What is answer for this Question? Rainbow Paint Shop mixes custom colors. Job#456 used: base paint 3.5 gallons at$28/gallon, tint additives 1.2 gallons at$45/gallon. Show the total material cost.

Explanation of Base Paint:Base paint is the primary paint used as the foundation in creating custom…

Answered: Rainbow Paint Shop mixes custom colors.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Deporte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established: Direct materials (2.4 lbs. @ $0.95) $2.28 Direct labor (0.75 hr. @ $7.40) 5.55 Standard prime cost $7.83 During the year, 79,500 pounds of material were purchased and used for the changeover activity. There were 30,000 batches produced, with the following actual prime costs: Direct materials $67,410 Direct labor $182,991 (for 22,450 hrs.) Required: Compute the materials and labor variances associated with the changeover activity, labeling each variance as favorable or unfavorable. Material Variances Price variance $fill in the blank 1 Usage variance $fill in the blank 3 Labor Variances Rate variance $fill in the blank 5 Efficiency…
Deporte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established: Direct materials (2.4 lbs. @ $0.95) $2.28 Direct labor (0.75 hr. @ $7.40) 5.55 Standard prime cost $7.83 During the year, 79,500 pounds of material were purchased and used for the changeover activity. There were 30,000 batches produced, with the following actual prime costs: Direct materials $ 63,000 Direct labor $163,385 (for 22,450 hrs.) Required: Compute the materials and labor variances associated with the changeover activity, labeling each variance as favorable or unfavorable.
Deporte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established: Direct materials (2.4 lbs. @ $0.95) $2.28 Direct labor (0.75 hr. @ $7.40) 5.55 Standard prime cost $7.83 During the year, 79,500 pounds of material were purchased and used for the changeover activity. There were 30,000 batches produced, with the following actual prime costs: Direct materials $73,710 Direct labor $189,527 (for 22,450 hrs.) Required: Compute the materials and labor variances associated with the changeover activity, labeling each variance as favorable or unfavorable. Material Variances Price variance $ Usage variance $ Labor Variances Rate variance $ Efficiency variance $
Divertido Company produces single-colored T-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established: Direct materials (2.4 lbs. @ $0.95) Direct labor (0.75 hr. @ $7.40) $2.28 5.55 Standard prime cost $7.83 During the year, 79,500 pounds of material were purchased and used for the changeover activity. There were 30,000 batches produced, with the following actual prime costs: Direct materials Direct labor $65,520 $191,160 (for 22,450 hrs.) Required: Compute the materials and labor variances associated with the changeover activity, labeling each variance as favorable or unfavorable. Material Variances Price variance Usage variance Labor Variances x Favorable 7,125 ✓ Unfavorable Rate variance Unfavorable Efficiency variance 370 ✔ Favorable
Deporte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established: 1 Direct materials (2.4 lbs. @ $0.95) $2.28 2 Direct labor (0.75 hr. @ $7.40) 5.55 3 Standard prime cost $7.83 During the year, 79,500 pounds of material were purchased and used for the changeover activity. There were 30,000 batches produced, with the following actual prime costs: Direct materials $ 63,000 Direct labor (for 22,450 hrs.) $163,385 Required: 1. Prepare a journal entry on Dec. 31 for the purchase of raw materials. Record the transaction as a compound entry. 2. Prepare a journal entry on Dec. 31 for the issuance of raw materials. Record the transaction as a compound entry. 3. Prepare a journal entry…
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Deporte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established: 1 Direct materials (2.8 lbs. @ $0.80) $2.24 2 Direct labor (0.75 hr. @ $7.8) 5.85 3 Standard prime cost $8.09 During the year, 79,300 pounds of material were purchased and used for the changeover activity. There were 26,000 batches produced, with the following actual prime costs: Direct materials $50,946 Direct labor (for 19,457 hrs.) $149,386 Required: 1. Prepare a journal entry on Dec. 31 for the purchase of raw materials. Record the transaction as a compound entry. 2. Prepare a journal entry on Dec. 31 for the issuance of raw materials. Record the transaction as a compound entry. 3. Prepare a journal entry on…
