1. Company produces cotton shorts, according to the production standard, each short is expected to require 2 pounds of cotton. The standard price of cotton is $3 per pound. Last week 2,400 pounds of cotton were purchased for a total of $7,872, and 2,500 pounds were used to make 7,000 sweaters. Determine direct- material quantity variance: 2. Company recently used 14,000 labor hours to produce 7,000 completed units. According to manufacturing specifications, each unit is anticipated to take two hours to complete. The company's actual payroll cost amounted to $158,200. If the standard labor cost per hour is $11, the company's labor efficiency variance is: 3. Consider the following information: Actual cost of direct material purchased and used $10,000 Standard price of direct material $0.2 per gallon Direct-material price variance $7,043 F How many gallons of direct material were purchased and unused? 4. Company manufactures a product B-99 with the following unit standards related to direct labor: Standard Hours: 5 hours per unit Standard Rate: $12 per hour Partial production data for the most recent month are shown below: Budget Actual Production (units): 250 800 Direct labor hours: 4,250 O? An analysis of results for the month included the following variances: Direct labor rate variance: $11,352 Favorable Direct labor efficiency variance: $5,700 Unfavorable What was the actual direct labor rate per hour? 5. The following selected data pertain to our company: Cash operating expenses, Nov 1-30 Depreciation expense in November Merchandise purchases in November Estimated payments in November for Purchases in October Estimated payments in November for Purchases prior to October Estimated payments in November for Purchases in Novmeber $280,000 $30,000 $500,000 $200,000 50,000 50% November cash disbursements are expected to be: a 6. Kompany sells a single product for $50 per unit and its contribution margin ratio is 40%. The company's monthly fixed cost is $111,552 per month. The company reported a profit of $150,000 last month. How many units must be sold to attain the company's monthly target profit of $254,513