7-37 is the problem I need help with

Direct materials and manufacturing labor variances, solving unknowns (CPA, adapted) On May 1, 2014, Lowell Company began the manufacture of a new paging machine known as Dandy. The company instated a standard costing system to account costing system to account for manufacturing costs. The standard costs for a unit of Dandy follow. The following data were obtained from Lowell's records for the month of May: Actual production in May was 4, 700 unset Dandy, and actual sales in May were 3.000 units. The amount shown for direct materials purchased during May. There was no beginning inventory of materials on May 1, 2014. Compute each of the following items for Lowell for the month of May. Show your computations 1. Standard direct manufacturing labor-hours allowed for actual output produced 2. Actual direct manufacturing labor-hours worked 3. Actual direct manufacturing labor wage rate 4. Standard quantity of direct materials allowed [in pounds] 5. Actual quantity of direct materials used [in pounds] 6. Actual quantity of direct materials purchased (in pounds) 7. Actual direct materials price per pound Direct materials and manufacturing labor variances, journal entries. Zanella's Smart Shawls. Inc., is a small business that Zanella developed while in college. She began hand-limiting shawls for her room friends to wear while studying. As demand grew, she hired some workers and began to manage the operation. Zanella's shawls require wool and labor. She experiments with the type of wool that she uses, and she has great variety in the shawls she produces. Zanella has bimodal turnover in her labor. She has some employees who have been with her for a very long time and others who are new and inexperienced. Zanella uses standard costing for her shawls. She expects that a typical shawl should take 3 hours to produce, and the standard wage rate is $9.00 per hour. An average shawl uses 13 skeins of wool. Zanella shops around for good deals and expects to pay $3.40 per skein. Zanella uses a just-in-time inventory system, as she has clients tell her what type and color of wool they would like her to use. For the month of April, Zanella's workers produced 200 shawls using 580 hours and 3, 500 skains of wool. Zanella bought wool for $9,000 (and used the entire quantity) and incurred labor costs of $5, 520. Calculate the price and efficiency variances for the wool and the price and efficiency variances for direct manufacturing labor. Record the journal entries for the variances incurred. Discuss logical explanations for the combination of variances that Zanella experienced. Use of materials and manufacturing labor variances for benchmarking. You are a new junior accountant at in Focus Corporation, maker of lenses for oyoglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the controller, has given you the latest month's report for the lens trade association. This report includes information related to operations for your firm and three of your competitors within the trade association. The report also includes information related to the industry benchmark for each line item in the report. You do not know which firm is which, except that you know you are Firm A. Direct materials and manufacturing labor variances, solving unknowns (CPA, adapted) On May 1, 2014, Lowell Company began the manufacture of a new paging machine known as Dandy. The company instated a standard costing system to account costing system to account for manufacturing costs. The standard costs for a unit of Dandy follow. The following data were obtained from Lowell's records for the month of May: Actual production in May was 4, 700 unset Dandy, and actual sales in May were 3.000 units. The amount shown for direct materials purchased during May. There was no beginning inventory of materials on May 1, 2014. Compute each of the following items for Lowell for the month of May. Show your computations 1. Standard direct manufacturing labor-hours allowed for actual output produced 2. Actual direct manufacturing labor-hours worked 3. Actual direct manufacturing labor wage rate 4. Standard quantity of direct materials allowed [in pounds] 5. Actual quantity of direct materials used [in pounds] 6. Actual quantity of direct materials purchased (in pounds) 7. Actual direct materials price per pound Direct materials and manufacturing labor variances, journal entries. Zanella's Smart Shawls. Inc., is a small business that Zanella developed while in college. She began hand-limiting shawls for her room friends to wear while studying. As demand grew, she hired some workers and began to manage the operation. Zanella's shawls require wool and labor. She experiments with the type of wool that she uses, and she has great variety in the shawls she produces. Zanella has bimodal turnover in her labor. She has some employees who have been with her for a very long time and others who are new and inexperienced. Zanella uses standard costing for her shawls. She expects that a typical shawl should take 3 hours to produce, and the standard wage rate is $9.00 per hour. An average shawl uses 13 skeins of wool. Zanella shops around for good deals and expects to pay $3.40 per skein. Zanella uses a just-in-time inventory system, as she has clients tell her what type and color of wool they would like her to use. For the month of April, Zanella's workers produced 200 shawls using 580 hours and 3, 500 skains of wool. Zanella bought wool for $9,000 (and used the entire quantity) and incurred labor costs of $5, 520. Calculate the price and efficiency variances for the wool and the price and efficiency variances for direct manufacturing labor. Record the journal entries for the variances incurred. Discuss logical explanations for the combination of variances that Zanella experienced. Use of materials and manufacturing labor variances for benchmarking. You are a new junior accountant at in Focus Corporation, maker of lenses for oyoglasses. Your company sells generic-quality lenses for a moderate price. Your boss, the controller, has given you the latest month's report for the lens trade association. This report includes information related to operations for your firm and three of your competitors within the trade association. The report also includes information related to the industry benchmark for each line item in the report. You do not know which firm is which, except that you know you are Firm A