A chair company set the following standards:  Wood per chair:  7.5 feet.  Cost per foot:  $4.25.  In June, it manufactured 20,000 chairs. The company purchased and used 300,000 feet of wood for $3.42 per foot.  Calculate the materials price and efficiency variances.

Chhom Corporation makes a product whose direct labor standards are 0.9 hours per unit and $21 per hour. In November the company produced 7,000 units using 5,800 direct labor-hours. The actual direct labor cost was $121,800.   The labor efficiency variance for November is:   $11,500. F   $10,500. F   $10,500. U   $11,500. U

Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging Mate are as follows: Standard Hours 30 minutes Standard Rate per Hour $5.60 During August, 10,370 hours of direct labor time were needed to make 19,200 units of the Jogging Mate. The direct labor cost totaled $55,998 for the month. Standard Cost $2.80 Required: 1. What is the standard labor-hours allowed (SH) to makes 19,200 Jogging Mates? 2. What is the standard labor cost allowed (SH x SR) to make 19,200 Jogging Mates? 3. What is the labor spending variance? 4. What is the labor rate variance and the labor efficiency variance? 5. The budgeted variable manufacturing overhead rate is $4.50 per direct labor-hour. During August, the company incurred $53,924 in variable manufacturing overhead cost. Compute the variable overhead rate and efficiency variances for the month. (For requirements 3 through 5, indicate…

Scarlett Company has a direct materials standard of 3 gallons of input at a standard price of $13.00 per gallon. During July, Scarlett Company purchased and used 7,470 gallons at an actual price of $12.60 to produce 2,050 units. What is the direct materials price variance?

Highland Company produces a lightweight backpack that is popular with college students. Standard variable costs relating to a single backpack are given below:     Standard Quantity or Hours   Standard Price or Rate Standard Cost   Direct materials ?   $ 6.00 per yard $ ?   Direct labor ?   ? ?   Variable manufacturing overhead ?   $ 2 per direct labor-hour ?   Total standard cost per unit       $ ?     Overhead is applied to production on the basis of direct labor-hours. During March, 400 backpacks were manufactured and sold. Selected information relating to the month’s production is given below:     Materials Used   Direct Labor Variable Manufacturing Overhead   Total standard cost allowed* $ 9,120   $ 5,040 $ 960   Actual costs incurred $ 5,520   ? $ 2,620   Materials price variance ?         Materials quantity variance $ 1,920 U         Labor rate variance     ?     Labor efficiency variance     ?     Variable overhead rate variance       ?…

Waterway, Inc. makes high-quality swimsuits. During the year, the company produced 801 suits, using 966 yards of material, and the company purchased 860 yards of material for $4,751. The direct materials standard for the swimsuits allows 1.14 yards of material at a standard price of $6 per yard.Calculate Waterway’s direct materials quantity variance for the year. (If variance is zero, select "Not Applicable" and enter 0 for the amounts. Round answer to 0 decimal places, e.g. 15.) Direct material quantity variance   $    UnfavorableFavorableNot Applicable

XYZ Company's standard materials cost per unit of output is $12 (3 pounds x $4). During July, the company purchases and uses 5,800 pounds of materials costing $22,910 in making 2,000 units of finished product. Compute the Total, Price, and Quantity Materials Variances.

awson Toys, Limited, produces a toy called the Maze. The company has recently created a standard cost system to help control costs and has established the following standards for the Maze toy:   Direct materials: 7 microns per toy at $0.35 per micron Direct labor: 1.1 hours per toy at $7.00 per hour   During July, the company produced 5,400 Maze toys. The toy's production data for the month are as follows:   Direct materials: 73,000 microns were purchased at a cost of $0.33 per micron. 25,750 of these microns were still in inventory at the end of the month. Direct labor: 6,340 direct labor-hours were worked at a cost of $48,818.   Required: 1. Compute the following variances for July: (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. Do not round intermediate calculations. Round final answer to the nearest whole dollar amount.) a. The materials price and…

In June, Pharoah Manufacturing purchased 6600 gallons of blue dye used to produce stone-washed denim clothing. The price per gallon was $1.25 and the company used 6000 gallons of the dye during the month. The standard price for the dye is $1.28. What is the materials price variance for Pharoah for June? O $180 favorable O $198 favorable O $198 unfavorable O $180 unfavorable

Vikram Bhai