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 7.88 pounds 0.30 hours Standard Price or Rate $ 2.50 per pound $ 6.00 per hour During the most recent month, the following activity was recorded: a. 9,300.00 pounds of material were purchased at a cost of $2.20 per pound. b. All of the material purchased was used to produce 1,000 units of Zoom. c. 200 hours of direct labor time were recorded at a total labor cost of $1,400. Required: Standard Cost $19.50 $ 1.80 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 variance). Input all amounts as positive values. Round your intermediate calculations to the nearest whole dollar.

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 7.88 pounds 0.30 hours Standard Price or Rate $ 2.50 per pound $ 6.00 per hour During the most recent month, the following activity was recorded: a. 9,300.00 pounds of material were purchased at a cost of $2.20 per pound. b. All of the material purchased was used to produce 1,000 units of Zoom. c. 200 hours of direct labor time were recorded at a total labor cost of $1,400. Required: Standard Cost $19.50 $ 1.80 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 variance). Input all amounts as positive values. Round your intermediate calculations to the nearest whole dollar.

Name: Huron Company produces a cleaning compound known as Zoom. The direct
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Description: Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoomare given below:Direct materialsDirect labor1. Materials price variance1. Materials quantity varianceStandard Quantityor Ho

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter8: Standard Cost Accounting—materials, Labor, And Factory Overhead

Section: Chapter Questions

Problem 15P

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