Question
In: Accounting
Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system...
Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system and has set the following standards for materials and labor:
|
Leather (3 strips @ $4) |
$12.00 |
|
Direct labor (0.75 hr. @ $12) |
9.00 |
|
Total prime cost |
$21.00 |
During the first month of the year, the Boise plant produced 92,000 belts. Actual leather purchased was 275,500 strips at $3.00 per strip. There were no beginning or ending inventories of leather. Actual direct labor was 80,200 hours at $12.50 per hour.
Calculate the price variance, quantity variance, and total variance for direct materials.
Calculate the rate variance, efficiency variance, and total variance for direct labor.
Please give explanations!!!
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system...
Cinturon Corporation produces high-quality leather belts. The
company's plant in Boise uses a standard costing system and has set
the following standards for materials and labor: Leather (3 strips
@ $4) $12.00 Direct labor (0.75 hr. @ $12) 9.00 Total prime cost
$21.00 During the first month of the year, the Boise plant produced
92,000 belts. Actual leather purchased was 287,500 strips at $3.90
per strip. There were no beginning or ending inventories of
leather. Actual direct labor was 78,900...
Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system...
Cinturon Corporation produces high-quality leather belts. The
company's plant in Boise uses a standard costing system and has set
the following standards for materials and labor: Leather (4 strips
@ $4.00) $16.00 Direct labor (0.75 hr. @ $8.00) 6.00 Total prime
cost $22.00 During the first month of the year, the Boise plant
produced 44,000 belts. Actual leather purchased was 140,000 strips
at $3.30 per strip. There were no beginning or ending inventories
of leather. Actual direct labor was 34,000...
Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system...
Cinturon Corporation produces high-quality leather belts. The
company's plant in Boise uses a standard costing system and has set
the following standards for materials and labor:
Leather (3 strips @ $4)
$12.00
Direct labor (0.75 hr. @ $12)
9.00
Total prime cost
$21.00
During the first month of the year, the Boise plant produced
92,000 belts. Actual leather purchased was 286,500 strips at $3.30
per strip. There were no beginning or ending inventories of
leather. Actual direct labor was 79,700...
Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system...
Cinturon Corporation produces high-quality leather belts. The
company's plant in Boise uses a standard costing system and has set
the following standards for materials and labor:
Leather (3 strips @ $4)
$12.00
Direct labor (0.75 hr. @ $12)
9.00
Total prime cost
$21.00
During the first month of the year, the Boise plant produced
92,000 belts. Actual leather purchased was 287,500 strips at $4.20
per strip. There were no beginning or ending inventories of
leather. Actual direct labor was 79,400...
Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing system...
Cinturon Corporation produces high-quality leather belts. The
company's plant in Boise uses a standard costing system and has set
the following standards for materials and labor: Leather (3 strips
@ $4.00) $12.00 Direct labor (0.25 hr. @ $9.00) 2.25 Total prime
cost $14.25 During the first month of the year, the Boise plant
produced 49,000 belts. Actual leather purchased was 110,000 strips
at $3.10 per strip. There were no beginning or ending inventories
of leather. Actual direct labor was 30,000...
49 Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard costing...
49
Cinturon Corporation produces high-quality leather belts. The
company's plant in Boise uses a standard costing system and has set
the following standards for materials and labor:
Leather (3 strips @ $4)
$12.00
Direct labor (0.75 hr. @ $12)
9.00
Total prime cost
$21.00
During the first month of the year, the Boise plant produced
92,000 belts. Actual leather purchased was 300,500 strips at $3.30
per strip. There were no beginning or ending inventories of
leather. Actual direct labor was...
Materials Variances Cinturon Corporation produces high-quality leather belts. The company's plant in Boise uses a standard...
Materials Variances
Cinturon Corporation produces high-quality leather belts. The
company's plant in Boise uses a standard costing system and has set
the following standards for materials and labor:
Leather (3 strips @ $4)
$12.00
Direct labor (0.75 hr. @ $12)
9.00
Total prime cost
$21.00
During the first month of the year, the Boise plant produced
92,000 belts. Actual leather purchased was 271,500 strips at $3.30
per strip. There were no beginning or ending inventories of
leather. Actual direct labor...
Budget Variances, Materials and Labour Mahn Corporation produces high-quality leather belts. The company uses a standard...
Budget Variances, Materials and Labour
Mahn Corporation produces high-quality leather belts. The
company uses a standard costing system and has set the following
standards for materials and labour:
Leather (4 strips @ $4.00)
$16.00
Direct labour (0.25 hr. @ $14.00)
3.50
Total prime cost
$19.50
During the first month of the year, Mahn produced 43,000 belts.
Actual leather purchased was 120,000 strips at $3.10 per strip.
There were no beginning or ending inventories of leather. Actual
direct labour was 35,000...
Use the following information for Exercises 10-45, 10-46, and 10-47: Cinturon Corporation produces high-quality leather belts....
Use the following information for Exercises 10-45,
10-46, and 10-47:
Cinturon Corporation produces high-quality leather belts. The
company's plant in Boise uses a standard costing system and has set
the following standards for materials and labor:
leather (3 strips @ $4) $12.000
direct labor (0.75 hr @ $12.00). 9.00
total prime cost $21.00
During the first month of the year, the Boise plant produced
92,000 belts. Actual leather purchased was 287,500 strips at $3.60
per strip. There was no beginning...
Pato Corporation produces leather sandals. The company uses a standard costing system and has set the...
Pato Corporation produces leather sandals. The company uses a
standard costing system and has set the following standards for
direct materials and direct labor (for one pair of sandals):
Leather (3 strips @ $5) $15 Direct labor (2 hrs. @ $6) 12 Total
prime cost $27 During the year, Pato produced 4,000 pairs of
sandals. The actual leather purchased was 12,400 strips at $4.98
per strip. There were no beginning or ending inventories of
leather. Actual direct labor was 8,400...
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