Sheffield Manufacturing, which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at $2 per pound) Direct labor (2 hours at $12 per hour) During the month of April, the company manufactures 460 units and incurs the following actual costs. Direct materials purchased and used (2.970 pounds) Direct labor (930 hours) Total Variance Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable. Price Variance Quantity Variance $12 $24 S S $6.534 $10,695 Materials $ $ Labor

Sheffield Manufacturing, which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (6 pounds at $2 per pound) Direct labor (2 hours at $12 per hour) During the month of April, the company manufactures 460 units and incurs the following actual costs. Direct materials purchased and used (2.970 pounds) Direct labor (930 hours) Total Variance Compute the total, price, and quantity variances for materials and labor. Identify whether each variance is favorable or unfavorable. Price Variance Quantity Variance $12 $24 S S $6.534 $10,695 Materials $ $ Labor

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Description: Please do not give solution in image format thanku Sheffield Manufacturing, which produces a single product, has prepared the following standard cost sheet for one unit of the product.Direct materials (6 pounds at $2 per pound)Direct labor (2 hours a

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 6PB: Corolla Manufacturing has a standard cost for steel of $20 per pound for a product that uses 4...

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At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
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Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450 hours per the standard cost card. Their employees were paid $15.75 per hour for the month of June. The standard cost card uses $15.50 as the standard hourly rate. A. Compute the direct labor rate and time variances for the month of June, and also calculate the total direct labor variance. B. If the standard rate per hour was $16.00, what would change?
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