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:

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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Required 1
Required 2
Required 3
Fill in the amounts in the tables below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no
"Actual Price" and "Standard Price" to 2 decimal places.)
Direct-Material Price and Quantity Variances
Actual Material Cost
Projected Material Cost
Standard Material Cost
Actual Quantity
Actual Price
Actual Quantity
Standard Price
Standard Quantity
Standard Price
pounds used
per pound
pounds used
per pound
pounds allowed
per pound
24
2$
Direct-material price variance
Direct-material quantity variance
Direct-material variance
K Required 1
Required 2 >
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Transcribed Image Text:Required 1 Required 2 Required 3 Fill in the amounts in the tables below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no "Actual Price" and "Standard Price" to 2 decimal places.) Direct-Material Price and Quantity Variances Actual Material Cost Projected Material Cost Standard Material Cost Actual Quantity Actual Price Actual Quantity Standard Price Standard Quantity Standard Price pounds used per pound pounds used per pound pounds allowed per pound 24 2$ Direct-material price variance Direct-material quantity variance Direct-material variance K Required 1 Required 2 > < Prev 1 of 3 Next > MacBook Pro "15950" 5n 6 W E P D H. N B. C6
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, $5.10 per pound
ok
at
Required:
Fill in the amounts in the tables below.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Fill in the amounts in the tables below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no
"Actual Price" and "Standard Price" to 2 decimal places.)
Direct-Material Price and Quantity Variances
Actual Material Cost
Projected Material Cost
Standard Material Cost
Actual Quantity
Actual Price
Actual Quantity
Standard Price
Standard Quantity
Standard Price
pounds used
per pound
pounds used
per pound
pounds allowed
per pound
%24
2$
< Prev
1 of 3
Next >
MacBook Pro
"15950"
6
69
W
E
T
OP
D
G
H.
B
N
Transcribed Image Text: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, $5.10 per pound ok at Required: Fill in the amounts in the tables below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Fill in the amounts in the tables below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no "Actual Price" and "Standard Price" to 2 decimal places.) Direct-Material Price and Quantity Variances Actual Material Cost Projected Material Cost Standard Material Cost Actual Quantity Actual Price Actual Quantity Standard Price Standard Quantity Standard Price pounds used per pound pounds used per pound pounds allowed per pound %24 2$ < Prev 1 of 3 Next > MacBook Pro "15950" 6 69 W E T OP D G H. B N
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