Question

Maple Products, Ltd., manufactures a super-strong hockey stick. The standard cost of one hockey stick is Standard Quantity Standard Price Standard or Hours or Rate Cost Direct materials Direct labor Variable manufacturing ? feet $4.00per foot$? 3 hours? per hour ? hours $1.65 per hour overhead Total standard cost $43.35 Last year, 6,000 hockey sticks were produced and sold. Selected cost data relating to last year's operations follow

Answer 1

1 Amount payable to direct materials 2 Oty purchased 3 Actual price $224,200.00 59000 3.80 Wages payable Labour rate variance Standard hour per unit Total stanard hours Total actual hours Standard rate Efficiency variance 103040 Qty Rate Direct material 5.1 $4.00 $20.40 3 $6.00$18.00 3$1.65 $ 4.95 $43.35 7360 F Labour 5 Work in progress direct materials 6 Standard price 7 Standard qty 8 Standard qty per unit 9 Acual qty used per unit 10 Total actual qty used 11 Price variance 12 quantity variance 13 14 Materials 15 Material prie variance 16 Accounts payabale 17 18 19 Work in progress 20 Material quantity variance 21 Material 122400 Total $4.00 $6.00 $ 2,400.00 u 5.1 5.5 33000 108,000.00 Work in progress Labour rate variance labor efficiency variance$ Wages payable $ 7,360.00 $ 11,800.00 F $ 9,600.00 U 2,400.00 103,040.00 (direct labor occured) $236,000.00 S 11,800.00 224,200.00 variable eficiency variance Standard rate Total stanard hours Total actual hours Actual VOH cost Actual rate 660 U 1.65 material purchased $122,400.00 $ 9,600.00 $ 28,520.00 $1.55 $132,000.00 (material used) VOH rate variance 1840 F 23 Efficiency variance $660.00 U

A. G| H 1 Amount payable to direct materials 2 aty purchased 3 Actual price 224200 59000 -B1/B2 Wages payable Labour rate variance Standard hour per unit Total stanard hours Total actual hours Standard rate Efficiency variance 103040 Rate 7360 Direct material B8 Labour VOH Total -F3*6000 -F18 -(F2+F1)/F5 -(F5-F4) *F6 U 5 Work in progress direct materials 6 Standard price 7 Standard qty 8 Standard qty per unit 9 Acual qty used per unit 10 Total actual qty used 11 Price variance 12 quantity variance 13 14 Materials 15 Material prie variance 16 Accounts payabale 17 18 19 Work in progress 20 Material quantity variance 21 Material 122400 4 -B5/B6 -B7/6000 -B8+0.4 -B9*6000 (B6-B3) B2 F =(B10-B7)"66 U =L2+L3+L4 Work in progress Labour rate variance labor efficiency variance Wages payable -F4*F6 F7 -FI (direct labor occured -B2 B6 -811 variable eficiency variance Standard rate Total stanard hours Total actual hours Actual VOH cost Actual rate 660 1.65 (material purchased) -F15/F16+F17 28520 -F19/F18 -B12 -810B6 material used -(F16-F20)*F18F -(F18-F17)*F16 U VOH rate variance 23 Efficiency variance 24 vate
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