Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 25, 2018

Hart Company made 3,600 bookshelves using 32,000 board feet of wood costing $332,800. The company's direct materials standards for one bookshelf are 10 board feet

Hart Company made 3,600 bookshelves using 32,000 board feet of wood costing $332,800. The company's direct materials standards for one bookshelf are 10 board feet of wood at $10.30 per board foot.

Compute the direct materials price and quantity variances incurred in manufacturing these bookshelves. AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price

Step by Step Solution

★★★★★

3.52 Rating (165 Votes )

There are 3 Steps involved in it

Step: 1 Unlock smart solutions to boost your understanding

Direct material price variance AQ AP SP Here AQ ie actual quantity 32000 board ... blur-text-image

blur-text-image

Get Instant Access to Expert-Tailored Solutions

83% of Business Students Improved their GPA!

Step: 2Unlock detailed examples and clear explanations to master concepts

blur-text-image_2

Step: 3Unlock to practice, ask, and learn with real-world examples

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Fundamental Accounting Principles

Authors: John Wild, Ken Shaw, Barbara Chiappetta

22nd edition

9781259566905, 978-0-07-76328, 77862279, 1259566900, 0-07-763289-3, 978-0077862275

More Books

Students explore these related General Management questions

Question

Compute the new equilibrium price and quantity after 6% service and sales tax imposed on buyer/consumer. QD = 900 2P + 3PA + 0.4M + 1.5A QS = 45,500 + 0.5P where QD = quantity demanded P = price of...

Answered: 3 weeks ago

Question

Hart Company made 3,000 bookshelves using 22,000 board feet of wood costing $266,200. The companys direct materials standards for one bookshelf are 8 board feet of wood at $12 per board foot. Compute...

Answered: 3 weeks ago

Question

Why are separate price and quantity variances computed?

Answered: 3 weeks ago

Question

In an organization that has high employee satisfaction, ______. Multiple choice question. customer interactions are forced and scarce employee turnover is high more positive interactions take place...

Answered: 3 weeks ago

Question

Waterways Corporation has recently acquired a small manufacturing operation in British Columbia that produces one of its more popular items. This plant will provide these units for resale in retail...

Answered: 3 weeks ago

Question

Describe the use of the account and the general ledger to accumulate amounts of fi nancial statement items. AppendixLO1

Answered: 3 weeks ago

Question

In the article Aspirin and the treatment of heart failure in the elderly published in Archives of Internal Medicine (Krumholz et al., 2001), the authors reported the summarized data given in Table...

Answered: 3 weeks ago

Question

PAR AND NO-PAR, COMMON AND PREFERRED STOCK Valdez Company had the following stock transactions during the year: (a) Issued 24,000 shares of $1 par common stock for $26,000 cash. (b) Issued 20,000...

Answered: 3 weeks ago

Question

Explain how to convert any NFA to an equivalent NFA that has only one accept state

Answered: 3 weeks ago

Question

At the instant of vertical launch the rocket expels exhaust at the rate of 220 kg/s with an exhaust velocity of 820 m/s. If the initial vertical acceleration is 6.80 m/s 2 , calculate the total mass...

Answered: 3 weeks ago

Question

Determine the tax liability for tax year 2022 in each of the following instances. In each case, assume the taxpayer can take only the standard deduction. Use the Tax Tables for taxpayers with taxable...

Answered: 3 weeks ago

Question

Crane Company estimates that 2022 sales will be $32,000 in quarter 1, $38,400 in quarter 2, and $46,400 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending merchandise...

Answered: 3 weeks ago

Question

A company that is implementing Dynamics 365 is enrolled in the FastTrack program. The company wants to know at which point the Microsoft FastTrack Architect disengages. At which point does the...

Answered: 3 weeks ago

Question

Explain main takeaways from project management course in article. Explain highs and lows, your enthusiasm or anxiety about a career in project management, and any key concepts or growth you've...

Answered: 3 weeks ago

Question

Write tactics (use bullets) for how your client should use social media advertising, not limited to Facebook (consider Twitter and other social networks you're familiar with). You should be able to...

Answered: 3 weeks ago

Question

Define f ( x ) = ln x and g ( x ) = 3 + 2 x - x ^ 2 . A ) Plot f ( x ) and g ( x ) for 0 . 5 Answered: 1 week ago

Answered: 3 weeks ago

Question

Please provide a clear written explanation in order to understand Thank you 04. Find the minimized expression using Quine McCluskey method F(ahede)s m(0.2.3.8, 11,20.25,28.30) + d(6, 10, 17.23.31)

Answered: 3 weeks ago

Question

In July 2013, cnet.com listed the battery life (in hours) and luminous intensity (i. e., screen brightness, in cd/m2) for a sample of tablet computers. We want to know if screen brightness is...

Answered: 3 weeks ago

Question

On December 31, 2005, the Investment in Ryble Branch ledger account in the accounting records of the home office of Yugo Company shows a debit balance of $55,500. You ascer- tain the following facts...

Answered: 3 weeks ago

Question

Label the following headings, line items, and notes with the numbers 1 through 13 according to their sequential order (from top to bottom) for presentation of the statement of cash flows. a. Cash...

Answered: 3 weeks ago

Question

List the four components of a schedule of cost of goods manufactured and provide specific examples of each for Apple.

Answered: 3 weeks ago

Question

Refer to the information in Exercise. Assume the company requires a 10% rate of return on its investments. Compute the net present value of each potential investment. (Round to the nearest dollar.)...

Answered: 3 weeks ago

Question

Classify the effect of each of the following as (i) a decrease in the demand for fish or (ii) a decrease in the quantity of fish demanded. Illustrate each diagrammatically. a. The government of...

Answered: 3 weeks ago

Question

Fill in the blanks to complete the statements about a supply-and-demand model, as applied in the following situations. a. Consider the market for cement in Toronto. If, ceteris paribus, half the...

Answered: 3 weeks ago

Question

Economists sometimes make each of the following assumptions when they construct models. Discuss some situations in which each of these assumptions might be a useful simplification in order to think...

Answered: 3 weeks ago

Previous Question Next Question