During June, Danby Company's material purchases amounted to 8,640 pounds at a price of $7.00 per...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
During June, Danby Company's material purchases amounted to 8,640 pounds at a price of $7.00 per pound. Actual costs incurred in the production of 2,700 units were as follows: Direct labor: Direct material: The standards for one unit of Danby Company's product are as follows: Direct Material: Quantity, 2 pounds per unit Price, $6.30 per pound Direct Labor: Quantity, 3 hours per unit Rate, $17.00 per hour Required: Fill in the amounts in the tables below. $151,834 ($17.88 per hour) $ 40,110 ($7.00 per pound) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Fill in the amounts in the tables below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effe variance).). Round "Actual Price" and "Standard Price" to 2 decimal places.) Actual Material Cost Actual Quantity pounds used $ X 0 Actual Price per pound Direct-material price variance Direct-Material Price and Quantity Variances Projected Material Cost X Actual Quantity pounds used Unfavorable $ X 0 Standard Price per pound. Unfavorable Direct-material variance Standard Material Cost X Standard Quantity pounds allowed Unfavorable $ Direct-material quantity variance 0 Standard Price per pound Required 1 Required 2 Required 3 Fill in the amounts in the tables below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places.) Actual Material Cost of Purchases Actual Quantity pounds purchased Direct-Material Purchase Price Variances $ 0 Actual Price per pound Projected Material Cost of Purchases Actual Quantity pounds purchased Unfavorable Direct-material purchase price variance < Required 1 $ 0 Standard Price per pound Required 3 > Required 1 Required 2 Required 3 Fill in the amounts in the tables below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places.) Actual Labor Cost Actual Hours hours used $ 0 Actual Rate per hour Direct-labor rate variance Direct-Labor Rate and Efficiency Variances Projected Labor Cost Actual Hours hours used Unfavorable $ 0 Standard Rate Direct-labor variance per hour Unfavorable < Required 2 Standard Labor Cost Standard Hours hours allowed Unfavorable $ Required 3 Direct-labor efficiency variance 0 > Standard Rate per hour During June, Danby Company's material purchases amounted to 8,640 pounds at a price of $7.00 per pound. Actual costs incurred in the production of 2,700 units were as follows: Direct labor: Direct material: The standards for one unit of Danby Company's product are as follows: Direct Material: Quantity, 2 pounds per unit Price, $6.30 per pound Direct Labor: Quantity, 3 hours per unit Rate, $17.00 per hour Required: Fill in the amounts in the tables below. $151,834 ($17.88 per hour) $ 40,110 ($7.00 per pound) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Fill in the amounts in the tables below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effe variance).). Round "Actual Price" and "Standard Price" to 2 decimal places.) Actual Material Cost Actual Quantity pounds used $ X 0 Actual Price per pound Direct-material price variance Direct-Material Price and Quantity Variances Projected Material Cost X Actual Quantity pounds used Unfavorable $ X 0 Standard Price per pound. Unfavorable Direct-material variance Standard Material Cost X Standard Quantity pounds allowed Unfavorable $ Direct-material quantity variance 0 Standard Price per pound Required 1 Required 2 Required 3 Fill in the amounts in the tables below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places.) Actual Material Cost of Purchases Actual Quantity pounds purchased Direct-Material Purchase Price Variances $ 0 Actual Price per pound Projected Material Cost of Purchases Actual Quantity pounds purchased Unfavorable Direct-material purchase price variance < Required 1 $ 0 Standard Price per pound Required 3 > Required 1 Required 2 Required 3 Fill in the amounts in the tables below. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places.) Actual Labor Cost Actual Hours hours used $ 0 Actual Rate per hour Direct-labor rate variance Direct-Labor Rate and Efficiency Variances Projected Labor Cost Actual Hours hours used Unfavorable $ 0 Standard Rate Direct-labor variance per hour Unfavorable < Required 2 Standard Labor Cost Standard Hours hours allowed Unfavorable $ Required 3 Direct-labor efficiency variance 0 > Standard Rate per hour
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
VUYO'S LIMITEDS PLANS FOR WORKING CAPITAL AND CAPITAL BUDGETING VUYO'S Limited is a secondary sector entity that commenced operations in 2021 manufacturing Product Zap. Some important information...
