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 4.6 pounds 0.2 hours Standard Price or Rate $ 2.50 per pound $ 18.00 per hour Standard Cost $ 11.50 $ 3.60 During the most recent month, the following activity was recorded: a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound. b. All of the material purchased was used to produce 4,000 units of Zoom. c. 750 hours of direct labor time were recorded at a total labor cost of $14,925. 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 variance). Input all amounts as positive values. 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance

Erie Company manufactures a mobile fitness device called the Jogging Mate. The company's labor standards for one Jogging Mate are as follows: Standard Hours 27 minutes Standard Rate per Hour $ 5.60 Standard Cost $ 2.52 During August, 9,575 hours of direct labor time were needed to make 19,500 units of the Jogging Mate. The direct labor cost totaled $51,705 for the month. Required: 1. What is the standard labor-hours allowed (SH) to makes 19,500 Jogging Mates? 2. What is the standard labor cost allowed (SH x SR) to make 19,500 Jogging Mates? 3. What is the labor spending variance? 4. What are the labor rate variance and the labor efficiency variance? 5. The budgeted variable manufacturing overhead rate is $4.50 per direct labor-hour. During August, the company incurred $49,790 in variable manufacturing overhead cost. Compute the variable overhead rate and efficiency variances for the month. Note: For requirements 3 through 5, indicate the effect of each variance by selecting "F" for…

At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct Materials (5lbs. @ $4.00) $20.00 Direct Labor (2hrs @ $15.00) $30.00 Standard Prime Cost per Unit $50.00 The actual results for the year are as follows: Units produced: 410,000. Materials purchased: 2,075,000 pounds @ $3.95. Materials used: 2,100,000 pounds. Direct labor: 825,000 hours @ $14.85. Questions: Compute the labor rate and labor efficiency variances, using both the formula and columnar approaches.

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 Quantity or Standard Price or Rate Standard Cost Direct materials Direct labor Hours 4.6 pounds $ 2.50 per pound 8.2 hours $ 18.00 per hour $ 11.50 $ 3.60 During the most recent month, the following activity was recorded: a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound. b. All of the material purchased was used to produce 4,000 units of Zoom. c. 750 hours of direct labor time were recorded at a total labor cost of $14,925. 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 variance). Input all amounts as positive values. Do not round intermediate…

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 5.70 pounds 0.50 hours Standard Price or Rate $2.50 per pound $7.50 per hour Materials price variance Materials quantity variance Standard Cost $14.25 $ 3.75 During the most recent month, the following activity was recorded: a. Eleven thousand pounds of material were purchased at a cost of $2.40 per pound. b. The company produced only 1,100 units, using 9,900 pounds of material. (The rest of the material purchased remained in raw materials inventory.) c. 650 hours of direct labor time were recorded at a total labor cost of $7,800. Required: Compute the materials price and quantity variances for the month. (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…

Coral Marine Company has total estimated factory overhead for the year $2,055,000, divided into four activities: fabrication, $825,000; assembly, $270,000; setup, $536,000; and inspection, $424,000. Coral manufactures two types of boats: a speedboat and a bass boat. The activity-base usage quantities for each product by each activity are as follows: Fabrication Assembly Setup Inspection Speedboat 1,200 dlh 1,800 dlh 60 setups 600 inspections Bass boat 1,800 1,200 100 200 3,000 dlh 3,000 dlh 160 setups 800 inspections Each product is budgeted for 200 units of production for the year. a. Determine the activity rates for each activity. Fabrication per dlh Assembly per dlh Setup per setup Inspection per inspection b. Determine the factory overhead cost per unit for each product, using activity-based costing. Speedboat Bass boat $

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 Quantity or Hours Standard Price or Rate Standard Cost Direct materials Direct labor 6.00 pounds 0.50 hours $ 2.30 per pound $ 10.00 per hour $ 13.80 $ 5.00 During the most recent month, the following activity was recorded: a. Eleven thousand pounds of material were purchased at a cost of $2.10 per pound. b. All of the material purchased was used to produce 1,500 units of Zoom. c. 500 hours of direct labor time were recorded at a total labor cost of $6,500. 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 variance). Input all amounts as positive values. Round your intermediate…

ces Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards fo one unit of Zoom are given below: Direct materials Direct labor Standard Quantity or Hours 4.6 pounds 0.2 hours Materials price variance Materials quantity variance Standard Price or Rate $ 2.50 per pound $18.00 per hour During the most recent month, the following activity was recorded: a. Twenty thousand pounds of material were purchased at a cost of $2.35 per pound. b. The company produced only 3,000 units, using 14,750 pounds of material. (The rest of the material purchased remained in raw materials inventory.) c. 750 hours of direct labor time were recorded at a total labor cost of $14,925. Standard Cost $ 11.50 $ 3.60 Required: Compute the materials price and quantity variances for the month. (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…

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 Quantity or Hours Standard Price or Rate Standard Cost Direct materials 6.80 pounds $ 2.90 per pound $ 19.72 Direct labor 0.20 hours $ 9.00 per hour $ 1.80   During the most recent month, the following activity was recorded:   Fifteen thousand one hundred pounds of material were purchased at a cost of $2.60 per pound. All of the material purchased was used to produce 2,000 units of Zoom. 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 (i.e., zero variance). Input all amounts as positive…

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 Standard Price or Rate $2.90 per pound $9.00 per hour Quantity or Standard Hours Cost Direct materials 6.80 pounds $19.72 Direct labor 0.20 hours $ 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 (i.e., zero variance). Input all amounts as positive values. Round your…