Please do not give solution in image format thanku 10Exercise 9-13 (Algo) Direct Materials and Direct Labor Variances (LO9-4, LO9-5]Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for oneunit of Zoom are given below:StandardQuantity orHours6.80 pounds0.20 hoursDirect materialsDirect laborDuring the most recent month, the followingStandard Price orRate$ 2.90 per pound$9.00 per houractivity was recorded:StandardCost1. Materials price variance1. Materials quantity variance2. Labor rate variance2. Labor efficiency variance$ 19.72$ 1.80a. Fifteen thousand one hundred pounds of material were purchased at a cost of $2.60 per pound.b. All of the material purchased was used to produce 2.000 units of Zoom.c. 300 hours of direct labor time were recorded at a total labor cost of $3.300.Required:1. Compute the materials price and quantity variances for the month.2. Compute the labor rate and efficiency variances for the month.(For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for noeffect (i.e., zero variance). Input all amounts as positive values. Round your intermediate calculations to the nearest whole dollar)

The variance is the difference between the standard and actual cost production data. The variance…

Answered: Exercise 9-13 (Algo) Direct Materials…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Exercise 9-13 (Algo) Direct Materials and Direct Labor Variances [LO9-4, LO9-5] Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Direct materials Direct labor Standard Quantity or Hours Standard Price or Rate 6.80 pounds 0.20 hours $2.90 per pound $ 9.00 per hour Standard Cost $ 19.72 $ 1.80 During the most recent month, the following activity was recorded: a. Fifteen thousand one hundred pounds of material were purchased at a cost of $2.60 per pound. b. All of the material purchased was used to produce 2,000 units of Zoom. c. 300 hours of direct labor time were recorded at a total labor cost of $3,300. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect…
Exercise 10-5 (Algo) Working Backwards from Labor Variances [LO10-2] Quality Motor Company established the standard labor cost for a motor tune-up shown below: Motor tune-up Standard Hours 2.50 Standard Rate Standard Cost $ 38.00 $95.00 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop super 58 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance Labor spending variance Required: $ 450 F $ 500 U 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2. Determine the actual hourly pay rate for tune-ups last week. Note: Round your answer to 2 decimal places. 1. Actual labor hours 2. Actual hourly rate hours per hour
Lee Company’s operations for April discussed the following data relating to direct labor: Actual cost P10,000 Rate variance (favorable) 1,000 Efficiency variance (unfavorable) 1,500 Standard cost P9,500 Actual direct labor hours for the month of April amounted to 2,000. What was the standard direct labor hourly rate? Select one: P4.75 P5.50 P4.50 P5.00 5.50
Exercise 10-6 (Algo) Direct Materials and Direct Labor Variances [LO10-1, LO10-2] Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Direct materials Direct labor Standard Quantity or Hours 6.50 pounds 0.30 hours Standard Price or Rate $ 1.90 per pound $ 13.00 per hour Standard Cost $ 12.35 $ 3.90 During the most recent month, the following activity was recorded: a. 20,500.00 pounds of material were purchased at a cost of $1.70 per pound. b. All of the material purchased was used to produce 3,000 units of Zoom. c. 800 hours of direct labor time were recorded at a total labor cost of $12,000. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. Note: For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero…
Overhead Variances At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Direct materials (4 lbs. @ $2.80) $11.20 Direct labor (2 hrs. @ $18.00) 36.00 FOH (2 hrs. @ $5.20) 10.40 VOH (2 hrs. @ $0.70) 1.40 Standard cost per unit $59.00 Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at $18.10; (c) FOH: $831,000; and (d) VOH: $112,400.
Overhead Variances At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Direct materials (4 lbs. @ $2.80) $11.20 Direct labor (2 hrs. @ $18.00) 36.00 FOH (2 hrs. @ $5.20) 10.40 VOH (2 hrs. @ $0.70) 1.40 Standard cost per unit $59.00 Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at $18.10; (c) FOH: $831,000; and (d) VOH: $112,400. Required: 1. Compute the variable overhead spending and efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Spending variance $fill in the blank 1 Unfavorable Efficiency variance $fill in the blank 3 Favorable 2. Compute the fixed overhead spending and volume variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Spending variance…
es Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Price or Rate $ 1.80 per pound $ 12.00 per hour During the most recent month, the following activity was recorded: Direct materials Direct labor Standard Quantity or Hours 7.10 pounds 0.20 hours 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance a. Nineteen thousand two hundred and fifity pounds of material were purchased at a cost of $1.70 per pound. b. All of the material purchased was used to produce 2,500 units of Zoom. c. 400 hours of direct labor time were recorded at a total labor cost of $5,200. Standard Cost $ 12.78 $2.40 Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable,…
A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds $9 per pound i 2 DLH $15 per DLH 2 DLH @ $12 per DLH Direct materials Direct labor Overhead Units manufactured AQ = Actual Quantity SQ Standard Quantity AP = Actual Price SP Standard Price Exercise 21-9 (Algo) Direct materials variances LO P3 Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) Actual Cost $ $ Actual Results 51,500 pounds @ $9.10 per pound 16,700 hours $15.50 per hour 0 0 $ 209,200 8,500 units $ 0 Standard Cost
Exercise 10-6 (Algo) Direct Materials and Direct Labor Variances [LO10-1, LO10-2] Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Direct materials Direct labor Standard Quantity or Hours Standard Price or Rate $ 2.30 per pound $ 8.00 per hour Standard Cost $ 17.94 $ 2.40 7.80 pounds 0.30 hours During the most recent month, the following activity was recorded: a. 25,900.00 pounds of material were purchased at a cost of $2.10 per pound. b. All of the material purchased was used to produce 3,000 units of Zoom. c. 700 hours of direct labor time were recorded at a total labor cost of $6,300. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero…
For the month of August, M Company’s records disclosed the following data relating to direct labor: Actual direct labor cost P10,000 Rate variance 1,000 F Efficiency variance 1,500 U Standard direct labor cost P9,500 For the month of August, M used 2,000 direct labor hours. The company’s standard direct labor rate per hour is: Group of answer choices P5.50 P4.75 P4.50 P5.00
8.Hithlum Inc. uses a standard cost system. Overhead cost information for product SK for the month of May is as follows: Total overhead cost incurred P12,600 Fixed overhead budgeted P 3,300 Total standard overhead rate per direct labor hour P 4.00 Variable overhead rate per direct labor hours P 3.00 Standard hours allowed for actual production 3,500What is the overall overhead variance?
Problem 16-62 (Algo) Solve for Direct Labor-Hours (LO 16-5) Williams Corporation reports the following direct labor information for November: Standard rate $ 31.00 per hour Actual rate paid $ 31.90 per hour Standard hours allowed for actual production 44,300 hours Labor efficiency variance $ 198,400 F Required: Based on these data, what was the number of actual hours worked and what was the labor price variance? (Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.)

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