Nolan Mills uses a standard cost system. During May, Nolan manufactured 15,000 pillowcases, using 27,100 yards...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/66478117a5985_13466478116e1e90.jpg)
Transcribed Image Text:
Nolan Mills uses a standard cost system. During May, Nolan manufactured 15,000 pillowcases, using 27,100 yards of fabric costing $3.05 per yard and incurring direct labor costs of $16,167 for 3,170 hours of direct labor. The standard cost per pillowcase assumes 1.75 yards of fabric at $3.10 per yard, and 0.20 hours of direct labor at $5.95 per hour. Required: a. Compute both the price variance and quantity variance relating to direct materials used in the manufacture of pillowcases in May. b. Compute both the rate variance and efficiency variance for direct labor costs incurred in manufacturing pillowcases in May. Note: For all requirements, Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). Do not round your intermediate values. Round your answers to 2 decimal places. a. Materials price variance a. Materials quantity variance b. Labor rate variance b. Labor efficiency variance Nolan Mills uses a standard cost system. During May, Nolan manufactured 15,000 pillowcases, using 27,100 yards of fabric costing $3.05 per yard and incurring direct labor costs of $16,167 for 3,170 hours of direct labor. The standard cost per pillowcase assumes 1.75 yards of fabric at $3.10 per yard, and 0.20 hours of direct labor at $5.95 per hour. Required: a. Compute both the price variance and quantity variance relating to direct materials used in the manufacture of pillowcases in May. b. Compute both the rate variance and efficiency variance for direct labor costs incurred in manufacturing pillowcases in May. Note: For all requirements, Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). Do not round your intermediate values. Round your answers to 2 decimal places. a. Materials price variance a. Materials quantity variance b. Labor rate variance b. Labor efficiency variance
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
In A Survey Of 1078 People, 757 People Said They Voted In A Recent Presidential Election. Voting Records Show That 6796 Of Eligible Voters Actually Did Vote. Given That 67% Of Elig Ble Voters...
-
Required information Skip to question [ The following information applies to the questions displayed below. ] Church Company completes these transactions and events during March of the current year (...
-
Your W-2 form reports that your total wages were $37,450 for 2018.Your W-2 form also reports that $4,178 was withheld from your wages for federal income tax.You receive a 1099-INT from your bank that...
-
A partially completed flowchart showing some of the major documents commonly used in the purchasing function of a merchandise business is presented below. Identify documents 1, 3, and4. Purchase Order
-
The performance evaluation of all accountants is based in part on their ability to do audit work efficiently and within the time budget planned for the engagement. New staff accountants, in...
-
Suppose a router has three input flows and one output. It receives the packets listed in Table 6.2 all at about the same time, in the order listed, during a period in which the output port is busy...
-
Why might the government or a company decide to issue bonds?
-
Doug Casey is in charge of planning and coordinating next springs sales management training program for his company. Doug listed the following activity information for this project: a. Draw a project...
-
Session Corporation uses a job-order costing system with asingle plantwide predetermined overhead rate based on directlabor-hours. The company based its predetermined overhead rate forthe current y 2...
-
3. Find an npda on = {a, b} that accepts the language L, and find a sequence of moves in accepting aaabb. L = {an+ bn : n 0}
-
Operating activities resulted in EBITDA of $500,000. Depreciation for the year was $42,000. Interest paid on loans was $24,000, and principal was $20,000. Hotel has a 35% income tax rate. EBITDA...
-
In excel, data consolidation is merging or combining two or more sheets to put some or all of the data onto one sheet. This can be a convenient way to have all data on one sheet for quick analyzing...
-
1. Compare and contrast Inductive and Deductive Research. 2. Leading organizations such as Amazon and Netflix have heavily invested in big data and data analytics. Conduct research to identify a...
-
Provide a brief description of a situation where you demonstrated the core competency you selected. Indicate which stage of the competency your example demonstrates (emerging, evolving, leading,...
-
Guided reflection IMPORTANT: REMEMBER IN YOUR REFLECTION TO DISCUSS BOTH THE INDUSTRY EXPERT PANEL AND THE INFORMATIONAL INTERVIEW (1st-year finance student at uni, wanting to work in the finance...
-
The inability of a pilot to carry out the duties required to fly an aircraft is sometimes called _________. orientation incapacitation discombobulation alienation
-
On 1 July 2018, Parent Ltd acquired all the shares of Son Ltd, on a cum-div. basis, for $2,057,000. At this date, the equity of Son Ltd consisted of: $ 1,000,000 Share capital 500 000 shares...
-
If Pomegranate follows IFRS and uses the alternative method of valuing the noncontrolling interest, the 2017 noncontrolling interest in comprehensive income of Starfruit is On January 1, 2015,...
-
At the date of acquisition, consolidation eliminating entry (R) credits the noncontrolling interest in Starfruit in the amount of Now assume Pomegranate paid only \($20,000,000\) to acquire 90% of...
-
Martin Ltd has a nominal share capital of 900,000 comprising 900,000 ordinary shares of 1 each. The whole of the capital was issued at par on the following terms: Per share Payable on application 10p...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App