ACC 241 Uses of Accounting Information II (1) Zach Walden & 12/03/21 3:59 PM | E Homework: HW #10 - Chapter 11 Question 9, E11-30A (si. Part 1 of 6 > HW Score: 0%, 0 of 10 points O Points: 0 of 1 Save Ceramics Etc. Is a manufacturer of large flower pots for urban settings. The company has these standards: (Click the Icon to view the standards. ) (Click the icon to view the actual results.) Read the requirements Requirement 1. Compute the direct material price variance and the direct material quantity variance. (Enter the varlances as positive numbers. Enter currency amounts in the formula to the nearest cent and then round the final variance amount to the nearest whole dollar. Label the variance as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials) First determine the formula for the price variance, then compute the price variance for direct materials x ) = DM price variance 1) = X Actual results - X Standards Direct materials (resin).. Direct labor..... 9 pounds per pot at a cost of $6.00 per a pound 4.0 hours at a cost of $13.00 per hour $2.00 per direct labor hour $66,400 Standard variable manufacturing overhead rate Budgeted fixed manufacturing overhead .. Standard fixed MOH rate.. Ceramics Etc. allocated fixed manufacturing overhead to production based on standard direct labor hours. Last month, the company reported the following actual results for the production of 1,600 flower pots: Purchased 15,420 pounds at a cost of $6.20 per pound; Direct materials. used 14,720 pounds to produce 1.600 pots Worked 4.4 hours per flower pot (7.040 total DLH) at a Direct labor......... cost of $12.00 per hour Actual variable manufacturing $2.70 per direct labor hour for total actual variable overhead ........................ manufacturing overhead of $19,008 $ Actual fixed manufacturing overhead $65,700 Standard fixed manufacturing overhead allocated based on actual production.............. $11.00 per direct labor hour (DLH) 2x Requirements ..... $70,400 1. Compute the direct material price variance and the direct material quantity variance 2. Who is generally responsible for each variance? 3. Interpret the variances. Print Done Help me solve the Print Done Clear all Check