help please answer in text form with proper workings and explanation , for each and every part, and steps with concept and introduction no AI no copy paste Exercise 10-6 (Algo) Direct Materials and Direct Labor Variances [LO10-1, LO10-2]Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct laborstandards for one unit of Zoom are given below.Direct materialsDirect laborStandard Quantity orStandard Price or Rate$ 2.20 per pound$ 7.00 per hourStandard Cost$ 15.40$ 3.15Hours7.00 pounds0.45 hoursDuring the most recent month, the following activity was recorded:a. 19,500.00 pounds of material were purchased at a cost of $2.10 per pound.b. All of the material purchased was used to produce 2,500 units of Zoom.c. 1,025 hours of direct labor time were recorded at a total labor cost of $9,225.Required:1. Compute the materials price and quantity variances for the month.2. Compute the labor rate and efficiency variances for the month.(For all requirements, 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. Round your intermediate calculations tothe nearest whole dollar.)1. Materials price variance1. Materials quantity variance2. Labor rate variance2. Labor efficiency variance

1. Material Price Variance (MPV):We are concerned with the difference between the actual price paid…

Answered: Exercise 10-6 (Algo) Direct Materials…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Problem 10A-9 (Algo) Applying Overhead; Overhead Variances [LO10-3, LO10-4] Baird Company makes Polish sausage. It applied manufacturing overhead to production based on standard direct labor-hours. According to the company's planning budget, the following manufacturing overhead costs should be incurred at an activity level of 30,000 labor-hours (the denominator activity level): Variable manufacturing overhead cost Fixed manufacturing overhead cost Total manufacturing overhead cost During the most recent year, the following operating results were recorded: Activity: Actual labor-hours worked Standard labor-hours allowed for the actual output Actual Cost: Actual variable manufacturing overhead cost incurred Actual fixed manufacturing overhead cost incurred At the end of the year, the company's Manufacturing Overhead account contained the following data: Manufacturing Overhead 409,800 Applied 31,800 Debit $ 172,500 232,500 $ 405,000 Credit 27,000 28,000 378,000 $ 199,800 $ 210,000…
ssignment-Variance Analysis i Saved 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: Standard Quantity or Standard Price Standard Hours or Rate $2.10 per pound $5.00 per hour Cost $16.59 $ 2.50 Direct materials 7.90 pounds 0.50 hours Direct labor ok During the most recent month, the following activity was recorded: nces a. 14,850.00 pounds of material were purchased at a cost of $2.00 per pound. b. All of the material purchased was used to produce 1,500 units of Zoom. C. 600 hours of direct labor time were recorded at a total labor cost of $4,200. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, 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…
Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required a. Material Price Variance and Material Quantity Variance b. Labor Rate Variance and Labor Efficiency Variance
Exercise 9-13 (Algo) Direct Materials and Direct Labor Variances [LO9-4, LO9-5] 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 Standard Price or Rate 6.80 pounds 0.20 hours $2.90 per pound $ 9.00 per hour Standard Cost $ 19.72 $ 1.80 During the most recent month, the following activity was recorded: a. Fifteen thousand one hundred pounds of material were purchased at a cost of $2.60 per pound. b. All of the material purchased was used to produce 2,000 units of Zoom. c. 300 hours of direct labor time were recorded at a total labor cost of $3,300. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect…
Question # 1 Standard and the actual costs for direct materials and direct labor are given as under: Standard costs Direct materials 8,000 units at total direct material costs Rs. 40,000 Direct labor: 7,000 hours at Rs. 6 per hour Actual costs Direct materials 8,500 units at Rs. 4.5 per unit Direct labor: 6,500 hours at Rs. 6.25 per hour Required Material Price Variance and Material Quantity Variance Labor Rate Variance and Labor Efficiency Variance Entries in general journal to record the above information What do you realize whether the overall variation is in favorable or unfavorable?
Direct Material Direct Labor Standard Cost Data per 1 Unit Quantity Price 3 lbs $2.00/lb 2 hrs $4.00/hr Actual Data: Units produced Material purchase & usage Direct Labor Show all computations. 25 100 lbs at $2.20 per lb 30 hrs; total cost $129 a) Compute price variance, quantity variance, direct material variance b) Compute rate variance, efficiency variance, direct labor variance
Problem 2. Each of the following independent situations relates to direct labor. Fill in the blanks. A в C Units produced 4,000 1,900 3,000 Actual hours worked Standard hours for 8,400 2,000 6,000 production achieved Standard hours per unit Standard rate per hour Actual labor cost 0.5 P10 3 P12 P12 P83,600 P24,500 Rate variance P310U P900U P300F Efficiency variance P2,000U P1,800F P800 U
Print Item Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 90 Actual quantity purchased and used in production 110 Standard quantity for units produced Actual labor rate per hour $15 Standard labor rate per hour $16 Actual hours 200 230 Standard hours for units produced A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance 2$ B. What are some possible causes for this combination of favorable and unfavorable variances?
MC Qu. 10-65 Assume that... Cost standards for one unit of product no. C77: Direct material Direct labor 3 pounds at $2.70 per pound 7 hours at $7.50 per hour Actual results: Units produced 5,900 units Direct material purchased Direct material used 27,000 pounds at $2.90 17,400 pounds at $2.90 41,500 hours at $7.30 Direct labor Assume that the company computes variances at the earliest point in time. The standard hours allowed for the work performed are: Multiple Choice O 40,250. 41,450. 41,300. 41,200. None of the answers is correct. O $ 8.10 52.50 $ 78,300 50,460 302,950
Exercise 3 (Labor and Variable Overhead Variances) Halliwell Audio, Inc., manufactures military-specification compact discs. The company uses standards to control its costs. The labor standards that have been set for one disc are as follows: Standard Hours Standard Cost P2.40 Standard Rate per Hour 24 minutes P6.00 During July, 8,500 hours of direct labor time were recorded to make 20,000 discs. The direct labor cost totaled P49,300 for the month. Required: 1. What direct labor cost should have been incurred to make the 20,000 discs? By how much does this differ from the cost that was incurred? 2. Break down the difference in cost from (1) above into a labor rate variance and a labor efficiency variance. 3. The budgeted variable manufacturing overhead rate is P4 per direct labor-hour. During July, the company incurred P39,100 in variable manufacturing overhead cost. Compute the variable overhead spending and efficiency variances for the month.
The standard costs and actual costs for direct materials for the manufacture of 2,800 actual units of product are Standard Costs Direct materials (per completed unit) 1,040 kilograms @$8.82 Actual Costs Direct materials 2,800 kilograms @ $8.40 Round your final answer to the nearest dollar. The amount of direct materials price variance is a.$437 unfavorable b.$1,176 unfavorable c.$1,176 favorable d.$437 favorable
01. The following materials standards have been established for the product Wand: JM- Standard quantity per unit of output 10.0 kilograms the Standard price $16.20 per kilogram The following data pertains to operations S Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output ■ Required: What is the materials price variance for the month? 2. What is the materials quantity variance for the month? === .. B M ======= D M BEBE === g 295. = 3 = 7,300 kilograms $120,000 7,122 kilograms 740 units ■ concerning the product Wand for the last month; HUFINAİJA ■ ■ 20-121=0 EXCE HE SIC D 10= ■ Fe

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