Lily Inc., which produces a single product, has prepared the following standard cost sheet for one...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Lily Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (10 pounds at $2.70 per pound) Direct labor (6 hours at $12.00 per hour) During the month of April, the company manufactures 320 units and incurs the following actual costs. Direct materials purchased and used (1,700 pounds) Direct labor (1,940 hours) Total materials variance Compute the total, price, and quantity variances for materials and labor. Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance $ LA LA $ $27.00 $72.00 tA LA $4,760 $22,892 Favorable Unfavorable Favorable Favorable Favorable Unfavorable < Lily Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (10 pounds at $2.70 per pound) Direct labor (6 hours at $12.00 per hour) During the month of April, the company manufactures 320 units and incurs the following actual costs. Direct materials purchased and used (1,700 pounds) Direct labor (1,940 hours) Total materials variance Compute the total, price, and quantity variances for materials and labor. Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance $ LA LA $ $27.00 $72.00 tA LA $4,760 $22,892 Favorable Unfavorable Favorable Favorable Favorable Unfavorable <
Expert Answer:
Answer rating: 100% (QA)
1Total material Variance 3880 F TotalMaterialsVarianceActualQuantityStandardPriceStandardQuantitySta... View the full answer
Related Book For
Managerial Accounting Tools for business decision making
ISBN: 978-0470477144
5th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these finance questions
-
Haslett Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $2.50 per pound) .$20 Direct labor (3 hours at...
-
Injin Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product. Direct materials (8 pounds at $2.50 per pound) ... $20 Direct labor (3 hours...
-
Create a T-Account Transaction Account titles Cash d Common stock Supplies Creditors accounts payable) Cash Fees earned Rent expense Cash Creditors(accounts payable) Cash Accounts receivable Fees...
-
How can the motion of a moving charged particle be used to distinguish between a magnetic field and an electric field? Give a specific example to justify your argument.
-
The table shows the heights (in feet) and trunk diameters (in inches) of eight trees. The equation of the regression line is y = 0.479x - 24.086. Use the data to find (a) The coefficient of...
-
Identify the most appropriate approach and then design. Provide a rationale as to why this approach and design would be most appropriate. Develop a hypothetical research scenario that would...
-
A common-size income statement for Creek Enterprises 2011 operations follows. Using the firms 2012 income statement presented in Problem 318, develop the 2012 common-size income statement and compare...
-
Suppose you have 135 households in your neighborhood, can you use "=RAND()" function in Excel to randomly select 20 of them to send a survey? a) Write down the codes you would use. b) Show your work...
-
Process costing becomes more complicated when there are both beginning and ending work in process (BWIP and EWIP) inventories. The costs stored in BWIP were incurred during the prior period. A...
-
Stackit Ltd. manufactures three sizes of wooden bookcases. The information relating to the production of the three bookcases for next year is as follows: Selling Price Cost of wood Direct labour...
-
How does the National Labor Act influence policy and procedures in the work environment, as well as shaping the process of design/redesign of work systems?
-
Standard Cost Journal Entries Bellingham Company produced 5,900 units that require 11 standard pounds per unit at a $7.5 standard price per pound. The company actually used 66,200 pounds in...
-
Fan Fan Inc. is evaluating an overseas expansion that will cost $1 million and is expected to generate the following cash flows: year 1: -$250,000; year 2: +$450,000; year 3: +$550,000; and year 4:...
-
Stacia, a single cash basis taxpayer, received $20 in interest from her savings account, $150 in interest on corporate bond, $200 prepaid interest, $750 in interest on municipal bonds. Calculate the...
-
Make a policy Analysis Imagine that you intern for the newly elected city councilwoman for Chicago's 23rd Ward who campaigned on health care reform. Assuming the data show that a substantial number...
-
The vertical side of a form for poured concrete that weighs 140.7 pounds per cubic foot is shown the figure. Determine the force (in lb) on this part of the concrete form. 5 ft 6 ft Ib
-
On January 1, 2018, Khalid Ltd., which follows IAS 17, entered into an eight-year lease agreement for three dryers. Annual lease payments for the equipment are $28,500 at the beginning of each lease...
-
Hass Company estimates that 360,000 direct labor hours will be worked during the coming year, 2011, in the Packaging Department. On this basis, the budgeted manufacturing overhead cost data, shown on...
-
At December 31, balances in Manufacturing Overhead are: Caroline Company- debit $1,500, Criqui Company-credit $900. Prepare the adjusting entry for each company at December 31, assuming the...
-
Mateo Corporation is considering purchasing a new delivery truck. The truck has many advantages over the companys current truck (not the least of which is that it runs). The new truck would cost...
-
Construct a frequency and relative frequency histogram of the five-year rate of- return data discussed in Example 3. Approach To draw the frequency histogram, use the frequency distribution in Table...
-
Construct a frequency and relative frequency histogram of the five-year rate of- return data discussed in Example 3. Approach We will use StatCrunch to construct the frequency and relative frequency...
-
The data in Table 14 represent the two-year average percentage of persons living in poverty, by state, for the years 20122013. Draw a stem-and-leaf plot of the data. Approach Step 1 Treat the integer...
Study smarter with the SolutionInn App