E9-4 (Algo) Interpreting Direct Materials Price, Quantity Variances [LO 9-3] Perfect Pet Collar Company makes custom...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
E9-4 (Algo) Interpreting Direct Materials Price, Quantity Variances [LO 9-3] Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.00 feet of leather and predicts leather will cost $3.50 per foot. Suppose Perfect Pet made 50 collars during February. For these 50 collars, the company actually averaged 2.30 feet of leather per collar and paid $3.00 per foot. Required: 1. Calculate the standard direct materials cost per unit. 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 6. Calculate the direct materials price and quantity variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 6 Calculate the standard direct materials cost per unit. Note: Round your answer to 2 decimal places. Standard Direct Materials per Collar < Req 1 Req 2 and 3 > Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following standard cost card for each dog bath given: Shampoo Water Direct labor Standard Rate $0.50 per ounces Standard Unit Cost gallons hour $0.04 per gallons $12.00 per hour $1.45 1.08 19.80 ounces Standard Quantity 2.9 27 1.65 During the month of July, Collin's employees gave 470 baths. The actual results were 785 ounces of shampoo used (cost of $471.00), 7,700 gallons of water used (cost of $616), and labor costs for 410 hours (cost of $5,371). Required: 1. Calculate Suds & Cuts, direct materials variances for both shampoo and water for the month of July. 2. Calculate Suds & Cuts, direct labor variances for the month of July. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate Suds & Cuts, direct labor variances for the month of July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your answers to nearest dollar amount. Direct Labor Rate Variance Direct Labor Efficiency Variance < Required 1 Required 2 E9-4 (Algo) Interpreting Direct Materials Price, Quantity Variances [LO 9-3] Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.00 feet of leather and predicts leather will cost $3.50 per foot. Suppose Perfect Pet made 50 collars during February. For these 50 collars, the company actually averaged 2.30 feet of leather per collar and paid $3.00 per foot. Required: 1. Calculate the standard direct materials cost per unit. 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 6. Calculate the direct materials price and quantity variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 6 Calculate the standard direct materials cost per unit. Note: Round your answer to 2 decimal places. Standard Direct Materials per Collar < Req 1 Req 2 and 3 > Suds & Cuts is a local pet grooming shop owned by Collin Bark. Collin has prepared the following standard cost card for each dog bath given: Shampoo Water Direct labor Standard Rate $0.50 per ounces Standard Unit Cost gallons hour $0.04 per gallons $12.00 per hour $1.45 1.08 19.80 ounces Standard Quantity 2.9 27 1.65 During the month of July, Collin's employees gave 470 baths. The actual results were 785 ounces of shampoo used (cost of $471.00), 7,700 gallons of water used (cost of $616), and labor costs for 410 hours (cost of $5,371). Required: 1. Calculate Suds & Cuts, direct materials variances for both shampoo and water for the month of July. 2. Calculate Suds & Cuts, direct labor variances for the month of July. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate Suds & Cuts, direct labor variances for the month of July. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Round your answers to nearest dollar amount. Direct Labor Rate Variance Direct Labor Efficiency Variance < Required 1 Required 2
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
A metallic block (specific heat 500 J/kg K) of 100 kg mass having a temperature of 360 K is immersed in an insulated tank containing 40 kg of water at 300 K. Find the change in entropy of the...
-
What conditions and methods improve the chances that offshore outsourcing of systems development will be successful?
-
The Amberssen Specialty Company is a chain of 12 retail stores that sell a variety of imported gift items, gourmet chocolates, cheeses, and wines in the Toronto area. Amberssen has an IS staff of...
-
A particle of pure \(\mathrm{NaCl}\) is dissolving in an aqueous liquid solution at \(18^{\circ} \mathrm{C}\). The dissolution of the particle is controlled by mass transfer. The system is vigorously...
-
1. A 75 percent-owned subsidiary should not be consolidated when: a. Its operations are dissimilar from those of the parent company b. Control of the subsidiary does not lie with the parent company...
-
PRICE DATA: 10 STOCKS AND SP500, 2015-2020 SP500 represented by Vanguard's Index 500 fund (includes dividends) 1 2 4 5 3 6 Apple Google Amazon Seagate Comcast 7 8 Johnson- General Merck Johnson...
-
An investor is interested to capital invest in a Laboratory for your college. The proposed Virtual Laboratory has an initial capital investment of 10 Million presented to the College of Education....
-
What mechanisms do cells use to regulate vesicle trafficking within the endomembrane system, and how do SNARE proteins contribute to vesicle fusion ?
-
Please watch this YouTube video on managing employee benefits https://www.youtube.com/watch?v=Ja9swkXpgGc Links to an external site. and respond to the following questions: Which elements of benefits...
-
A hiker inspects a tree frog sitting on a small stick in his hand. Suddenly startled, the hiker drops the stick from rest at a height of 1.80 m above the ground and, at the same instant, the frog...
-
How do legal and ethical considerations impact the content and delivery of business reports and proposals? Provide examples of how to address compliance with regulations and ethical standards in your...
-
1. Parties: (Plaintiff and Defendant) 2. Issue: (Question the Court is Answering) 3. Rule: (Rule of Law Applied by the Court) 4. Analysis: (How the Court Applied the Rule) 5. Holding: (Legal...
-
Suppose that we take the universal set U to be the integers. Let S be the even integers, let T be the integers that can be obtained by tripling any one integer and adding one to it, and let V be the...
-
Integration is a vital concept when applied in one?s life. Integrating your life means making ideal choices. Perfect choices on the other go in line with quality decisions. Quality decisions lead to...
-
For the project in Exercise 4, form a project graph with tasks on vertices.
-
Use Kruskal's algorithm to find a minimal cost spanning tree for a graph whose vertices are labeled \(\{1,2, \ldots, 8\}\) and whose edges have the costs below: 146 51 25 321 1321 - - - - 2 - 21 -...
-
A variation on the critical path problem is the task scheduling problem. In this problem, unlike the critical path problem, explicit attention is paid to how many workers are available to do tasks,...
Study smarter with the SolutionInn App