Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for o 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 values. Do not round intermediate calculations.)

Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for o 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 values. Do not round intermediate calculations.)

Name: Huron Company produces a commercial cleaning compound known as Zoom.
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for oneunit of Zoom are given below:Direct materialsDirect laborStandard Quantity orHours5.70 pounds0.50 hoursStandard Price or Rate

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter9: Standard Costing: A Functional-based Control Approach

Section: Chapter Questions

Problem 20E: Jameson Company produces paper towels. The company has established the following direct materials...

See similar textbooks

Similar questions

At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: 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. 2. Compute the fixed overhead spending and volume variances.
Making journal entries Assume that during the month of April the production report of Algonquin Adhesives Inc. in E8-10 revealed the following information: Make journal entries to charge materials (use the materials purchase price variance) and labor to Work in Process. (Remember to retrieve the standard costs from E8-10 before solving this exercise.)
Huron Company produces a commercial cleaning compound known as Zoom. The direct materialsand direct labor standards for one unit of Zoom are given below:Standard Quantity Standard Price Standardor Hours or Rate CostDirect materials . . . . . 4.6 pounds $2.50 per pound $11.50Direct labor. . . . . . . . . 0.2 hours $12.00 per hour $2.40During 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 $10,425.Required:1. Compute the direct materials price and quantity variances for the month.2. Compute the direct labor rate and effi ciency variances for the month.
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 cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Direct materials Direct labor 1. Materials price variance 1. Materials quantity variance Standard Quantity or Hours 7.80 pounds 0.30 hours 2. Labor rate variance 2. Labor efficiency variance Standard Price or Rate $ 2.50 per pound $ 6.00 per hour Standard Cost 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: 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.,…
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,…
Chulak Company uses a standard costing system. The following data are available for the month: Actual quantity of direct materials purchased 25,000 pounds Standard price of direct materials $2 per pound Material price variance $2,500 unfavorable The actual price per pound of direct materials purchased during the month is
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 4.6 pounds 0.2 hours Standard Price or Rate Direct materials $ 2.50 per pound $18.00 per hour Direct labor During the most recent month, the following activity was recorded: Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. Standardi Cost 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. $ 11.50 $ 3.60 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and…
The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 5.1 meters $17.90 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output 7,700 meters $142,450 7,300 meters 1,400 units What is the materials price variance for the month?
The following materials standards have been established for a particular product: Standard quantity per unit of output Standard price 4.5 meters $18.80 per meter The following data pertain to operations concerning the product for the last month: Actual materials purchased Actual cost of materials purchased Actual materials used in production Actual output What is the materials price variance for the month? Multiple Choice $14,840 U $8,700 U $5,558 U $8,400 U 8,000 meters $ 158,800 7,300 meters 1,560 units
The following materials standards have been established for a particular product: The following data pertain to operations concerning the product for the last month:What is the materials price variance for the month? $14,850 UB. $8,250 UC. $8,640 UD. $2,860 F
The following labor standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: What is the labor rate variance for the month? Select one: a. $1,890 U b. $4,935 F c. $2,955 F d. $2,955 U