Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price Exercise 21-9 (Algo) Direct materials variances LO P3 Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) Actual Cost Standard Quantity and Cost 5 pounds @ $8 per pound 2 DLH @ $17 per DLH 2 DLH @ $12 per DLH $ 0 $ 0 Actual Results 40,500 pounds @ $8.20 per pound 15,800 hours @ $17.50 per hour $ 197,600 8,000 units 0 $ 0 Standard Cost

Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AQ Actual Quantity SQ Standard Quantity AP Actual Price SP Standard Price Exercise 21-9 (Algo) Direct materials variances LO P3 Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) Actual Cost Standard Quantity and Cost 5 pounds @ $8 per pound 2 DLH @ $17 per DLH 2 DLH @ $12 per DLH $ 0 $ 0 Actual Results 40,500 pounds @ $8.20 per pound 15,800 hours @ $17.50 per hour $ 197,600 8,000 units 0 $ 0 Standard Cost

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Description: Do not give solution in image Required informationUse the following information for the Exercises below. (Algo)[The following information applies to the questions displayed below.]A manufactured product has the following information for June.Direct m

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 11E: Making journal entries Assume that during the month of April the production report of Algonquin...

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Ribcos labor cost information for making its only product for March is as follows: A. What is the direct labor rate variance? B. What is the direct labor time variance? C. What is the total direct labor variance?
Recompute the variances from the second Acme Inc. exercise using $0.0725 as the standard cost of the material and $14 as the standard labor cost per hour. How has your explanation of the variances changed?
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured: AQ-Actual Quantity SQ-Standard Quantity AP Actual Price SP=Standard Price Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers to 2 decimal places.) AQ Actual Cost X Standard 6 lbs. @ $8 per lb. 2 hrs. @ $17 per hr.. 2 hrs. @ $12 per hr. X $ 0 $ Actual 51,000 lbs. @ $8.10 per lb. 16,500 hrs. @ $17.60 per hr. $208,600 8,400 0 0 $ 0 Standard Cost
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Compute the (1) direct materials price variance and (2) direct materials quantity variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places. $ GA Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $17 per DLH 3 DLH @ $12 per DLH 0 $ Actual Results 47,400 pounds @ $8.10 per pound 23,100 hours @ $17.50 per hour $ 286,100 0 0 7,800 units S $ 0 Standard Cost
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Exercise 21-9 (Algo) Direct materials variances LO P3 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ Actual Cost X X 59,900✔ Standard Quantity and Cost 7 pounds @ $8 per pound 2 DLH @ $17 per DLH 2 DLH @ $12 per DLH 485,190 AP ✓ $ 8.10 $ 5,990 AQ 59,900✔ ✓$ 5,990 ✓ X X Actual Results 59,900 pounds @ $8.10 per pound 16,600 hours @ $17.50 per hour $ 209,600 8,500 units $479,200 SP $8.00 Direct materials price variance Unfavorable Unfavorable Direct…
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP Standard Price Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) Actual Cost Actual Results 46,100 pounds @ $8.20 per pound 22,500 hours @ $16.50 per hour $ 278,600 7,600 units Standard Cost
[The following information applies to the questions displayed below.] A manufactured product has the following Information for June. Direct materials Direct labor Overhead Units manufactured AQ - Actual Quantity SQ Standard Quantity AP = Actual Price SP = Standard Price Standard Quantity and Cost 7 pounds @ $7 per pound 2 DLH@ $16 per DLH 2 DLH @ $12 per DLH Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no varlance. Round "Cost per unit" answers to 2 decimal places.) Actual Cost Actual Results 58,600 pounds @ $7.20 per pound 16,300 hours@ $16.50 per hour $ 205,500 8,300 units Standard Cost
Marvel Parts, Ic., manufactures auto accessories. One of the company's products is a set of seat covers that can be adjusted to fit nearly any small car. The company has a standard cost system in use for all of its products. According to the standards that have been set for the seat covers, the factory should work 1,060 hours each month to produce 2,120 sets of covers. The standard costs associated with this level of production are: Per Set of Covers $ 43,460 $20.50 4.50 Total Direct materials Direct labor $ 9,540 Variable manufacturing overhead (based on direct labor-hours) $ 4,664 2.20 $27.20 During August, the factory worked only 500 direct labor-hours and produced 2,200 sets of covers. The following actual costs were recorded during the month: Per Set of Covers $ 44,000 $20.00 $ 10,340 $ 5,500 Total Direct materials (8,000 yards) Direct labor 4.70 Variable manufacturing overhead 2.50 $27.20 At standard, each set of covers should require 2.5 yards of material. All of the materials…
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Exercise 21-9 (Algo) Direct materials variances LO P3 Standard Quantity and Cost 6 pounds @ $9 per pound 3 DLH @ $17 per DLH 3 DLH @ $11 per DLH AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Actual Results 45,500 pounds @ $9.20 per pound 22,300 hours @ $17.50 per hour $ 254,300 Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) 7,500 units Standard Cost
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $15 per DLH 3 DLH @ $12 per DLH Direct materials Direct labor Overhead Units manufactured = Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP Standard Price Actual Cost 0 Actual Results 46,700 pounds @ $8.20 per pound 22,800 hours @ $15.40 per hour $ 284,000 7,700 units 0 0 $ 0 Standard Cost
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured AH = Actual Hours SH Standard Hours AR = Actual Rate SR = Standard Rate Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.) Actual Cost Actual Results 46,100 pounds @ $8.20 per pound 22,500 hours @ $16.50 per hour $ 278,600 7,600 units Standard Cost
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 5 pounds @ $7 per pound 3 DLH @ $15 per DLH 3 DLH @ $11 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. AH = Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate = Actual Results. 43,400 pounds @ $7.20 per pound. 25,400 hours @ $15.40 per hour. $ 290,400 8,600 units Actual Cost Standard Cost