Sharp Company manufactures a product for which the following standards have been set:     Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 3 feet $ 5 per foot $ 15   Direct labor ? hours   ? per hour   ?       During March, the company purchased direct materials at a cost of $43,335, all of which were used in the production of 2,425 units of product. In addition, 4,000 direct labor-hours were worked on the product during the month. The cost of this labor time was $28,000. The following variances have been computed for the month:           Materials quantity variance $ 3,750 U Labor spending variance $ 2,780 U Labor efficiency variance $ 780 U

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…

The standard cost of product B manufactured by Blue Spruce Company includes 3 units of direct materials at $5.25 per unit. During June, the company purchases 29,000 units of direct materials at a cost of $4.94 per unit and uses 29,000 units of direct materials to produce 9,500 units of product B.

Kildare Company manufactures 100-pound bags of mulch that have the following unit standard costs for direct materials and direct labor: Line Item Description Cost Direct materials (100 lbs. @ $0.40 per lb.) $40.00 Direct labor (0.5 hr. at $18.00 per hour)     9.00 Total standard prime cost per 100-lb. bag $49.00  The following activities were recorded for October: 2,000 bags were manufactured. 190,000 lbs. of materials costing $70,000 were purchased. 205,000 lbs. of materials were used. $19,000 was paid for 950 hours of direct labor. There were no beginning or ending work-in-process inventories.What is the labor efficiency variance for Kildare Company? a. $1,900 U b. $1,000 U c. $900 F d. $1,000 F

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 6.00 pounds 0.50 hours Standard Price or Hate $ 2.30 per pound $ 10.00 per hour During the most recent month, the following activity was recorded: a. 11,000.00 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. 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance Standard Cost $13.80 $5.00 (For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None"…

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…

During June, Danby Company's material purchases amounted to 10,920 pounds at a price of $5.30 per pound. Actual costs incurred in the production of 2,100 units were as follows: Direct labor: Direct material: $74,693 ($11.30 per hour) $45,633 ($5.30 per pound) The standards for one unit of Danby Company's product are as follows: Direct Labor: Quantity, 3 hours per unit Rate, $11.00 per hour Direct Material: Quantity, 4 pounds per unit Price, $5.10 per pound ok at Required: Fill in the amounts in the tables below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Fill in the amounts in the tables below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no "Actual Price" and "Standard Price" to 2 decimal places.) Direct-Material Price and Quantity Variances Actual Material Cost Projected Material Cost Standard Material Cost Actual Quantity Actual Price Actual Quantity Standard…

Dawson Toys, Limited, produces a toy called the Maze with the following standards: Direct materials: 7 microns per toy at $0.34 per micron Direct labor: 1.2 hours per toy at $6.90 per hour During July, the company produced 5,100 Maze toys. The toy's production data for the month are as follows: Direct materials. 73,000 microns were purchased at a cost of $0.33 per micron. 28,375 of these microns were still in inventory at the end of the month. Direct labor. 6,420 direct labor-hours were worked at a cost of $47,508. Required: 1. Compute the following variances for July: Note: 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. Round final answer to the nearest whole dollar amount. a. The materials price and quantity variances. b. The labor rate and efficiency variances. 1a. Material price variance 1a. Material quantity…

Piper Corporation’s standards call for 4,250 direct labor-hours to produce 1,700 units of product. During October the company worked 1,500 direct labor-hours and produced 1,500 units. The standard hours allowed for October would be: