Standard Quantity or Hours Direct materials 3 feet ? hours Standard Price or Rate $ 11 per foot ? per hour Standard Cost $ 33 ? Direct labor During March, the company purchased direct materials for $111,300, all of which were used in the production of 3.200 units. In addition, 4,900 direct labor-hours were worked on the product during the month. The cost of this labor time was $95,550. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: $ 4,400 U $ 450 F $ 2,000 U a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 For direct materials, compute the actual cost per foot of materials for March. Note: Round your answer to 2 decimal places. Actual cost per foot Required 1A Required 1B >

Standard Quantity or Hours Direct materials 3 feet ? hours Standard Price or Rate $ 11 per foot ? per hour Standard Cost $ 33 ? Direct labor During March, the company purchased direct materials for $111,300, all of which were used in the production of 3.200 units. In addition, 4,900 direct labor-hours were worked on the product during the month. The cost of this labor time was $95,550. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: $ 4,400 U $ 450 F $ 2,000 U a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product. Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 2 For direct materials, compute the actual cost per foot of materials for March. Note: Round your answer to 2 decimal places. Actual cost per foot Required 1A Required 1B >

Name: Standard Quantityor HoursDirect materials3 feet? hoursStandard Price
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Description: Standard Quantityor HoursDirect materials3 feet? hoursStandard Price or Rate$ 11 per foot? per hourStandardCost$ 33Direct laborDuring March, the company purchased direct materials for $111,300, all of which were used in the production of 3.200 units

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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Question Grant Company's standard materials cost per unit of output is $10.00 (2.00 pounds x $5.00 per pound). During July, the company purchases and uses 2,420 pounds of materials costing $12,826 in making 1,100 units of finished product. Compute the total material variance. O $726 unfavorable O $1,826 favorable O $2,926 unfavorable O $1,826 unfavorable
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The following data are available for February: The actual direct labor rate for February is:
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