's sales manager. April May 1 desk-and-chair sets desk-and-chair sets 15 gga desk-and-chair sets June Each desk-and-chair set requires 10 board feet of pine planks and 1.5 hours of...
Acoma, Inc., has determined a standard direct materials cost per unit of $6.60 (2 feet < $3.30 per foot). Last month, Acoma purchased and used 4,410 feet of direct materials for which it paid $14,112. The company produced and sold 2,090 units during the month. Calculate the direct materials price, quantity, and spending variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your intermediate calculations...
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