Exercise 10-27 Diagramming Direct-Material and Direct-Labor Variances (LO 10-3)During June, Danby Company's material purchases amounted to 10,920 pounds at a price of $5.30 per pound. Actual costsincurred in the production of 2,100 units were as follows:Direct labor:Direct material:$74,693 ($11.30 per hour)$45,633 ($5.30 per pound)The standards for one unit of Danby Company's product are as follows:Direct Labor:Quantity, 3 hours per unitRate, $11.00 per hourDirect Material:Quantity, 4 pounds per unitPrice, $5.1e per poundRequired:Fill in the amounts in the tables below.Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3 Fill in the amounts in the tables below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". S"None" and enter "0" for no effect (i.e., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places.Direct-Material Purchase Price VariancesActual Material Cost of PurchasesProjected Material Cost of PurchasesActual QuantityActual PriceActual QuantityStandard Pricepoundspurchasedper poundpounds purchasedper pound2$2$Direct-material purchase price variance< Required 1Required 3 >

Name: Exercise 10-27 Diagramming Direct-Material and Direct-Labor Variances
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Description: Exercise 10-27 Diagramming Direct-Material and Direct-Labor Variances (LO 10-3)During June, Danby Company's material purchases amounted to 10,920 pounds at a price of $5.30 per pound. Actual costsincurred in the production of 2,100 units were as fol

Purchase price variance refers to the difference between the standard cost and the actual cost per…

Business

Accounting

During June, Danby Company's material purchases amounted to 10,920 pounds at a price of $5.30 per pound. Actual costs incurred in the production of 2,100 units were as follows: Direct labor: Direct material: $74,693 ($11.30 per hour) $45,633 ($5.30 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 3 hours per unit Rate, $11.00 per hour Direct Material: Quantity, 4 pounds per unit Price, $5.10 per pound Required: Fill in the amounts in the tables below. Comploto th

During June, Danby Company's material purchases amounted to 10,920 pounds at a price of $5.30 per pound. Actual costs incurred in the production of 2,100 units were as follows: Direct labor: Direct material: $74,693 ($11.30 per hour) $45,633 ($5.30 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 3 hours per unit Rate, $11.00 per hour Direct Material: Quantity, 4 pounds per unit Price, $5.10 per pound Required: Fill in the amounts in the tables below. Comploto th

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 19P

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Exercise 10-27 Diagramming Direct-Material and Direct-Labor Variances (LO 10-3) During June, Danby Company's material purchases amounted to 10,920 pounds at a price of $5.30 per pound. Actual costs incurred in the production of 2,100 units were as follows: Direct labor: Direct material: $74,693 ($11.30 per hour) $45,633 ($5.30 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 3 hours per unit Rate, $11.00 per hour Direct Material: Quantity, 4 pounds per unit Price, $5.1e per pound Required: Fill in the amounts in the tables below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3
Standard labor-hours per unit of output 8.1 hours Standard labor rate S 14.40 per hour. The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost Actual output What is the labor rate variance for the month? O $450 F O $3,915 F $3,915 U O $450 U 8,700 hours $ 129,195 1,000 units
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
Piechocki Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During May, the company budgeted for 5.900 units, but its actual level of activity was 5,940 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May Data used in budgeting Revenue Direct labor Direct materials Manufacturing overhead Selling and administrative expenses Total expenses Actual results for May Fixed element Variable element per month Multiple Choice 6 $2,434 U 0 0 Revenue Direct labor Direct materials Manufacturing overhead $ 73,824 43,922 Selling and administrative expenses 31,896 33,400 28,300 61,700 $200,564 $22,786 The spending variance for direct materials in May would be closest to per unit 6 $ 32.60 3.90 12.10 1.80 0.40 6 18.20 Help Save & E
Exercise 21-15 Direct materials and direct labor variances P3 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 16,000 lbs. at $4.05 per lb. 16,635 hours at $19 per hour 30,000 0.5 lb. at $4.00 per lb. 0.5 hour at $20 per hour 1. Compute the direct materials price and quantity variances and identify each as favorable or unfavorable. 2. Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable.
Question Content Area Jaxson Corporation has the following data related to direct labor costs for September: actual costs for 10,200 hours at $15.75 per hour and standard costs for 10,800 hours at $15.50 per hour. The direct labor time variance is
Bulluck Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $ 1.00 per gram $ 11.00 per hour $ 2.00 per hour Direct materials 3.5 grams Direct labor 0.7 hours Variable overhead 0.7 hours The company reported the following results concerning this product in July. Actual output 3,000 units Raw materials used in production 11,370 grams Actual direct labor-hours 1,910 hours Purchases of raw materials 12,100 grams Actual price of raw materials purchased $ 1.20 per gram $ 11.40 per hour $ 2.10 per hour Actual direct labor rate Actual variable overhead rate The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for July is:
Question Content Area Myers Corporation has the following data related to direct materials costs for November: actual cost for 4, 690 pounds of material at $5.30 and standard cost for 4, 410 pounds of material at $6.30 per pound. The direct materials price variance is a. $1,764 favorable b. $4,690 favorable c. $1,764 unfavorable d. $4,690 unfavorable
The following labor standards have been established for a particular product: Standard labor - hours per unit of output 7.7 hours Standard labor rate $ 15.35 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 9,800 hours Actual total labor cost $ 148, 960 Actual output 1, 100 units What is the labor rate variance for the month? Multiple Choice $165 F $1,470 F $1,470 U $165 U
Problem 5: Labor Variance STA Company uses a standard cost system. The following information pertains to direct labor costs for the month of June: Standard direct labor rate per hour Actual direct labor rate per hour Labor rate variance (favorable) Actual output (units) Standard hours allowed for actual production P 10.00 P 9.00 P12,000 2,000 10,000 hours Required: How many actual labor hours were worked during March for STA Company?
0:29:44 The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 5.2 meters $18.00 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased. Actual materials used in production Actual output What is the materials price variance for the month? 8,100 meters $151,065 7,700 meters 1,450 units
Problem 8 Material and Labor Variance Journal Entries Clyette Corporation uses a standard cost system and has the following standard costs for direct materials and direct labor. Direct materials: Direct labor 2.5 meters @ P14 per meter 1.6 hours @ P8 per hour P35.00 P12.80 During the month of February, 15,000 units were produced. The costs related to the production of the product were as follows: • 50,000 meters of materials were purchased at a cost of P13.80 per meter. 40,000 meters of materials were used. 25,000 direct labor hours were used at a cost of P8.60 per hour. Required: Prepare the journal entries to record the purchased of materials, used of materials and labor incurrence.