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 1 year agoRelated Solutions
A diver together with his diving suit and equipment has a mass of 90 kg. If...
A diver together with his diving suit and equipment has a mass
of 90 kg. If he wants to float fully submerged in water, he must
carry 3 kg of lead ballast. How many kg of lead ballast will he
have to carry if he wants to float in seawater with a density of
1025 kg/m3? The density of lead is 11300 kg/m3.
You probably heard about deep-sea diving with suits in which the divers breath fluids. The movie...
You probably heard about deep-sea diving with suits in which the
divers breath fluids. The movie "The Abyss" portrays it
wonderfully. The diver is put into a diving suit which is filled
with an oxygen-rich fluid that he can breath. After some
disorientation, the diver starts to breath the fluid and can dive
to depths of up to hunderds or thousands of meters. (Don't you love
sci-fi?)
Still, one thing puzzles me. There's more air in a body than
just...
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...
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...
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...
Oriental Industries Ltd. manufactures a variety of materials and equipment for the aerospace industry. A team...
Oriental Industries Ltd. manufactures a variety of
materials and equipment for the aerospace industry. A team of
R&D engineers in the firm’s plant has developed a new material
that will be useful for a variety of purposes in orbiting
satellites and spacecraft. Trade named Ceramal, the material
combines some of the best properties of both ceramics and laminated
plastics. Ceramal is already being used for a variety of housings
in satellites produced in three different countries. Ceramal sheets
are produced...
IOL Ltd manufactures ceramic lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labour:
IOL Ltd manufactures ceramic lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labour:
Direct materials: 10 kg at $4.50 per kg
$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.
Actual results in January were:
Direct materials: 45 055 kg used
Direct manufacturing labour: 2 250 hours
$70 875
Assume...
Ornamental Sculptures Mfg. manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a...
Ornamental Sculptures Mfg. manufactures garden sculptures. Each
sculpture requires 8 pounds of direct materials at a cost of $3 per
pound and 0.4 direct labor hours at a rate of $14 per hour.
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...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Explain at least three reasons why there are so many divisions / denominations in the Christian...
- COSC 1436 Programming Assignment : Skill Practice Assignment 3 Your skill practice assignment this week will...
- Waste elimination and process improvement can be applied to virtually any process. Identify a process at...
- Do you think the FASB should continue to require the Statement of Cash Flows or are...
- Here is your chance to analyze an actual co-worker conflict situation and make suggestions on how...
- McKinsey Machines Ltd manufactures a single product A. It has two cost centers namely molding department...
- Threads: Assume a multithreaded application using user level threads mapped to a single kernel level thread...
ADVERTISEMENT