Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.10 feet of leather and predicts leather will cost $3.70 per foot. Suppose Perfect Pet made 60 collars during February. For these 60 collars, the company actually averaged 2.30 feet of leather per collar and paid $3.20 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. (Round your answer to 2 decimal places.) Standard Direct Materials per Collar Req 1 Req 2 and 3 Req 6 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. 2₁ Direct Material Price Variance 3. Direct Material Quantity Variance Req 1 Req 2 and 3 Req 6 Calculate the direct materials price and quantity variances. (Round your intermediate calculations and final answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Direct Material Price Variance Direct Material Quantity Variance Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.10 feet of leather and predicts leather will cost $3.70 per foot. Suppose Perfect Pet made 60 collars during February. For these 60 collars, the company actually averaged 2.30 feet of leather per collar and paid $3.20 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. (Round your answer to 2 decimal places.) Standard Direct Materials per Collar Req 1 Req 2 and 3 Req 6 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. 2₁ Direct Material Price Variance 3. Direct Material Quantity Variance Req 1 Req 2 and 3 Req 6 Calculate the direct materials price and quantity variances. (Round your intermediate calculations and final answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Direct Material Price Variance Direct Material Quantity Variance
Expert Answer:
Answer rating: 100% (QA)
1 Standard direct material cost per unit 210 feet370 per foot 777 p... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0078025518
2nd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
Posted Date:
Students also viewed these accounting questions
-
Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 1.5 feet of leather and predicts leather will cost $2.50 per foot. Suppose Perfect Pet made 60...
-
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute gross profit for each department. Department Gross Profit Skis Snowboards < Required 1 Required 2 >
-
Complete this question by entering your answers in the tabs below. Required Required Required Required 1 2 4 Complete the new performance report for the quarter, based on Flexible Budget Performance...
-
What is the effect of a viscosity (competence) difference between strain markers and the matrix?
-
This problem should be completed with database software, such as Microsoft Access. As directed by your instructor, submit the completed database file and the printouts noted below. 1. Using the E-R...
-
Students serve as an advice columnist for The College Times Newspaper. The Newspaper reports on all employment issues that occur in Newspaperland and the surrounding area. However, the newspaper has...
-
Explain in your own words the manner in which the Pelamis wave power device operates. The motion at the hinges produces hydraulic power that is fed into electric generators. A motion picture of the...
-
At January 1 (beginning of its fiscal year), Conover, Inc., a financial services consulting firm, reported the following account balances (in thousands of dollars, except number of shares and par...
-
a ) What is the essential concern motivating the requirement that allocations to partners have Substantial Economic Effect? b ) Describe the criteria under the basic test for Economic Effect and...
-
Profits have been decreasing for several years at Pegasus Airlines. In an effort to improve the company?s performance, consideration is being given to dropping several flights that appear to be...
-
You plan to buy a $35,000 car. A simplified leasing contract includes the following: (i) upfront cost of $5,000, (ii) $450 monthly lease payment over a 48-month period, and (iii)purchase cost of...
-
Bright Horizons Skilled Nursing Facility, an investor-owned company, constructed a new building to replace its outdated facility. The new building was completed on January 1, 2020, and Bright...
-
Although trust is an essential element of every sale, the meaning of trust changes with the type of sale. What are the three main types of sale, and how does the nature of trust change within the...
-
What are net assets (equity)?
-
Comment on the influence of character and integrity in ethical decision making. How might these characteristics be exhibited and exemplified by salespeople?
-
Charity Hospital, a not-for-profit, has a maximum capacity of 15,000 discharges per year. Variable patient service costs are $495 per discharge. Variable general and administrative costs are $5 per...
-
What are the key considerations for implementing lean manufacturing principles in a service - oriented industry? How can these principles be adapted to improve service delivery and customer...
-
Extend Algorithms 3.4 and 3.5 to include as output the first and second derivatives of the spline at the nodes.
-
Refer to the information in M6-8 for Heather Hudson. Suppose sales increase by 20 percent next month. Calculate the effect that increase will have on her profit. Selling price per bear ....... $35.00...
-
Consider Mountain Dental's cost equation results obtained in E5-7 using least-squares regression. Required: 1. Determine Mountain Dental's unit contribution margin and contribution margin ratio if it...
-
Refer to the information in PA2-3 for Tyler Tooling Company. Required: 1. Prepare a journal entry showing the transfer of Job 102 into finished Goods Inventory upon its completion. 2. Prepare the...
-
Show that the process in equation (5.110), \(x_{t}=-\sum_{j=0}^{\infty} \phi_{1}^{-j} w_{t+j}\) where \(\left|\phi_{1} ight| <1\), is stationary. Note an important property: in this representation...
-
(a) Suppose \(\left\{w_{t} ight\}\) is a white noise with constant variance \(\sigma_{w}^{2}\). What is the variance of the process \(\left\{\triangle\left(w_{t} ight) ight\}\) ? Why is this so? (b)...
-
Suppose that \(\left\{x_{t} ight\}\) is an \(\mathrm{I}(d)\) process for \(d>k\), for some integer \(k>1\). (a) Show that \(\left\{x_{t} ight\}\) is an \(\mathrm{I}(d+k)\) process (b) Show that...
Study smarter with the SolutionInn App