Diane Buswell examined some of the accounting records and reported that Current Designs purchased 1,220 kg...

 

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Diane Buswell examined some of the accounting records and reported that Current Designs purchased 1,220 kg of polyethylene powder for this order at a total cost of $1,952. Twenty finishing kits were assembled at a total cost of $3,240. The payroll records showed that the type I employees worked 76 hours on this project at a total cost of $988. The type II finishing employees worked 110 hours at a total cost of $1,182.50. A total of 20 kayaks were produced for this order. The standards that had been developed for this model of kayak are as follows for each kayak: 56 kg of polyethylene powder at $1.5 per kilogram 1 finishing kit (rope, seat, hardware, etc.) at $171 4 hours of type I labour from people who run the oven and trim the plastic at a standard wage rate of $13 per hour 5 hours of type II labour from people who attach the hatches and seat and other hardware at a standard wage rate of $10 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 0 decimal places, e.g. 25.) $ Favourable or Unfavourable? Quantity variance for polyethylene powder Price variance for polyethylene powder $ Favourable or Unfavourable? Quantity variance for finishing kits $ Favourable or Unfavourable? Price variance for finishing kits $ Favourable or Unfavourable? Quantity variance for type I workers $ Favourable or Unfavourable? Price variance for type I workers $ Favourable or Unfavourable? Quantity variance for type II workers $ Favourable or Unfavourable? Price variance for type II workers $ Favourable or Unfavourable? Diane Buswell examined some of the accounting records and reported that Current Designs purchased 1,220 kg of polyethylene powder for this order at a total cost of $1,952. Twenty finishing kits were assembled at a total cost of $3,240. The payroll records showed that the type I employees worked 76 hours on this project at a total cost of $988. The type II finishing employees worked 110 hours at a total cost of $1,182.50. A total of 20 kayaks were produced for this order. The standards that had been developed for this model of kayak are as follows for each kayak: 56 kg of polyethylene powder at $1.5 per kilogram 1 finishing kit (rope, seat, hardware, etc.) at $171 4 hours of type I labour from people who run the oven and trim the plastic at a standard wage rate of $13 per hour 5 hours of type II labour from people who attach the hatches and seat and other hardware at a standard wage rate of $10 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 0 decimal places, e.g. 25.) $ Favourable or Unfavourable? Quantity variance for polyethylene powder Price variance for polyethylene powder $ Favourable or Unfavourable? Quantity variance for finishing kits $ Favourable or Unfavourable? Price variance for finishing kits $ Favourable or Unfavourable? Quantity variance for type I workers $ Favourable or Unfavourable? Price variance for type I workers $ Favourable or Unfavourable? Quantity variance for type II workers $ Favourable or Unfavourable? Price variance for type II workers $ Favourable or Unfavourable?