Question

In: Accounting

Glenn's Draperies manufactures curtains. A certain window requires the following: Direct materials standard is 11 square...

Glenn's Draperies manufactures curtains. A certain window requires the following:
Direct materials standard is 11 square metres at $5 per metre
Direct manufacturing labour standard is 5 hours at $10
During the second quarter the company made 1,600 curtains and used 15,000 square metres of fabric costing $72,000. Direct labour totaled 7,700 hours for $78,925.
Required:
a. Compute the direct materials price and efficiency variances for the quarter.
b. Compute the direct manufacturing labour rate and efficiency variances for the quarter.
Response:

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Warrier Gear manufactures clothing. A flannel shirt requires the following: Standard Direct Materials 2 square yards...
Warrier Gear manufactures clothing. A flannel shirt requires the following: Standard Direct Materials 2 square yards at $15 per yard Standard Manufacturing Labor 1.5 hours at $25 per hour During the third quarter, the company made 1,500 shirts and used 3,200 square yards of fabric costing $44,800. Direct labor totaled 2,100 hours for $56,700. Required: (A) Compute the direct materials price and efficiency variances for the quarter. (B) Compute the direct manufacturing labor price and efficiency variances for the quarter....
Warrier Gear manufactures clothing. A flannel shirt requires the following: Standard Direct Materials 2 square yards...
Warrier Gear manufactures clothing. A flannel shirt requires the following: Standard Direct Materials 2 square yards at $15 per yard Standard Manufacturing Labor 1.5 hours at $25 per hour During the third quarter, the company made 1,500 shirts and used 3,200 square yards of fabric costing $44,800. Direct labor totaled 2,100 hours for $56,700. Required: (A) Compute the direct manufacturing labor price and efficiency variances for the quarter. Show all computations. (B) Describe 2 possible reasons for each of the...
Warrier Gear manufactures clothing. A flannel shirt requires the following: Standard Direct Materials 2 square yards...
Warrier Gear manufactures clothing. A flannel shirt requires the following: Standard Direct Materials 2 square yards at $15 per yard Standard Manufacturing Labor 1.5 hours at $25 per hour During the third quarter, the company made 1,500 shirts and used 3,200 square yards of fabric costing $44,800. Direct labor totaled 2,100 hours for $56,700. Required: (A) Compute the direct materials price and efficiency variances for the quarter. Show all computations. (B) Compute the direct manufacturing labor price and efficiency variances...
Martinez Fabrics manufactures shirts each of which requires the following:       Direct materials standard               2.5 yards...
Martinez Fabrics manufactures shirts each of which requires the following:       Direct materials standard               2.5 yards at $8 per yard       Direct manufacturing labor standard      6 hours at $12 Actual results in the third quarter included production of 2,000 shirts which cost $35,000 and used 4,500 yards of fabric. There were 7,000 actual direct labor hours, with an actual cost of $70,000. Required: a.   Compute the direct materials price and efficiency variances for the quarter. b.   Compute the direct manufacturing...
Upstate Co. manufactures a product that has the following standard costs per unit:      Direct materials:...
Upstate Co. manufactures a product that has the following standard costs per unit:      Direct materials: 40 yards at $2.70 per yard               $108      Direct labor: 7 hours at $18 per hour                          126      Total                                                                             $234 Following information pertains to July:      Direct material purchased: 42,500 yards at $2.78 per yard      Direct material used: 38,000 yards      Direct labor used: 7,500 hours at $18.30 per hour      Budgeted production: 1,200 units      Actual completed production: 1,050 units...
Wright, Inc. manufactures a product that has the following standard costs: Direct materials: 30 yards at...
Wright, Inc. manufactures a product that has the following standard costs: Direct materials: 30 yards at $4.75 per yard                 $142.50 Direct labor: 7 hours at $18.00 per hour                       126.00    Total                                                                           $268.50 The following information pertains to July: Direct material costs 20,000 yards at $4.50 per yard, or $90,000 (quantity purchased and quantity used are the same). Direct labor: 4,500 hours at $18.25 per hour, or $82,125 Actual completed production: 650 units Answer and Show Work: Calculate the following variances...
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials...
Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct materials cost for October of the current year are taken from the records of Good Clean Fun Inc., a manufacturer of organic toys: Quantity of direct materials used 6,300 lbs. Actual unit price of direct materials $3.9 per lb. Units of finished product manufactured 1,515 units Standard direct materials per unit of finished product 4 lbs. Direct materials quantity variance—unfavorable $960 Direct materials price variance—favorable...
Belfast Industries manufactures a single product, the standard cost of which is: Direct materials – 6...
Belfast Industries manufactures a single product, the standard cost of which is: Direct materials – 6 kgs @ £4 kg £24.00 Direct labour – 2 hour @ £8 hour £16.00 Variable overhead – 2 hour @ £6 hr £12.00 Fixed overhead – 2 hour @ £10 hr £20.00 Total per unit £72.00 Other data relating to the standard cost: * The fixed overhead rate is based on a budgeted output of 4,000 units per month. * The standard selling price...
Seaview Technologies Ltd. manufactures deep-sea diving equipment. A deep-sea dive suit requires the following: Direct materials...
Seaview Technologies Ltd. manufactures deep-sea diving equipment. A deep-sea dive suit requires the following: Direct materials standard                                   2 square metres at $13.50 per metre Direct manufacturing labour standard                  1.5 hours at $20.00 per hour During the third quarter, the company made 1,500 suites and used 3,150 square metres of material costing $39,375. Direct labour totaled 2,100 hours for $45,150. (14) a.   Compute the direct materials price and efficiency variances for the quarter. (4) b.   Compute the direct manufacturing...
Direct Materials Variances Bellingham Company produces a product that requires eight standard pounds per unit. The...
Direct Materials Variances Bellingham Company produces a product that requires eight standard pounds per unit. The standard price is $11.5 per pound. If 5,500 units used 42,200 pounds, which were purchased at $11.96 per pound, what is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance $ Favorable OR Unfavorable b....
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT