6 Direct Materials and Direct Labor Variance AnalysisShasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 60 employees. Each employeepresently provides 36 hours of labor per week. Information about a production week is as follows:Standard wage per hourStandard labor time per unitStandard number of lbs. of brassStandard price per lb. of brassActual price per lb. of brassActual lbs. of brass used during the weekNumber of units produced during the weekActual wage per hourActual hours for the week (60 employees x 36 hours)Required:$11.4020 min.1.8 lbs.$11.50$11.7516,686 lbs.9,000$11.742,160a. 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 variance, and total direct materials cost variance. Round your answers to the nearestwhole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Number of units produced during the weekActual wage per hourActual hours for the week (60 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.Direct materials standard cost per unitDirect labor standard cost per unitTotal standard cost per unitb. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round your answers to the nearestwhole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.Direct 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 the nearest whole dollar. Enter afavorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.Direct Labor Rate VarianceDirect Labor Time VarianceTotal Direct Labor Cost Variance9,000$11.742,160100

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Description: 6 Direct Materials and Direct Labor Variance AnalysisShasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 60 employees. Each employeepresently provides 36 hours of labor per

The variance is the difference between standard and actual production costs. The materials variance…

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Direct Materials and Direct Labor Variance Analysis Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 60 employees. Each empl- presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hour Standard labor time per unit Standard number of lbs. of brass Standard price per lb. of brass Actual price per lb. of brass Actual lbs. of brass used during the week Number of units produced during the week $11.40 20 min. 1.8 lbs. $11.50 $11.75 16,686 lbs. 9,000

Direct Materials and Direct Labor Variance Analysis Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 60 employees. Each empl- presently provides 36 hours of labor per week. Information about a production week is as follows: Standard wage per hour Standard labor time per unit Standard number of lbs. of brass Standard price per lb. of brass Actual price per lb. of brass Actual lbs. of brass used during the week Number of units produced during the week $11.40 20 min. 1.8 lbs. $11.50 $11.75 16,686 lbs. 9,000

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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