-
A literature review is a research paper about your topic. This section, as the minimum, is three to four pages long using a themed (topic sections) presentation approach with as much detail as...
-
whether n Determine the series converges or find the sum. > 5 R=0 4' a diverges and if so the
-
Write a static method that takes a domain name as its argument and returns the reverse domain name (reverse the order of the strings between periods). For example, the reverse domain name of...
-
If you apply the ideas of hypothesis testing to control charts, what does a type II error represent?
-
In an effort to slow drivers, traffic engineers painted a solid line 3 feet from the curb over the entire length of a road and filled the space with diagonal lines. The lines made the road look...
-
Jackie Remmers Inc. purchased land for $81,000 cash on December 10. 2005. At December 31. 2006. the land's value has increased to $95,000. What amount should be reported for land on Jackie Remmers'...
-
The stockholders equity section of Plaka Corporations balance sheet follows. Assuming one years dividend in arrears, determine the book value per share for both the preferred and the common stock....
-
Nortel international showed the following equity account balances on January 1 , 2 0 2 0 common shares unlimited shares authorized 1 0 , 0 0 0 issued and outstanding 9 5 0 , 0 0 0 preferred shares...
-
The CyClon project team has started gathering information necessary to develop a project network-predecessor activities and activity time in days. The results of their meeting are found in the...
-
1. Larkin Hydraulics , a wholly owned subsidiary of Caterpillar (U.S.), sold a 12 megawatt compression turbine to Rebecke-Terwilleger Company of the Netherlands for 4,000,000, payable in three months...
-
A treasury bond has a yield to maturity of 6.4%, a time to maturity of 6 years, and a coupon rate of 9%. What's the bond price?
-
Problem 5 [Inverse Functions] 3x-2 Let f(x)= = 2x+1 (a) Find the inverse function f-1. (b) Find the range of f-1.
-
- Report about Stakeholder vs. stockholder in corporate finance Corporate outcomes include, but are not limited to, revenue, productivity, valuation, innovation, financing costs, etc.
-
PartyCo acquired a 6 5 ' % equity sharehol ing in SoireeCo on 1 st January 2 0 2 3 maling it a subidiary. Consideration for the acspuaition was a cash paymenit of E 5 million along with a 2 for 5...
-
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] Hemming Company reported the...
-
As water moves through the hydrologic cycle, water quality changes are common because of natural phenomena or anthropogenic pollution. Using Figure 11.1, describe how water-quality changes occur...
-
The November production of MVPS Minnesota Division consisted of batch P25 (2,000 professional basketballs) and batch S33 (4,000 scholastic basketballs). Each batch was started and finished during...
-
The following data refer to Twisto Pretzel Company for the year 20x 1. Work-In-process inventory, 12/31/x0 .............................................$ 8,100 Selling and administrative salaries...
-
Ogwood Companys Johnstown Division is a small manufacturer of wooden household items. Al Rivkin, division controller, plans to implement a standard-costing system. Rivkin has collected information...
-
Omar Corporation, which has begun investing in trading securities, engaged in the following transactions: Jan. 6 Purchased 7,000 shares of Quaker Oats stock, $30 per share. Feb. 15 Purchased 9,000...
-
Payroll for piece-rate wage system LPGA Manufacturing Company operates on a modified wage plan. During one week's operation, the following direct labor costs were incurred: Required: 1. Compute the...
-
Payment and distribution of payroll Similar to Self-Study Problem The general ledger of Smoke Stack Mfg. Inc. showed the following credit balances on January 15: FICA Tax Payable Employees Income Tax...
Study smarter with the SolutionInn App