1) Standard Cost
Direct Materials | $18*25yards | =$450 |
Direct Labor | $10* 5 hrs | =$50 |
Variable OH | $2* 5 hrs | =$10 |
Fixed OH | $9 * 5hrs | =$45 |
STANDARD COST PER UNIT | =$555 |
2)
(a) Direct Materials Variances
Standard Quantity(SQ) = 2400 awings * 25 Yards per unit = 60,000 Yards
Actual Quantity (AQ) = 59,100 Yards (Given)
Standard Price (SP) = $18
Actual Price (AP) = Total Cost/Total Yards Purchased = 1,104,432/63,840 = $17.3
Material Price Variance = (SP-AP)AQ = ($18-$17.3)59100 = 0.7 * 59100 = 41,370 F
Material Quantity Variance =(SQ-AQ)SP = (60000-59100)$18 = 900 * $18 = 16,200F
2)
(b)Direct Labor Variances
Standard Hours(SH) = 2400 awings * 5hrs per unit = 12,000hrs
Actual Hours (AH) = 11,860 hrs (Given)
Standard Rate (SR) = $10
Actual Rate(AR) = Total Cost/Total Hrs = 122,158/11,860 = $10.3
Direct Labor Variance = (SR-AR)AH = ($10-$10.3)11,860 = 0.3 * 11,860 = 3,358 A
Direct Labor Efficency Variance = (SH-AH) SR = (12,000-11,860)$10 =140 * $10 =1400F
2)
(c)Variable Over Head Variances
Standard Rate(SR) = $2
Standard Hours(SH)= 2400 awings * 5hrs = 12,000hrs
Actual Hours (AH) =11,860hrs
Actual Rate (AR) = $27278/11860 =$2.3
Variable Over Head Rate Variance = ( SR-AR)AH = ($2-$2.3)11,860= 0.3*11,860 = 3,558 A
Variable Over Head Efficency Variance = (SH-AH) SR = (12,000-11,860) $2 = 140 * $2 =280F
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Purchased 41,800 yards at a total cost of $434,720 Used 38,800 yards in producing 1,900 awnings...
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...
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