Deporte Company produces single-colored t-shirts. Materials for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established: 1 Direct materials (2.6 lbs. @ $0.95) $2.47 2 Direct labor (0.60 hr. @ $7.2) 4.32 3 Standard prime cost $6.79 During the year, 76,950 pounds of material were purchased and used for the changeover activity. There were 27,000 batches produced, with the following actual prime costs: Direct materials $60,979 Direct labor (for 16,155 hrs.) $114,341 Required: 1. Prepare a journal entry on Dec. 31 for the purchase of raw materials. Record the transaction as a compound entry. 2. Prepare a journal entry on Dec. 31 for the issuance of raw materials. Record the transaction as a compound entry. 3. Prepare a journal entry…
Deporte Company produces single-colored T-shirts. Materials for the shirts are dyed inlarge vats. After dying the materials for a given color, the vats must be cleaned and preparedfor the next batch of materials to be colored. The following standards for changeover for agiven batch have been established:Direct materials (2.4 lbs. @ $0.95) $2.28Direct labor (0.75 hr. @ $7.40) 5.55Standard prime cost $7.83During the year, 79,500 pounds of material were purchased and used for the changeoveractivity. There were 30,000 batches produced, with the following actual prime costs:Direct materials $ 63,000Direct labor $163,385 (for 22,450 hrs.) Refer to the information for Deporte Company above.Required:Compute the materials and labor variances associated with the changeover activity, labelingeach variance as favorable or unfavorable.
Concord, Ltd. manufactures shirts, which it sells to customers for embroidering with various slogans and emblems. The standard cost card for the shirts is as follows. Standard Price Standard Quantity Standard Cost Direct materials $3 per yard 2.00 yards $6.00 Direct labor $14 per DLH 0.75 DLH 10.50 Variable overhead $3.20 per DLH 0.75 DLH 2.40 Fixed overhead $3 per DLH 0.75 DLH 2.25 $21.15 Sandy Robison, operations manager, was reviewing the results for November when he became upset by the unfavorable variances he was seeing. In an attempt to understand what had happened, Sandy asked CFO Suzy Summers for more information. She provided the following overhead budgets, along with the actual results for November.The company purchased 82,100 yards of fabric and used 93,700 yards of fabric during the month. Fabric purchases during the month were made at $2.80 per yard. The direct labor payroll ran…
Designer Furniture Company manufactures designer home furniture. Designer Furniture uses a standard cost system. The direct labor, direct materials, and factory overhead standards for a finished dining room table are as follows: Line Item Description Classification Value Direct labor: standard rate $24.00 per hr. Direct labor: standard time per unit 3.50 hrs. Direct materials (oak): standard price $8.50 per bd. ft. Direct materials (oak): standard quantity 15 bd. ft. Variable factory overhead: standard rate $3.20 per direct labor hr. Fixed factory overhead: standard rate $0.80 per direct labor hr. a. Determine the standard cost per dining room table. Round to two decimal places.fill in the blank 1 of 1$ per table
Exercise 1) Deporte Company produces single-colored t-shirts. Material for the shirts are dyed in large vats. After dying the materials for a given color, the vats must be cleaned and prepared for the next batch of materials to be colored. The following standards for changeover for a given batch have been established: Direct materials (1.6lbs. @ $0.95) Direct labor (0.75 hr. @ $7.40) Standard prime cost $1.52 5.55 $7.07 During the year, 50,000 pounds of material were purchased and used for the changeover activity. There were 30,300 batches produced, with the following actual prime costs: Direct materials Direct labor $49,500 $169,875 (for 22,500 hrs.) Required: Compute MPV, MUV, LRV, and LEV. Exercise 2) At the beginning of the year, Honey Company had beginning operating assets of $198,000. During the year, Honey Co. had operating income of $25,500 and expenses of $124,500. At the end of the year, they had operating assets of $177,000. Required: Compute profit margin, turnover, and ROI…

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Rainbow Paint Shop mixes custom colors. Job #456 used: base paint 3.5 gallons at $28/gallon, tint additives 1.2 gallons at $45/gallon. Show the total material cost.