Milar Corporation makes a product with the following standard costs:    Standard Quantity or Hours Standard Price or Rate Direct materials   7.7 pounds $ 4.00 per pound Direct labor   0.1 hours $ 20.00 per hour Variable overhead   0.1 hours $ 4.00 per hour  In January the company produced 2,000 units using 16,060 pounds of the direct material and 210 direct labor-hours. During the month, the company purchased 16,900 pounds of the direct material at a cost of $65,910. The actual direct labor cost was $4,473 and the actual variable overhead cost was $756. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.  The variable overhead rate variance for January is:     $80 U     $80 F     $84 F     $84 U

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 7.10 pounds 0.20 hours Standard Price or Rate $ 1.80 per pound $ 12.00 per hour During the most recent month, the following activity was recorded: a. 19,250.00 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. Required: 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance Standard Cost $ 12.78 $ 2.40 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…

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 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 Price or Materials price variance Materials quantity variance 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.) Answer is complete but…

Denger

Salisbury Bottle Company manufactures plastic two-liter bottles for the beverage industry. The cost standards per 100 two-liter bottles are as follows: Standard Cost Cost Category per 100 Two-Liter Bottles Direct labor $1.20 Direct materials 6.50 Factory overhead 1.80 Total $9.50 At the beginning of March, Salisbury's management planned to produce 500,000 bottles. The actual number of bottles produced for March was 525,000 bottles. The actual costs for March of the current year were as follows: Actual Cost for the Cost Category Month Ended March 31 Direct labor $6,550 Direct materials 33,800 Factory overhead 9,100 Total $49,450 a. Prepare the March manufacturing standard cost budget (direct labor, direct materials, and factory overhead) for Salisbury, assuming planned production. Salisbury Bottle Company Manufacturing Cost Budget For the Month Ended March 31 Standard Cost at Planned Volume (500,000 Bottles) Check My Work Multiply the standard cost per unit times the units planned…

A company produces a 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 5.70 pounds $ 2.50 per pound $ 14.25 Direct labor 0.50 hours $ 7.50 per hour $ 3.75 During the most recent month, the following activity was recorded: Eleven thousand pounds of material were purchased at a cost of $2.40 per pound. The company produced only 1,100 units, using 9,900 pounds of material. (The rest of the material purchased remained in raw materials inventory.) 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.

Sagar

Lucia Company has set the following standard cost per unit for direct materials and direct labor.  Direct materials (15 pounds @ $3 per pound) $45 Direct labor (3 hours @ $14 per hour) 42 During May the company incurred the following actual costs to produce 8,600 units.  Direct materials (131,700 pounds @ $2.80 per pound) $368,760 Direct labor (29,200 hours @ $14.10 per hour) 411,720 AR = Actual RateSR = Standard RateAQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price(1) Compute the direct materials price and quantity variances.(2) Compute the direct labor rate variance and the direct labor efficiency variance.

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 7.90 pounds $ 2.10 per pound $ 16.59 Direct labor 0.50 hours $ 5.00 per hour $ 2.50   During the most recent month, the following activity was recorded:   Fourteen thousand eight hundred and fifity pounds of material were purchased at a cost of $2.00 per pound. All of the material purchased was used to produce 1,500 units of Zoom. 600 hours of direct labor time were recorded at a total labor cost of $4,200.   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).