Tipton Company manufactures shirts. During June​, Tipton made 1,200 shirts and gathered the following additional​ data:     Direct materials cost standard $6.00 per yard of fabric Direct materials efficiency standard 1.50 yards per shirt Actual amount of fabric purchased and used 1,680 yards Actual cost of fabric purchased and used $10,500 Direct labor cost standard $15.00 per DLHr Direct labor efficiency standard 2.00 DLHr per shirt Actual amount of direct labor hours 2,520 DLHr Actual cost of direct labor $36,540   7. Calculate the directmaterials cost variance. Select the​ formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable​ (F) or unfavorable​ (U).   (   -   ) ×   = Direct Materials Cost Variance (   -   ) ×   =     8. Calculate the direct materials efficiency variance.   Select the​ formula, then enter the amounts and compute the efficiency variance for direct materials and identify whether the variance is favorable​ (F) or unfavorable​ (U).   (   -   ) ×   = Direct Materials Efficiency Variance (   -   ) ×   =       9. Calculate the total direct materials variance and identify whether the variance is favorable or unfavorable.   The total direct materials variance is     .

Trax Company manufactures 75 stationary bikes and 100 rowing machines with three activities. Activity rates to produce these products follow. Activity Rate $ 20 Activity Assembly Purchasing $ 10 Inspection $ 25 Activity usage for each product follows. Compute the overhead cost per unit for the stationary bikes and the rowing machines. (Round Overhead per unit amounts to 2 decimal places.) Activity Cost Driver Stationary Bikes Direct labor hours Purchase orders Inspections per direct labor hour per purchase order. per inspection Activity Usage Rowing Machines 300 12 15 500 18 20

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.

Rip Tide Company manufactures surfboards. Its standard cost information follows: Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($27,000 ÷ 250 units) Rip Tide has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass purchased and used Cost of fiberglass used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost View transaction list Journal entry worksheet A Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations and round your final answers to nearest dollar amount. B Standard Quantity 13.5 square feet 9.8 hours 9.8 hours Record the entry for direct materials costs…

During May, Joliet Fabrics Corporation manufactured 520 units of a special multilayer fabric with the trade name Stylex. The following information from the Stylex production department also pertains to May. Direct material purchased: 18,200 yards at $1.40 per yard Direct material used: 9,700 yards at $1.40 per yard Direct labor: 2,300 hours at $9.17 per hour The standard prime costs for one unit of Stylex are as follows: Direct material: 20 yards at $1.37 per yard Direct labor: 3 hours at $7.00 per hour Total standard prime cost per unit of output Required: Compute the following variances for the month of May. $ 27.40 21.00 $ 48.40 $ 25,480 13,580 21,091 Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). 1. Direct-material price variance 2. Direct-material quantity variance 3. Direct-material purchase price variance 4. Direct-labor rate variance 5. Direct-labor efficiency variance

Carson Manufacturing, Inc. makes refrigerator replacement parts. In May, Carson produced 2,000 units. Costs incurred were as follows: Direct Labor per unit (2 hrs. @ $15/hr.): $30 Direct Materials per unit: $15 Indirect Labor (maintenance): $35,000 Indirect Materials (total used): $2,000 Manufacturing Overhead application rate (per unit): $5 Given this data, calculate the total Prime Costs for the units produced in the month of May.

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 7.80 pounds 0.30 hours Standard Price or Rate $ 2.30 per pound $ 8.00 per hour During the most recent month, the following activity was recorded: a. 25,900.00 pounds of material were purchased at a cost of $2.10 per pound b. All of the material purchased was used to produce 3,000 units of Zoom c. 700 hours of direct labor time were recorded at a total labor cost of $6,300 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 Cast $17.94 $2.40 Note: For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for…

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 $56,610, all of which were used in the production of 2,875 units of product. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this labor time was $37,600. The following variances have been computed for the month:   Materials quantity variance $ 4,050 U Labor spending variance $ 2,180 U Labor efficiency variance $ 770 U   Required: 1. For direct materials: 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…

Sleep Tight, Inc., manufactures comforters. The estimated inventories on January 1 for finished goods, work in process, and materials were $38,000, $32,000, and $25,000, respectively. The desired inventories on December 31 for finished goods, work in process, and materials were $42,000, $35,000, and $19,000, respectively. Direct materials purchases were $565,000, direct labor was $212,000 for the year, and factory overhead was $159,000. Prepare a cost of goods sold budget for Sleep Tight, Inc. Sleep Tight, Inc.Cost of Goods Sold BudgetFor the Year Ending December 31 Finished goods inventory, January 1     $fill in the blank 1 Work in process inventory, January 1   $fill in the blank 2   Direct materials:       Direct materials, January 1 $fill in the blank 3     Direct materials purchases fill in the blank 4     Cost of direct materials available for sale $fill in the blank 5     Direct materials inventory, December 31 fill in the blank 6     Cost of direct…