The following information relates to production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced Standard quantity and price per unit for direct materials Standard quantity and rate per unit for direct labor AR Actual Rate SR Standard Rate. AQ=Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price 17,600 pounds at $4.85 per pound 18,235 hours at $35 per hour i 33,200 0.50 pound at $4.80 per pound 0.50 hour at $36 per hour (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Autual Cost Standard Cost

The following information relates to production activities of Mercer Manufacturing for the year. Actual direct materials used Actual direct labor used Actual units produced Standard quantity and price per unit for direct materials Standard quantity and rate per unit for direct labor AR Actual Rate SR Standard Rate. AQ=Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price 17,600 pounds at $4.85 per pound 18,235 hours at $35 per hour i 33,200 0.50 pound at $4.80 per pound 0.50 hour at $36 per hour (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate and efficiency variances. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Autual Cost Standard Cost

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
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The following information relates to production activities of Mercer Manufacturing for the year. Actual direct materials used 17,300 pounds at $4.70 per pound Actual direct labor used 17,935 hours at $32 per hour Actual units produced 32,600 Standard quantity and price per unit for direct materials 0.50 pound at $4.65 per pound Standard quantity and rate per unit for direct labor 0.50 hour at $33 per hour AR = Actual RateSR = Standard RateAQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price (1) Compute the direct materials price and quantity variances.(2) Compute the direct labor rate and efficiency variances.
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