Question
In: Accounting
Superior fender, which uses a standard cost system, manufacture 20,000 boat fenders during 2018, using 141,000...
Superior fender, which uses a standard cost system, manufacture
20,000 boat fenders during 2018, using 141,000 square feet of
extruded vinyl purchased at $1.55 per square foot. production
required 470 direct labor hours they cost $15 per hour. The direct
materials standard was 7 square feet of vinyl per fender, and a
standard cost of $1.60 per square foot. The labor standard was .027
direct labor hour per fender, and a standard cost of $14 per hour.
State the required formulas, compute the cost variances for direct
materials and direct labor and identify whether each variance is
favorable or unfavorable. Compute the cost and efficiency variances
for direct materials and direct labor. Does the pattern of
variances suggest superior offenders managers have been making
trade-offs? Explain.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Quality Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 141,000...
Quality Fender, which uses a standard cost system,
manufactured 20,000 boat fenders during 2018, using 141,000 square
feet of extruded vinyl purchased at $1.10 per square foot.
Production required 450 direct labor hours that cost $13.50 per
hour. The direct materials standard was seven square feet of vinyl
per fender, at a standard cost of $1.15 per square foot. The labor
standard was 0.026 direct labor hour per fender, at a standard
cost of $12.50 per hour.
Read the requirement...
Pro Fender, which uses a standard cost system, manufactured 20,000 boat fenders during 2018, using 142,000...
Pro Fender, which uses a standard cost system, manufactured
20,000 boat fenders during 2018, using 142,000 square feet of
extruded vinyl purchased at $1.50 per square foot. Production
required 440 direct labor hours that cost $12.00 per hour. The
direct materials standard was seven square feet of vinyl per
fender, at a standard cost of $1.55 per square foot. The labor
standard was 0.027 direct labor hour per fender, at a standard cost
of $11.00 per hour. Compute the cost...
Compute cost variances All Star Fender, which uses a standard cost system, manufactured 20,000 boat fenders...
Compute cost variances
All Star Fender, which uses a standard cost system,
manufactured 20,000 boat fenders during 2018, using 141,000 square
feet of extruded vinyl purchased at $1.45 per square foot.
Production required 410 direct labor hours that cost $12.50 per
hour. The direct materials standard was seven square feet of vinyl
per fender, at a standard cost of $1.50 per square foot. The labor
standard was 0.025 direct labor hours per fender, at a standard
cost of $11.50 per...
treeFender, which uses a standard cost? system, manufactured 20,000 boat fenders during 2016?, using 143,000 square...
treeFender, which uses a standard cost? system, manufactured
20,000 boat fenders during 2016?, using 143,000 square feet of
extruded vinyl purchased at $1.10 per square foot. Production
required 440 direct labor hours that cost $12.50 per hour. The
direct materials standard was seven square feet of vinyl per?
fender, at a standard cost of $1.15 per square foot. The labor
standard was 0.027 direct labor hour per? fender, at a standard
cost of $11.50 per hour.
Compute the cost and...
Great Fender is a competitor of Superior Fender. Great Fender also uses a standard cost system...
Great Fender is a competitor of Superior Fender. Great Fender
also uses a standard cost system and provide the following
information:
Static budget variable overhead
$4,608
Static budget fixed overhead
$23,040
Static budget direct labor hours
576
hours
Static budget number of units
24,000
units
Standard direct labor hours
0.024
hours per fender
Great Fender allocates manufacturing overhead to production
based on standard direct labor hours. Great Fender reported the
following actual results for 2016: the actual number of fenders...
SuperiorSuperior ?Guard, which used a standard cost accounting? system, manufactured 220 comma 000220,000 boat fenders during...
SuperiorSuperior
?Guard, which used a standard cost accounting? system,
manufactured
220 comma 000220,000
boat fenders during the? year, using
1 comma 640 comma 000 feet1,640,000 feet
of extruded vinyl purchased at
$ 1.15$1.15
per foot. Production required
4 comma 7004,700
direct labor hours that cost
$ 16.00$16.00
per hour. The materials standard was
77
feet of vinyl per fender at a standard cost of
$ 1.30$1.30
per foot. The labor standard was
0.0270.027
direct labor hour per fender at a...
World star Fender is a competitor of JMACS fender. JMACS Fender also uses a standard cost...
World star Fender is a competitor of JMACS fender. JMACS Fender
also uses a standard cost system and provide the following?
information:
Static budget variable overhead
$3,500
Static budget fixed overhead
$28,000
Static budget direct labor hours
700
hours
Static budget number of units
28,000
units
Standard direct labor hours
0.025
hours per fender
Fender allocates manufacturing overhead to production based on
standard direct labor hours. JMAC
Fender reported the following actual results for 2016 actual
number of fenders? produced,20,000...
Sound Sleep Mills uses a standard cost system. During May, Sound Sleep manufactured 15,000 pillowcases, using...
Sound Sleep Mills uses a standard cost system. During May, Sound
Sleep manufactured 15,000 pillowcases, using 27,000 yards of fabric
costing $3.05 per yard and incurring direct labor costs of $19,140
for 3,300 hours of direct labor. The standard cost per pillowcase
assumes 1.75 yards of fabric at $3.10 per yard and 0.20 hours of
direct labor at $5.95 per hour.
1. Compute both the price variance and quantity variance
relating to direct materials used in the manufacture of pillowcases...
Sound Sleep Mills uses a standard cost system. During May, Sound Sleep manufactured 15,000 pillowcases, using...
Sound Sleep Mills uses a standard cost system. During May, Sound
Sleep manufactured 15,000 pillowcases, using 27,000 yards of fabric
costing $3.05 per yard and incurring direct labor costs of $19,140
for 3,300 hours of direct labor. The standard cost per pillowcase
assumes 1.75 yards of fabric at $3.10 per yard and 0.20 hours of
direct labor at $5.95 per hour.
1. Compute both the price variance and quantity variance
relating to direct materials used in the manufacture of pillowcases...
Nolan Mills uses a standard cost system. During May, Nolan manufactured 15,000 pillowcases, using 26,800 yards...
Nolan Mills uses a standard cost system. During May, Nolan
manufactured 15,000 pillowcases, using 26,800 yards of fabric
costing $3.05 per yard and incurring direct labor costs of $18,639
for 3,270 hours of direct labor. The standard cost per pillowcase
assumes 1.75 yards of fabric at $3.10 per yard, and 0.20 hours of
direct labor at $5.95 per hour. a. Compute both the price variance
and quantity variance relating to direct materials used in the
manufacture of pillowcases in May....
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