FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Variance Computations and Explanations
Tarptent manufactures camping tents from a lightweight synthetic fabric. Assume the company's two-person tent has a standard
materials cost of $60, consisting of 4 yards of fabric at $15 per yard. The standards call for 1.5 hours of assembly at $20 per hour. The
following data were recorded for October, the first month of operations:
Fabric purchased
Fabric used in production of 1,200 tents 4,850 yards
Direct labor used
Labor rate variance
(a) Compute all standard cost variances for materials and labor.
Materials price variance (usage basis) Answer AnswerFU
Answer AnswerFU
Materials price variance (purchase basis)
Materials quantity variance
Labor efficiency variance
Direct materials
Direct labor
(b) Determine the standard variable cost of 1,200 tents produced, separated into direct materials and labor.
Answer
6,500 yards x $ 14.50 per yard
Answer
1,850 hours x $19.50 per hour
Total standard variable cost
Answer
Please answer all parts of the question.
Answer AnswerFU
Answer AnswerFU
Answer AnswerFU
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Transcribed Image Text:Variance Computations and Explanations Tarptent manufactures camping tents from a lightweight synthetic fabric. Assume the company's two-person tent has a standard materials cost of $60, consisting of 4 yards of fabric at $15 per yard. The standards call for 1.5 hours of assembly at $20 per hour. The following data were recorded for October, the first month of operations: Fabric purchased Fabric used in production of 1,200 tents 4,850 yards Direct labor used Labor rate variance (a) Compute all standard cost variances for materials and labor. Materials price variance (usage basis) Answer AnswerFU Answer AnswerFU Materials price variance (purchase basis) Materials quantity variance Labor efficiency variance Direct materials Direct labor (b) Determine the standard variable cost of 1,200 tents produced, separated into direct materials and labor. Answer 6,500 yards x $ 14.50 per yard Answer 1,850 hours x $19.50 per hour Total standard variable cost Answer Please answer all parts of the question. Answer AnswerFU Answer AnswerFU Answer AnswerFU
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