E9-1 (Static) Calculating Unknown Values for Direct Materials, Direct Labor Variances [LO 9-3, 9-4) Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information. Required: Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance) Standard amount per pan produced Standard price Actual amount used per pan produced Actual price Actual number of pans produced and sold Direct materials price variance Direct materials quantity variance Direct materials spending variance Direct labor rate variance Direct labor efficiency variance Direct labor spending variance Answer is not complete. Direct Materials 2.5 4.20 24 4.10 per pound 2.500 pans $ S $ S per poune pound 304 40 F O O Direct Labor hour per hour hour per hour pans $ 16.00 1.20 S 15.50 2.500 ww/w (80) U 20 F BOE 000

E9-1 (Static) Calculating Unknown Values for Direct Materials, Direct Labor Variances [LO 9-3, 9-4) Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information. Required: Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance) Standard amount per pan produced Standard price Actual amount used per pan produced Actual price Actual number of pans produced and sold Direct materials price variance Direct materials quantity variance Direct materials spending variance Direct labor rate variance Direct labor efficiency variance Direct labor spending variance Answer is not complete. Direct Materials 2.5 4.20 24 4.10 per pound 2.500 pans $ S $ S per poune pound 304 40 F O O Direct Labor hour per hour hour per hour pans $ 16.00 1.20 S 15.50 2.500 ww/w (80) U 20 F BOE 000

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Description: E9-1 (Static) Calculating Unknown Values for Direct Materials, Direct Labor Variances (LO 9-3, 9-4)Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accountingrecords. Ironwood has managed

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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The management of Gregory Corporation believes that the inspection cost is a mixed cost that depends on units produced. The high- low method is used to estimate the variable and fixed components of this cost. The total inspection costs at Gregory's factory are listed below. Month Units Produced Inspection Cost January 990 S21,730 February 985 $21,645 March 807 SIR619 April 650 SI5,950 May 760 $17,820 June 870 S19,690 July 805 SI8,585 August 810 SIRA0 September 700 S16,300 5. What is the variable cost per unit? * $8.50 per unit $17.00 per unit $21.95 per unit $22.98 per unit None of the above
Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information. See attached imageRequired:Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).
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Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information. Required: Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Materials Direct Labor Standard amount per pan produced 2.5 pound 1.10 hour Standard price $ 4.20 per pound $ 16.00 per hour Actual amount used per pan produced 2.4 pound 1.20 hour Actual price $ 4.10 per pound $ 15.50 per hour Actual number of pans produced and sold 2,500 pans 2,500 pans Direct materials price variance Direct materials quantity variance Direct materials spending variance Direct labor rate variance Direct labor…
Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information. Required: Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct Materials Direct Labor Standard amount per pan produced 2.5 pound 1.10 hour Standard price $ 4.20 per pound $ 16.00 per hour Actual amount used per pan produced 2.4 pound 1.20 hour Actual price $ 4.10 per pound $ 15.50 per hour Actual number of pans produced and sold 2,500 pans 2,500 pans Direct materials price variance Direct materials quantity variance Direct materials spending variance Direct labor rate variance Direct labor…
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