Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($405,000+ 900,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,000,000 11,500,000 $ 7,360,000 $ 345,000 3,398,250 $ 293,250 $ 388,000 Standard Quantity 12 square foot 0.6 hour 0.6 hour Standard Price (Rate) $ 0.66 per square foot $10.50 per hour $ 0.75 per hour Required: 1., 2., 3., & 4. Prepare the journal entry to record Parker Plastic's direct materials, direct labor, variable overhead, and fixed overhead costs and related variances. Assume the company purchases raw materials as needed and does not maintain any ending inventories. For fixed overhead transactions, assume overhead is applied based on budgeted production. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Standard Unit Cost $7.92 6.30 0.45 0.45

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:     Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (plastic) 12 sq ft. $ 1.45 per sq. ft. $ 17.40 Direct labor 0.3 hr. $ 11.90 per hr.   3.57 Variable manufacturing overhead (based on direct labor hours) 0.3 hr. $ 2.30 per hr.   0.69 Fixed manufacturing overhead ($461,000 ÷ 922,000 units)             0.50   Parker Plastic had the following actual results for the past year:        Number of units produced and sold   1,160,000 Number of square feet of plastic used   12,000,000 Cost of plastic purchased and used $ 16,800,000 Number of labor hours worked   320,000 Direct labor cost $ 3,744,000 Variable overhead cost $ 1,100,000 Fixed overhead cost $ 377,000   Required:Calculate Parker Plastic’s direct labor rate and efficiency variances. (Do not round intermediate calculations. Indicate the…

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (Rate) Standard Unit Cost $ 5.04 $ 0.63 per sq. ft. $10.50 per hr. 2.73 $ 1.50 per hr. 0.39 Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($308,040 906,000 units) 8 sq ft. 0.26 hr. 0.26 hr. Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Direct Labor Rate Variance Direct Labor Efficiency Variance 1,220,000 11,200,000 $ 6,720,000 305,000 $ $ 3,233,000 540,000 361,000 $ 0.34 Required: Calculate Parker Plastic's direct labor rate and efficiency variances. (Do not round intermediate calculations. Indicate the effect of each…

Use the information below on Direct Labor costs to answer question#33. GIVEN: Management at the Best Ceramic Vase Company wishes to analyze its Direct Labor costs. During September, company management noted that it used 3,400 hours of Direct Labor at a cost of $76,500 to produce 2,300 vases. The company set the following Direct Labor standard. 1.5 hours of Direct Labor per unit at an hourly wage rate of $22.00 33) Determine the actual wage rate (using the Given information above). A) $15.00 B) $22.00 C) $22.18 D) $22.50

Mariposa, Inc., produces machine tools and currently uses a plantwide overhead rate, based on machine hours. Harry Whipple, the plant manager, has heard that departmental overhead rates can offer significantly better cost assignments than can a plantwide rate. Mariposa has the following data for its two departments for the coming year:   Department A Department B Overhead costs (expected) $528,000 $132,000 Normal activity (machine hours) 110,000 55,000 Required: 1. Compute a predetermined overhead rate for the plant as a whole based on machine hours.$fill in the blank 1 per machine hour 2. Compute predetermined overhead rates for each department using machine hours. Round your answers to one decimal place. Department A $fill in the blank 2 per machine hour Department B $fill in the blank 3 per machine hour 3. Suppose that a machine tool (Product X75) used 60 machine hours from Department A and 140 machine hours from Department B. A second machine tool (Product Y15)…

Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($500,040 926,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of Labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1.200,000 12,200,000 $7,320,000 324,000 $3,855,600 $1,300,000 $ 381,000 Required: Calculate Parker Plastic's direct labor rate and efficiency variances Direct Labor Rate Variance Direct Labor Efficiency Vince Standard Quantity 13 square foot 0.25 hour 0.25 hour Standard Price (Rate) $ 0.70 per square foot $ 12.20 per hour $ 1.40 per hour Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting…

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:    Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (plastic) 12 sq ft. $ 1.00 per sq. ft. $ 12.00 Direct labor 0.25 hr. $ 12.80 per hr.   3.20 Variable manufacturing overhead (based on direct labor hours) 0.25 hr. $ 2.00 per hr.   0.50 Fixed manufacturing overhead ($559,200 ÷ 932,000 units)             0.60   Parker Plastic had the following actual results for the past year:        Number of units produced and sold   1,260,000 Number of square feet of plastic used   12,500,000 Cost of plastic purchased and used $ 11,250,000 Number of labor hours worked   330,000 Direct labor cost $ 4,026,000 Variable overhead cost $ 1,480,000 Fixed overhead cost $ 387,000   Required:Calculate Parker Plastic’s variable overhead rate and efficiency variances and its over- or underapplied variable overhead.…

Jorgansen Lighting, Incorporated, manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports. The company provided the following data:   Year 1 Year 2 Year 3 Inventories       Beginning (units) 210 160 190 Ending (units) 160 190 230 Variable costing net operating income $ 300,000 $ 269,000 $ 260,000 The company’s fixed manufacturing overhead per unit was constant at $560 for all three years.     2. Assume in Year 4 the company’s variable costing net operating income was $250,000 and its absorption costing net operating income was $310,000. Did inventories increase or decrease during Year 4? How much fixed manufacturing overhead cost was deferred or released from inventory during Year 4?

Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($378,000 ÷ 900,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Direct Labor Rate Variance Direct Labor Efficiency Variance IF TI 1,000,000 11,800,000 $ 8,260,000 $ Required: Calculate Parker Plastic's direct labor rate and efficiency variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). F 245,000 2,891,000 $ 318,500 $ 355,000 Standard Quantity 12 square…

Diego Company manufactures one product that is sold for $77 per unit in two geographic regions—the East and West regions. The following information pertains to the company’s first year of operations in which it produced 59,000 units and sold 54,000 units.   Variable costs per unit:   Manufacturing:   Direct materials $ 27 Direct labor $ 10 Variable manufacturing overhead $ 2 Variable selling and administrative $ 3 Fixed costs per year:   Fixed manufacturing overhead $ 1,298,000 Fixed selling and administrative expense $ 662,000   The company sold 41,000 units in the East region and 13,000 units in the West region. It determined that $330,000 of its fixed selling and administrative expense is traceable to the West region, $280,000 is traceable to the East region, and the remaining $52,000 is a common fixed expense. The company will continue to incur the total amount of its fixed manufacturing overhead costs as long as it continues to produce any amount of its only…