Question: Please help me with these two questions. 1. 2. Groovy Bottles Products is a manufacturer of large flower pots for urban settings. The company has
Please help me with these two questions.
1.


2.


Groovy Bottles Products is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the icon to view the standards.) Read the requirements. Requirement 1. Compute the standard cost of each of the following inputs per pot: direct materials, direct labor, variable manufacturing overhead, and fixed manufacturing overhead. (Round your answers to the nearest cent.) = Standard cost of input Direct materials (resin) 10.4 pounds per pot, at a cost of $3.15 per pound Direct labor 2.4 hours at a cost of $15.00 per hour Standard variable manufacturing overhead rate .. $4.00 per direct labor hour Predetermined fixed manufacturing overhead rate $7.15 per direct labor hour Groovy Bottles allocates variable and fixed manufacturing overhead to production based on standard direct labor hours. Requirements 1. Compute the standard cost of each of the following inputs per pot: direct materials, direct labor, variable manufacturing overhead, and fixed manufacturing overhead. 2. Determine the standard cost of one flower pot. University Rings produces class rings. Its best-selling model has a direct materials standard of 8 grams of a special alloy per ring. This special alloy has a standard cost of $65.40 per gram. In the past month, the company purchased 9,100 grams of this alloy at a total cost of $592,410. A total of 8,500 grams were used last month to produce 1,000 rings. Read the requirements. Requirement 1. What is the actual cost per gram of the special alloy that University Rings purchased last month? (Round your answer to the nearest cent.) The actual cost per gram of the special alloy that University Rings purchased last month is 1. What is the actual cost per gram of the special alloy that University Rings purchased last month? 2. What is the direct material price variance? 3. What is the direct material quantity variance? 4. How might the direct material price variance for the company last month be causing the direct material quantity variance
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