1 answer

UL. Suffolk University in B... on.com omework Set A Search and select to P Ouiz Two...

Question:

UL. Suffolk University in B... on.com omework Set A Search and select to P Ouiz Two Prep - 10FA-.. Solved: Holywood Huron Com
UL. Suffolk University in B... on.com omework Set A Search and select to P Ouiz Two Prep - 10FA-.. Solved: Holywood Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one! unit of Zoom are given below: Direct materials Direct labor Standard Quantity or Hours 5.60 pounds 0.40 hours Standard Price or Rate $3.00 per pound $7.00 per hour Standard Cost $16.80 $ 2.80 During the most recent month, the following activity was recorded: a. Ten thousand eight hundred pounds of material were purchased at a cost of $2.90 per pound. b. The company produced only 1,080 units, using 9,720 pounds of material. The rest of the material purchased remained in raw materials inventory.) c. 532 hours of direct labor time were recorded at a total labor cost of $6,384 Required: Compute the materials price and quantity variances for the month (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round Intermediate calculations.) $ 1,080 F Materials price variance Materials quantity variance

Answers

Answers

  • Material Price Variance

--On basis of qty purchased

Material Price Variance

(

Standard Rate

-

Actual Rate

)

x

Actual Quantity

(

$                                3.00

-

$                       2.90

)

x

10800

1080

Variance

$              1,080.00

Favourable-F

--On basis of qty used

Material Price Variance

(

Standard Rate

-

Actual Rate

)

x

Actual Quantity

(

$                                3.00

-

$                       2.90

)

x

9720

972

Variance

$                  972.00

Favourable-F

  • Material Quantity Variance

Material Quantity Variance

(

Standard Quantity = 1080 units x 5.6 pounds

-

Actual Quantity used

)

x

Standard Rate

(

6048

-

9720

)

x

$                           3.00

-11016

Variance

$            11,016.00

Unfavourable-U

.

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