Question
In: Accounting
Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require...
Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 1.5 feet of leather and predicts leather will cost $2.50 per foot. Suppose Perfect Pet made 60 collars during February. For these 60 collars, the company actually averaged 1.75 feet of leather per collar and paid $2.00 per foot.
1. Calculate the standard direct materials cost per unit. (Round your answer to 2 decimal places.)
2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable.
3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable.
4.Calculate the direct materials price and quantity variances. (Round your answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require...
Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.10 feet of leather and predicts leather will cost $3.70 per foot. Suppose Perfect Pet made 60 collars during February. For these 60 collars, the company actually averaged 2.30 feet of leather per collar and paid $3.20 per foot. Required: 1. Calculate the standard direct materials cost per unit. (Round your answer to 2 decimal places.) Standard Direct Materials per Collar 2. Without performing any calculations, determine...
Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require...
Perfect Pet Collar Company makes custom leather pet collars. The
company expects each collar to require 1.70 feet of leather and
predicts leather will cost $2.90 per foot. Suppose Perfect Pet made
65 collars during February. For these 65 collars, the company
actually averaged 1.90 feet of leather per collar and paid $2.40
per foot.
Required:
1. Calculate the standard direct materials cost per unit.
(Round your answer to 2 decimal places.)
2. Without performing any calculations, determine
whether the...
Perfect Pet Collar Company makes custom leather pet collars. Thecompany expects each collar to require...
Perfect Pet Collar Company makes custom leather pet collars. The
company expects each collar to require 1.60 feet of leather and
predicts leather will cost $2.70 per foot. Suppose Perfect Pet made
50 collars during February. For these 50 collars, the company
actually averaged 1.95 feet of leather per collar and paid $2.20
per foot.Required: 1. Calculate the standard direct materials cost per unit. (Round your answer to 2 decimal places.) Standard Direct Materials per Collar 2. Without performing any calculations, determine...
Tony wants to buy a new collar for each of his 4 dogs. The collars come...
Tony wants to
buy a new collar for each of his 4 dogs. The collars come in a
choice of 5 different colors.
Step 1 of 2 :
How many selections of
collars for the 4 dogs are possible if repetitions of colors
ARE ALLOWED?
Step 2 of
2:
How many selections of
collars for the 4 dogs are possible if repetitions of colors
ARE NOT ALLOWED?
A company that makes pet food is interested in creating dry and canned pet food. The...
A company that makes pet food is interested in creating dry and
canned pet food. The company is also interested in what cats and
dogs prefer their pet food to be (dry or canned). At the 5%
significance level can you conclude that type of pet is independent
of pet food choice?
Canned
Dry
Total
Dog
25
25
50
Cat
20
30
50
Total
45
55
100
Reject the null hypothesis, type of pet is independent of pet
food choice...
Question 1 will be parts A, B, C, and D A. Loyal Pet Company expects to...
Question 1 will be parts A, B, C, and D
A. Loyal Pet Company expects to sell 4,000 beefy dog treats in
January and 6,000 in February for $4.00 each. What will be the
total sales revenue reflected in the sales budget for those
months?
A.January $1,500; February $1,000
B.January $1,000; February $1,500
C.January $24,000; February $16,000
D.January $16,000; February $ 24000
B. Hewitt Company expects cash sales for July of $11,000, and a
15% monthly increase during August and...
The following table belongs to a pet boarding company. Each pet that is kept has a...
The following table belongs to a pet boarding company. Each pet
that is kept has a type (species) and weight, an owner and the
information where it is kept (which pen). The fee depends on the
pen. It also depends on the owner because owners can have special
rates.
Pet_id
Type
Weight
Pen
Fee
Owner_id
O_name
2800
Cat
9.2
P02
20
11
Susan
1739
Cat
7.5
P01
25
28
Brett
9981
Dog
3.3
P02
30
29
Jason
Identify the...
An industry will require the purchase of $675,000 in new equipment. The company expects to sell...
An industry will require the purchase of $675,000 in new
equipment. The company expects to sell the equipment at the end of
the project for 25% of its original cost, but some assets will
remain in the CCA class. Annual sales from this project are
estimated at $240,000. Initial net working capital equal to 30.00%
of sales will be required. All of the net working capital will be
recovered at the end of the project. The firm requires a 9.00%...
Bunker makes two types of briefcase, fabric and leather. The company is currently using a traditional...
Bunker makes two types of briefcase, fabric and leather. The
company is currently using a traditional costing system with labor
hours as the cost driver but is considering switching to an
activity-based costing system. In preparation for the possible
switch, Bunker has identified two activity cost pools: materials
handling and setup. Pertinent data follow: Fabric Case Leather Case
Number of labor hours 21,000 9,000 Number of material moves 630
1,170 Number of setups 63 147 Total estimated overhead costs are...
unker makes two types of briefcase, fabric and leather. The company is currently using a traditional...
unker makes two types of briefcase, fabric and leather. The
company is currently using a traditional costing system with labor
hours as the cost driver but is considering switching to an
activity-based costing system. In preparation for the possible
switch, Bunker has identified two activity cost pools: materials
handling and setup. Pertinent data follow:
Fabric Case
Leather Case
Number of labor hours
20,000
10,000
Number of material moves
819
1,131
Number of setups
84
156
Total estimated overhead costs are...
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