Materials and Labor Variances At the beginning of the year, Craig Company had the following standard...

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Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) Direct labor (2 hrs. @ $15.00) $20.00 30.00 $50.00 Standard prime cost per unit The actual results for the year are as follows: a. Units produced: 400,000. b. Materials purchased: 2,060,000 pounds @ $3.95. c. Materials used: 2,100,000 pounds. d. Direct labor: 825,000 hours @ $14.85. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance Favorable Unfavorable Material usage variance 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance Labor efficiency variance Favorable Unfavorable Materials Variances Jugo Company produces apple juice sold in gallons. Recently, the company adopted the following material standard for one gallon of its apple juice: Direct materials 128 oz. @ $0.04 = $5.12 During the first week of operation, the company experienced the following results: a. Gallon units produced: 20,000. b. Ounces of materials purchased and used: 2,650,000 ounces at $0.035. c. No beginning or ending inventories of raw materials. Required: Note: Enter favorable values as negative numbers. Enter unfavorable values as positive numbers. 1. Compute the materials price variance. Favorable 2. Compute the materials usage variance. Unfavorable 3. During the second week, the materials usage variance was $3,200 unfavorable and the materials price variance was $10,000 unfavorable. The company purchased and used 2,000,000 ounces of material during this week. How many gallons of juice were produced? gallons What was the actual price paid per ounce of materials? Round your answer to the nearest cent. per ounce Standard Quantities of Labor and Materials Stillwater Designs rebuilds defective units of its S12L7 Kicker speaker model. During the year, Stillwater rebuilt 15,000 units. Materials and labor standards for performing the repairs are as follows: Direct materials (1 recon kit @ $160) Direct materials (1 cabinet @ $55) Direct labor (5 hrs. @ $15) $160.00 55.00 75.00 Required: 1. Compute the standard hours allowed for a volume of 15,000 rebuilt units. 27,400 X hours 2. Compute the standard number of kits and cabinets allowed for a volume of 15,000 rebuilt units. Standard number of kits Standard number of cabinets kits cabinets 3. Suppose that during the first month of the year, 15,000 standard hours were allowed for the units rebuilt. How many units were rebuilt during the first month? units Feedback Check My Work Materials and Labor Variances At the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) Direct labor (2 hrs. @ $15.00) $20.00 30.00 $50.00 Standard prime cost per unit The actual results for the year are as follows: a. Units produced: 400,000. b. Materials purchased: 2,060,000 pounds @ $3.95. c. Materials used: 2,100,000 pounds. d. Direct labor: 825,000 hours @ $14.85. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable. Material price variance Favorable Unfavorable Material usage variance 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance Labor efficiency variance Favorable Unfavorable Materials Variances Jugo Company produces apple juice sold in gallons. Recently, the company adopted the following material standard for one gallon of its apple juice: Direct materials 128 oz. @ $0.04 = $5.12 During the first week of operation, the company experienced the following results: a. Gallon units produced: 20,000. b. Ounces of materials purchased and used: 2,650,000 ounces at $0.035. c. No beginning or ending inventories of raw materials. Required: Note: Enter favorable values as negative numbers. Enter unfavorable values as positive numbers. 1. Compute the materials price variance. Favorable 2. Compute the materials usage variance. Unfavorable 3. During the second week, the materials usage variance was $3,200 unfavorable and the materials price variance was $10,000 unfavorable. The company purchased and used 2,000,000 ounces of material during this week. How many gallons of juice were produced? gallons What was the actual price paid per ounce of materials? Round your answer to the nearest cent. per ounce Standard Quantities of Labor and Materials Stillwater Designs rebuilds defective units of its S12L7 Kicker speaker model. During the year, Stillwater rebuilt 15,000 units. Materials and labor standards for performing the repairs are as follows: Direct materials (1 recon kit @ $160) Direct materials (1 cabinet @ $55) Direct labor (5 hrs. @ $15) $160.00 55.00 75.00 Required: 1. Compute the standard hours allowed for a volume of 15,000 rebuilt units. 27,400 X hours 2. Compute the standard number of kits and cabinets allowed for a volume of 15,000 rebuilt units. Standard number of kits Standard number of cabinets kits cabinets 3. Suppose that during the first month of the year, 15,000 standard hours were allowed for the units rebuilt. How many units were rebuilt during the first month? units Feedback Check My Work

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