Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor...
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Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below standard Ouantity or ours 1.30 pounds 0.50 hours Standard Price or Standard Cost $16.59 $2.50 Rate Direct materiala Direct labor $2.10 per pound $ 5.00 per hour During the most recent month, the foilowing activity was recorded a. Fourteen thousand eight hundred and fifty pounds of material were purchased at a cost of $2.00 per pound. b. All of the material purchased was used to produce 1,500 units of Zoom c 600 hours of direct labor time were recorded et a total labor cost of $4.200. Required 1 Compute the materials price and quantity variances for the month 2. Compute the labor rate and efficiency varlances for the month (For all requirements, Indicate the effect of each variance by selecting "F for faverable, "U" for unfavorable, and "None" for no effect (e zere variance). Input all amounts as positive values. Round your intermediate calculations to the nearest whole dollar.) 1 Materials price varlance 1. Matenale quarity variance 2 Labor rate variance 2. Labor eficiency variance Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below standard Ouantity or ours 1.30 pounds 0.50 hours Standard Price or Standard Cost $16.59 $2.50 Rate Direct materiala Direct labor $2.10 per pound $ 5.00 per hour During the most recent month, the foilowing activity was recorded a. Fourteen thousand eight hundred and fifty pounds of material were purchased at a cost of $2.00 per pound. b. All of the material purchased was used to produce 1,500 units of Zoom c 600 hours of direct labor time were recorded et a total labor cost of $4.200. Required 1 Compute the materials price and quantity variances for the month 2. Compute the labor rate and efficiency varlances for the month (For all requirements, Indicate the effect of each variance by selecting "F for faverable, "U" for unfavorable, and "None" for no effect (e zere variance). Input all amounts as positive values. Round your intermediate calculations to the nearest whole dollar.) 1 Materials price varlance 1. Matenale quarity variance 2 Labor rate variance 2. Labor eficiency variance
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Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
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