Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 21,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $29,400 15,750 Direct labor Total $45,150 The standard materials price is $0.70 per pound. The standard direct labor rate is $15.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $26,400 Actual direct labor 14,100 Total $40,500 There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Kimber Toy Company actually produced 18,300 units during June. Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials quantity variance $ -3,000 X Favorable X Direct labor time variance -1,650 X Favorable - X $

Direct Materials and Direct Labor Variances At the beginning of June, Kimber Toy Company budgeted 21,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $29,400 15,750 Direct labor Total $45,150 The standard materials price is $0.70 per pound. The standard direct labor rate is $15.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $26,400 Actual direct labor 14,100 Total $40,500 There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Kimber Toy Company actually produced 18,300 units during June. Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct materials quantity variance $ -3,000 X Favorable X Direct labor time variance -1,650 X Favorable - X $

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Description: Direct Materials and Direct Labor VariancesAt the beginning of June, Kimber Toy Company budgeted 21,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs asfollows:Direct materials$29,40015,750Direct l

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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Direct Materials and Direct Labor Variances
Marv Company's direct labor costs for manufacturing its only product were as follows for October: Standard direct labor hours per unit of product 2.0 Budgeted finished units for the period 6,800 Actual number of finished units produced 5,200 Standard wage rate per direct labor hour (SP) $ 28.00 Direct labor costs incurred $ 299,000 Actual wage rate per direct labor hour (AP) $ 26.00 The direct labor rate variance for October, rounded to the nearest dollar, was: Multiple Choice $23,000 favorable. $51,200 unfavorable. $2,200 unfavorable. $20,400 favorable. $30,800 unfavorable.
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Direct Materials and Direct Labor Variances At the beginning of June, Bezco Toy Company budgeted 5,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows! Direct materials: Direct labor Total $50,000 36,000 $86,000 The standard materials price is $4.00 per pound. The standard direct labor rate is $18.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials Actual direct labor Total $49,600 34,020 $83,620 There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Bezco Toy Company actually produced 4,850 units during June. Determine the direct materials quantity and direct labor time variances, Round your per unit computations to two decimal places, if required. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a…
Direct Materials and Direct Labor Variances At the beginning of June, Bezco Toy Company budgeted 13,000 toy action figures to be manufactured in June at standard direct materials and direct labor costs as follows: Direct materials $19,500 Direct labor 4,680 Total $24,180 The standard materials price is $0.50 per pound. The standard direct labor rate is $9.00 per hour. At the end of June, the actual direct materials and direct labor costs were as follows: Actual direct materials $18,500 Actual direct labor 4,400 Total $22,900 There were no direct materials price or direct labor rate variances for June. In addition, assume no changes in the direct materials inventory balances in June. Bezco Toy Company actually produced 12,000 units during June. Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places and round your answers to the nearest dollar, if required. Enter a favorable variance as a…
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