Please do not give solution in image format thanku Actual wage per hourActual hours for the week (30 employees x 36 hours)Required:a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places.EUb. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round youranswers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable varianceas a positive number.Direct materials standard cost per unitDirect labor standard cost per unitTotal standard cost per unit$14.211,080Direct Materials Price VarianceDirect Materials Quantity VarianceTotal Direct Materials Cost Variancec. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Round your answers to thenearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positivenumber.Direct Labor Rate VarianceDirect Labor Time VarianceTotal Direct Labor Cost Variance Direct Materials and Direct Labor Variance AnalysisJericho Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 30employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows:2.1 lbs.Standard number of lbs. of brassStandard price per lb. of brassStandard wage per hourStandard labor time per unitActual price per lb. of brassActual Ibse of brass used during the weekNumber of units produced during the weekActual wage per hourActual hours for the week (30 employees x 36 hours)Required:$13.00$13.8020 min.$13.2516,223 lbs.7,500$14.211,080a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places.Direct materials standard cost per unitDirect labor standard cost per unitTotal standard cost per unitb. Determine the direct materials price variance, direct materials quantity varlance, and total direct materials cost variance. Round youranswers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable varianceas a positive number.

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Description: Please do not give solution in image format thanku Actual wage per hourActual hours for the week (30 employees x 36 hours)Required:a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal p

Variance arises when the actual costs differ from the standard costs. The results are favorable when…

Business

Accounting

Actual wage per hour Actual hours for the week (30 employees x 36 hours) Required: $14.21 1,080 a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance c. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance

Actual wage per hour Actual hours for the week (30 employees x 36 hours) Required: $14.21 1,080 a. Determine the standard cost per unit for direct materials and direct labor. Round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance Direct Materials Quantity Variance Total Direct Materials Cost Variance c. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance Direct Labor Time Variance Total Direct Labor Cost Variance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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