Question
In: Accounting
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 labour rate and efficiency variances for the quarter. (4)
c. Prepare the journal entries needed for the above transactions. Journal entries for the variance write-offs are not required. (6)
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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Still, one thing puzzles me. There's more air in a body than
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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
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b.
Compute the direct manufacturing labour rate and efficiency
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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
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Required:
a. Compute the direct materials price and
efficiency variances for the quarter.
b. Compute the direct manufacturing...
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...
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satellites and spacecraft. Trade named Ceramal, the material
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$45.00
Direct manufacturing labour: 0.5 hours at $30 per hour
15.00
The number of finished units budgeted for January was 5 000; 4 550 units were actually produced.
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Direct manufacturing labour: 2 250 hours
$70 875
Assume...
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Ornamental Sculptures Mfg. manufactures garden sculptures. Each
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Variable manufacturing overhead is charged at a rate of $3 per
direct labor hour. Fixed manufacturing overhead is $3,300 per
month. The company’s policy is to maintain direct materials
inventory equal to 20% of the next month’s materials requirement.
At the end of February the company had...
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