1 - Sharp Company manufactures a product for which the following standards have been set 7 pot Direct materials Direct labor Standard Quantity standard Price Standard or Hours or hate Cost 3 teet $5 per foot 315 7 hours 7 per hour ook During March, the company purchased direct materials at a cost of $60,120, all of which were used in the production of 3,200 units of product. In addition, 4,900 direct lobor hours were worked on the product during the month. The cost of this lobor time was $53,900, The following variances have been computed for the month References Materials quantity variance Labor spending variance Labor efficiency varionon $ 2,100 $3,500U Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March b. Compute the price variance and the spending variance. 2. For direct labor a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production c. Compute the standard hours allowed per unit of product Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.) Actual cost per foot Complete this question by entering your answers in the tabs below. Read Reg 1A Reg 2 For direct materials, compute the price variance and the spending variance. (Do not round Intermediate calculations. Indicate the effect of each vartance by selecting "F" for favorable, U for unfavorable, and "None" for no effect ().e., zero variance), Input all amounts as positive values.) Price variance Spending variance Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 2a. For direct labor, compute the standard direct labor rate per hour. (Round your answer to the nearest whole dollar) 2b. For direct labor, compute the standard hours allowed for the month's production. (Do not round your intermediate value.) 2c. For direct labor, compute the standard hours allowed per unit of product. (Round your answer to 1 decimal place) 2a, Standard direct labor rate per hour 26. Standard hours allowed for the month's production 20. Standard hours allowed per unit of product 2 7 points Mickley Corporation produces two products, Alphabs and Zeta7s, which pass through two operations, Sintering and Finishing. Each of the products uses two raw materials-X442 and Y661. The company uses a standard cost system with the following standards for each product (on a per unit basis) Raw Material Standard Labor Time Product 442 7661 Sintering Finishing Alpha 1.5 los 2.0 liters 0.20 hours 0.80 hour 3.5 kilo 4.0 liter 0.40 hours 0.90 hours Leta? 000 Information relating to materials purchased and materials used in production during May follows: Purchase Standard Uued in Hatari Purchases Price Production X442 18.300 loe 657,200 $3.80 per kilo 0,800 kilo 15.500 liters 024.40 $1.90 per liter 13,300 liter Coat The following additional information is available a. The company recognizes price variances when materials are purchased b. The standard labor rate is $20.00 per hour in Sintering and $18.50 per hour in Finishing c. During Moy, 1,300 direct labor hours were worked in Sintering at a total labor cost of $20.640, and 2,880 direct labor hours were worked in Finishing at a total labor cost of $59,040 d. Production during May was 1,800 Alphaos and 1.800 Zotas. Required: 1 Complete the standard cost card for each product showing the standard cost of direct materials and direct labor 2. Compute the materials price and quantity variances for each material 3. Compute the labor rate and efficiency variances for each operation Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 per liter per hour hours Complete the standard cost card for each product, showing the standard cost of direct materials and direct labor. (Round your answers to 2 decimal places.) Standard Standard Standard Quantity or Hours Price or Rate Cost Alphab: Direct materials-X442 kilos per kilo Direct materials-9661 liters Direct labor-Sintering Direct labor.Finishing hours per hour Total Zeta 7 Direct materials-X442 kilos Direct materials-Y661 liters per liter Direct labor-Sintering hours per hour Direct labor-Finishing hours per hour Total per kilo Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 Reg 3 Compute the materials price and quantity varlances for each material. (Indicate the effect of each variance by selecting "F" Por favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Direct Material Variancer Material X442: Materials price variance Materials quantity variance Direct Materials Variances-Material Y661: Materials price variance Materials quantity variance Complete this question by entering your answers in the tabs below. Reg: Reg 2 Req3 Compute the labor rate and efficiency variances for each operation. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Direct Labor Variances Sintering Laborrate variance Labor efficiency variance Direct Labor Variances Finishing: Labor rate variance Labor officiency variance CE 3 st Becton Lobs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one unit of Fiudex, as follows: Standard Quantity Standard Price Standard Dr Hours or Rate Cout Direct materials 2.30 ounced $24.00 per ounce 555.20 Direct labor 0.80 hours $15.00 per hour 12.00 Variable manufacturing over hend 0.00 hours $ 3.50 per hour 2.80 Total standard cont per unit $ 70.00 Book ferences During November, the following activity was recorded related to the production of Fudex: a. Materials purchased, 12,500 ounces at a cost of $282,500 b. There was no beginning inventory of materials; however, at the end of the month, 3.000 ounces of materiat remained in ending c. The company employs 26 lab technicians to work on the production of Fiudex. During November, they cach worked an average of 150 hours at an average pay rate of $14.00 per hour d. Variable manufacturing overhead is assigned to Fludex on the basis of direct labor-hours. Variable manufacturing overhead costs during November totaled $8,000. e. During November, the company produced 4100 units of Fludex. Required: 1. For direct materials: a. Compute the price and quantity variances b. The materials were purchased from a new supplier who is anxious to enter into a long-term purchase contract. Would you recommend that the company sign the contract? 2. For direct labor a. Compute the rate and efficiency variances. b. In the past, the 26 technicians employed in the production of Fludex consisted of 4 senior technicians and 22 assistants. During Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2A Reg 28 Reg 3 For direct materials, compute the price and quantity variances. (Indicate the effect of each variance by selecting "F" for favorable; "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Materials price variance Materials quantity variance Complete this question by entering your answers in the tabs below. Reg 1A Reg 16 Reg 2A Reg 28 Req3 For direct labor, compute the rate and efficiency variances. (Indicate the effect of each variance by selecting r" for favorable "U" for unfavorable, and "None for no effect (.e., zero variance). Input all amounts as positive values.) Labor rate variance Labor officiency variance Complete this question by entering your answers in the tabs below. Reg 1A Reg 18 Req ZA Reg 28 Reg 3 Compute the variable overhead rate and efficiency variances. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Variable overhead rate variance Variable overhead efficiency variance 4 4.5 Dis Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below. Standard unity standard Price Standard OF ME Or RA cout Direct materials 7.00 pounde $1.00 per pound $21.00 Direct labor 0.40 hours $14.00 per hour ference During the most recent month, the following activity was recorded Thirteenthousand six hundred pounds of material were purchased at a cost of $2.90 per pound. b. The company produced only 1.360 units, using 12,240 pounds of material (The rest of the material purchased remained in raw c. 644 hours of direct lobortime were recorded at a total labor cost of $1728 Required: Compute the material price and quantity variances for the month (indicate the effect of each variance by selecting "" for favorable. "U* for unfavorable, and "None for no effect (e. rere variance). Input all amounts as positive values. Do not round Intermediate calculations.) Material price variance Materials quantity variann 5 Quality Motor Company is an auto repair shop that uses standards to control its labor time and labor cost. The standard labor cost for a motor tune-up is given below: 4.5 points Standard Hours 2.50 Motor tune-up Standard Rate $27.00 Standard Cost 567.50 eBook Hint The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 52 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Print References Labor rate variance Labor spending variance 5.150 5174 Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week 2. Determine the actual hourly pay rate for tune-ups last week. (Round your answer to 2 decimal places.) 1 Actual labor hours hours 2. Actual hourly rate per hour