Question: value: 3.00 points E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's

value: 3.00 points E9-13 Determining Actual Costs, Standard Costs, and Variances

value: 3.00 points E9-13 Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows $ 2.70 per lb $7.90 per hour $ 2.50 per lb Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in 215,000 lbs. October Actual direct labor hours Actual quantity used in Octobe 1,040,000 bs. Direct labor rate variance 1,010,000 Ibs. 21,000 14,000 $5,900 F Required 1. Calculate the total cost of purchases for October ases 2. Compute the direct materials price variance based on quantity purchased. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) 3. Calculate the direct materials quantity variance based on quantity used. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) ntity 4. Compute the standard direct labor rate for October. (Round your answer to 2 decimal places.) Standa r Rate 5. Compute the direct labor efficiency variance for October. (Round your intermediate calculation to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) ency

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