Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance $ 2.70 per lb. $ 7.90 per hour $ 2.50 per lb. 1,010,000 lbs. 21,000 1,215,000 lbs. 14,000 1,040,000 lbs. $5,880 F ok ht ences Required: 1. Calculate the total cost of purchases for October. 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. 1. Compute the standard direct labor rate for October 5. Compute the direct labor efficiency variance for October. Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Req 5 Calculate the total cost of purchases for October. Total Purchases & Reg Req 2 a w lete the question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Reg 4 Req 5 2. Compute the direct materials price variance based on quantity purchased 3. Calculate the direct materials quantity variance based on quantity used. "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero va 2. Direct Materials Price Variance 3. Material Quantity Variance c G Search or type URL $ 2 % #3 4 5 6 ? W E R T 3. Compute the allect labor aces Complete this question by entering your answers in the tabs below Reg 1 Req 2 and 3 Reg 4 Req 5 Compute the standard direct labor rate for October. (Round your answer to Standard Direct Labor Rate esc e G Search or type $ 1 # 3 A 2 A 64 4 % 5 6 Q W E R T Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Req 4 Reg 5 Compute the direct labor efficiency variance for/october. (Round your intern the effect of each variance by selecting "F" for favorable, "U" for unfavorable Direct Labor Efficiency Variance c G Search or type URL # $ % 2 3 4 5 6 Q W E R T

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Business Intelligence For New-Generation ManagersCurrent Avenues Of Development

Authors: Jörg H. Mayer, Reiner Quick

6th Edition

3319156950, 9783319156958

More Books

Students also viewed these Accounting questions

Question

Compare and contrast ADSL and VDSL.

Answered: 1 week ago