Question: SpinMI Corp. uses a standard cost system. Standards are 4.0 sheets of V2 Inch nickel at $10 per sheet and 14.1 hours of labor at

SpinMI Corp. uses a standard cost system. Standards are 4.0 sheets

SpinMI Corp. uses a standard cost system. Standards are 4.0 sheets of V2 Inch nickel at $10 per sheet and 14.1 hours of labor at a standard wage rate of $13. During July, the company manufactured 610 units. Materials purchased and used totaled 2,540 sheets at a total cost of $268.200. Payroll totaled $112,870 for 6,770 hours worked. a. Calculate the direct materials price varlance. (Do not round your intermediate calculations. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (Le.. zero variance).) Price Variance $ 11,200 Favorable b. Calculate the direct materials quantity varlance. (Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "None" for no effect (Le., zero varlance).) Quantity Variance $ 11,000 Unfavorable c. Calculate the direct labor rate variance. (Do not round your Intermediate calculations. Indicate the effect of variance by selecting "Favorable". "Unfavorable", or "None" for no effect (Le.. zero variance).) Rate Variance $ 10,812 Favorable d. Calculate the direct labor efficiency varlance. (Indicate the effect of varlance by selecting "Favorable". "Unfavorable", or "None" for no effect (1.e., zero varlance).) Efficiency Variance

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Roedel Electronics produces tablet computer accessories, including integrated keyboard tablet stands that connect a keyboard to a tablet device and holds the device at a preferred angle for easy...

SpinMi Corp. uses a standard cost system. Standards are 4.0 sheets of Winch nickel at $111 per sheet and 14.0 hours of labor at a standard wage rate of $14. During July, the company manufactured 620...

Saved SpinMi Corp. uses a standard cost system. Standards are 4.0 sheets of inch nickel at $110 per sheet and 141 hours of taborat a standard wage rate of $13. During July, the company manufactured...

- HandMI Corp. manufactures organic cotton totes in Michigan. The company estimates its production for the next four months as follows: July 5,000 units, August 7,000 units, September 7,500 units,...

please answer both parts. thank you so much in advance. Saved 1 Panorami produces small drones. The company's forecasted sales units for January, February March April and May are as follows: 420,...

Blossom, Inc. prepared the following master budget Items for July 34,000 unita Production and sales variable manufacturing contar Direct materials Direct labor Variable manufacturing overhead Fixed...

pls help Regent Corp. uses a standard cost system to account for the costs of its one product. Materials standards are 2.9 pounds of material at $13 per pound, and labor standards are 4 hours of...

PLEASE SHOW STEPS FOR EACH QUESTION BEING ANSWERED THANKS SO MUCH!! Chapter 8 Review Farron Company, which has only one product, has provided the following data concerning its most recent month of...

Sage Corp. uses a standard cost system to account for the costs of its one product Standards are 2.7 pounds of materials at $13 per pound and 40 hours of labor at a standard wage rate of $10. During...

Problem 9-111 (Algo) [LO 9-4] Sage Corp. uses a standard cost system to account for the costs of its one product. Standards are 2.9 pounds of materials at $13 per pound and 4.0 hours of labor at a...

Sage Corp. uses a standard cost system to account for the costs of its one product. Standards are 2.9 pounds of materials at $13 per pound and 4.0 hours of labor at a standard wage rate of $10....

1) Calculate the future value of after 3 years if $ 1,000 is deposited at 1.2% simple interest. 2) Find the future value after 18 months if $2500 is deposited at 2% simple interest 3) Find the...

For each graph, write a description like those in Exercise 1. a. b. c.

What is Alphabet's earnings per share ( EPS ) estimate for 2 0 2 2 ? yahoo finance

https://media.cheggcdn.com/media/e59/e5900ba1-02b0-44ab-8246-fb980e24e7c1/phpDkQ6Ux

2. A firm faces the following costs: total cost of capital = $1,000; price paid for labor = $12 per labor unit; and price paid for raw materials = $4 per raw-material unit. LO15.4 a. Suppose the firm...

3. Describe wage determination in a labor market in which workers are unorganized and many firms actively compete for the services of labor. Show this situation graphically, using W1 to indicate the...

1. A delivery company is considering adding another vehicle to its delivery fleet; each vehicle is rented for $100 per day. Assume that the additional vehicle would be capable of delivering 1,500...