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You are a new junior accountant at In Focus Corporation, maker of lenses for eyeglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the controller, has given you the latest month's report for the lens trade association. This report includes information related to operations for your firm and your closest competitor for September 2020. The report also includes information related to the industry benchmark for lens manufacturers for each line item in the report. You are Firm A and your closest competitor is Firm B. (Click the icon to view the data.) Read the requirements Requirement 1. Calculate the total variable cost per unit for each firm. Compute the percent of total for the material, labor, and variable overhead components. (Round all cost amounts to the nearest cent. Round the percentages to two decimal places. Due to rounding the total of the percenta may not equal 100%.) Firm A Direct materials Direct labor Variable overhead Total Data table 100.00 Firm A Firm B Industry Benchmark Materials input 1.90 1.80 Materials price $ Labor-hours used per lens 4.70 $ 0.60 Wage rate $15.00 $ 2.10 oz. of glass 5.10 $4.90 per oz. 0.95 0.9 hours 13.00 $16.00 per direct manuf. labor-hour Variable overhead rate $ 15.00 $ 13.00 $13.50 per direct manuf. labor-hour Print Done Requirements 1. Calculate the total variable cost per unit for each firm. Compute the percent of total for the material, labor, and variable overhead components. 2. Using Firm B as a benchmark, calculate direct materials and direct manufacturing labor price and efficiency variances for Firm A for one lens. Print Done

You are a new junior accountant at In Focus Corporation, maker of lenses for eyeglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the controller, has given you the latest month's report for the lens trade association. This report includes information related to operations for your firm and your closest competitor for September 2020. The report also includes information related to the industry benchmark for lens manufacturers for each line item in the report. You are Firm A and your closest competitor is Firm B. (Click the icon to view the data.) Read the requirements Requirement 1. Calculate the total variable cost per unit for each firm. Compute the percent of total for the material, labor, and variable overhead components. (Round all cost amounts to the nearest cent. Round the percentages to two decimal places. Due to rounding the total of the percenta may not equal 100%.) Firm A Direct materials Direct labor Variable overhead Total Data table 100.00 Firm A Firm B Industry Benchmark Materials input 1.90 1.80 Materials price $ Labor-hours used per lens 4.70 $ 0.60 Wage rate $15.00 $ 2.10 oz. of glass 5.10 $4.90 per oz. 0.95 0.9 hours 13.00 $16.00 per direct manuf. labor-hour Variable overhead rate $ 15.00 $ 13.00 $13.50 per direct manuf. labor-hour Print Done Requirements 1. Calculate the total variable cost per unit for each firm. Compute the percent of total for the material, labor, and variable overhead components. 2. Using Firm B as a benchmark, calculate direct materials and direct manufacturing labor price and efficiency variances for Firm A for one lens. Print Done

FINANCIAL ACCOUNTING
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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You are a new junior accountant at in Focus Corporation, maker of lenses for eyeglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the controller, has given you the latest month's report for the lens trade association. This report includes information related to operations for your firm and your closest competitor for September 2020. The report also includes information related to the industry benchmark for lens manufacturers for each line item in the report. You are Firm A and your closest competitor is Firm B. (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the total variable cost per unit for each firm. Compute the percent of total for the material, labor, and variable overhead components. (Round all cost amounts to the nearest cent. Round the percentages to two decimal places. Due to rounding the total of the percentage may not equal 100%.) Firm A Direct materials Direct labor Variable overhead Total Data table 100.00 Firm A Firm B Materials input 1.90 1.80 Industry Benchmark 2.10 oz. of glass Materials price $ Labor-hours used per lens Wage rate $ 15.00 $ 4.70 $ 5.10 $4.90 per oz. 0.60 0.95 0.9 hours 13.00 $16.00 per direct manuf. labor-hour Variable overhead rate $ 15.00 $ 13.00 $13.50 per direct manuf. labor-hour Print Done Requirements 1. Calculate the total variable cost per unit for each firm. Compute the percent of total for the material, labor, and variable overhead components. 2. Using Firm B as a benchmark, calculate direct materials and direct manufacturing labor price and efficiency variances for Firm A for one lens. Print Done
Transcribed Image Text:You are a new junior accountant at in Focus Corporation, maker of lenses for eyeglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the controller, has given you the latest month's report for the lens trade association. This report includes information related to operations for your firm and your closest competitor for September 2020. The report also includes information related to the industry benchmark for lens manufacturers for each line item in the report. You are Firm A and your closest competitor is Firm B. (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the total variable cost per unit for each firm. Compute the percent of total for the material, labor, and variable overhead components. (Round all cost amounts to the nearest cent. Round the percentages to two decimal places. Due to rounding the total of the percentage may not equal 100%.) Firm A Direct materials Direct labor Variable overhead Total Data table 100.00 Firm A Firm B Materials input 1.90 1.80 Industry Benchmark 2.10 oz. of glass Materials price $ Labor-hours used per lens Wage rate $ 15.00 $ 4.70 $ 5.10 $4.90 per oz. 0.60 0.95 0.9 hours 13.00 $16.00 per direct manuf. labor-hour Variable overhead rate $ 15.00 $ 13.00 $13.50 per direct manuf. labor-hour Print Done Requirements 1. Calculate the total variable cost per unit for each firm. Compute the percent of total for the material, labor, and variable overhead components. 2. Using Firm B as a benchmark, calculate direct materials and direct manufacturing labor price and efficiency variances for Firm A for one lens. Print Done
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