Diane Buswell examined some of the accounting records and reported that Current Designs purchased 1,670 pounds...

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Diane Buswell examined some of the accounting records and reported that Current Designs purchased 1,670 pounds of polyethylene powder for this order at a total cost of $5,010. Thirty (30) finishing kits were assembled at a total cost of $5,400. The payroll records showed that the type I employees worked 56 hours on this project at a total cost of $672. The type Il finishing employees worked 99 hours at a total cost of $915.75. A total of 30 kayaks were produced for this order. The standards that had been developed for this model of kayak were used in CD2 and are reproduced here. For each kayak: 52 pounds of polyethylene powder at $2.50 per pound 1 finishing kit (rope, seat, hardware, etc.) at $190 2 hours of type I labor from people who run the oven and trim the plastic at a standard wage rate of $12 per hour 3 hours of type II labor from people who attach the hatches and seat and other hardware at a standard wage rate of $9 per hour. Calculate the eight variances that are listed below. (Round price variance for type II workers to 2 decimal places, e.g. 15.25 and all other answers to O decimal places, e.g. 25.) Quantity variance for polyethylene powder Price variance for polyethylene powder Quantity variance for finishing kits Price variance for finishing kits Quantity variance for type I workers Price variance for type I workers Quantity variance for type II workers Price variance for type II workers $ GA GA CA GA $ GA $ GA GA $ +A > > > Diane Buswell examined some of the accounting records and reported that Current Designs purchased 1,670 pounds of polyethylene powder for this order at a total cost of $5,010. Thirty (30) finishing kits were assembled at a total cost of $5,400. The payroll records showed that the type I employees worked 56 hours on this project at a total cost of $672. The type Il finishing employees worked 99 hours at a total cost of $915.75. A total of 30 kayaks were produced for this order. The standards that had been developed for this model of kayak were used in CD2 and are reproduced here. For each kayak: 52 pounds of polyethylene powder at $2.50 per pound 1 finishing kit (rope, seat, hardware, etc.) at $190 2 hours of type I labor from people who run the oven and trim the plastic at a standard wage rate of $12 per hour 3 hours of type II labor from people who attach the hatches and seat and other hardware at a standard wage rate of $9 per hour. Calculate the eight variances that are listed below. (Round price variance for type II workers to 2 decimal places, e.g. 15.25 and all other answers to O decimal places, e.g. 25.) Quantity variance for polyethylene powder Price variance for polyethylene powder Quantity variance for finishing kits Price variance for finishing kits Quantity variance for type I workers Price variance for type I workers Quantity variance for type II workers Price variance for type II workers $ GA GA CA GA $ GA $ GA GA $ +A > > >

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To calculate the variances we need to compare the actual costs and quantities with the standard costs and quantities Lets calculate each variance 1 Qu... View the full answer