1. Standard Product Cost

Hickory Furniture Company manufactures unfinished oak furniture. Hickory uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows:

Direct labor:	standard rate	$20.00 per hr.
	standard time per unit	4.0 hrs.
Direct materials (oak):	standard price	$13.00 per bd. ft.
	standard quantity	19 bd. ft.
Variable factory overhead:	standard rate	$3.60 per direct labor hr.
Fixed factory overhead:	standard rate	$0.80 per direct labor hr.

a. Determine the standard cost per dining room table. If required, round your answer to two decimal places. $ per table

2.

Direct Materials Variances

The following data relate to the direct materials cost for the production of 2,100 automobile tires:

Actual:	53,300 lbs. at $2.05	$109,265
Standard:	51,700 lbs. at $2.10	$108,570

a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Price variance

$

SelectFavorableUnfavorableItem 2

Quantity variance

$

SelectFavorableUnfavorableItem 4

Total direct materials cost variance

$

SelectFavorableUnfavorableItem 6

3.

Standard Direct Materials Cost per Unit from Variance Data

The following data relating to direct materials cost for November of the current year are taken from the records of Play Tyme Inc., a manufacturer of plastic toys:

Quantity of direct materials used	7,200 lbs.
Actual unit price of direct materials	$2.80 per lb.
Units of finished product manufactured	1,730 units
Standard direct materials per unit of finished product	4 lbs.
Direct materials quantity variance