Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can you help please Direct Materials Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take 3.60 units of material per

can you help please image text in transcribed
image text in transcribed
image text in transcribed
Direct Materials Under normal conditions, Sarah spends $8.40 per unit of materials, and it will take 3.60 units of material per pair of shoes. During July, Sole Purpose Shoe Company incurred actual direct materials costs of $61,321 for 6,890 units of direct materials in the production of 2,150 pairs of shoes. Complete the following table, showing the direct materials variance relationships for July for Sole Purpose Shoe Company. If required, round your answers to two decimal places. When entering variances, use a negative number for a favorable cost variance, and a positive number for an unfavorable cost variance. Actual Cost Actual Actual Quantity Actual Quantity X Price Stan Pr x Unfavorable Direct Materials Price Varance Favorable Total Direct Materials Cost Variance Feedback Review Exhibit 6 in the text. Direct Labor Under normal conditions, Sarah pays her employees $8.50 per hour, and it will take 2.80 hours of labor per pair of shoes. During August, Sole Purpose Shoe Company incurred actual direct labor costs of $65,610 for 7,290 hours of direct labor in the production of 2,200 pairs of shoes. Complete the following table, showing the direct labor variance relationships for August for Sole Purpose Shoe Company. If required, round your answers to two decimal places. When entering variances, use a negative number for a favorable variance, and a positive number for an unfavorable variance. Actual Cost Actual Hours Actual Rate Actual Hours Standard Rate x Fials variance relationships for d your answers to two ve number for a favorable e cost variance. Standard Cost wal Standard Price Standard Quantity Standard Price X Direct Materials Favorable Total Direct Materiais Cost Variance 5.50 per hour, and it will take Sole Purpose Shoe Company hours of direct labor in the variance relationships for und your answers to two ve number for a favorable riance. Standard Cost Standard Rate Standard Hours Standard Rate Direct Labor Variance: Unfavorable Total Direct Labor Quantity X Varance: Budget Performance Report Sarah has learned a lot from you over the past two months, and has compiled the following data for Sole Purpose Shoe Company for September using the techniques you taught her. She would like your help in preparing a Budget Performance Report for September. The company produced 2,500 pairs of shoes that required 8,750 units of material purchased at $8.20 per unit and 6,750 hours of labor at an hourly rate of $8.90 per hour during the month. Actual factory overhead during September was $20,250. When entering variances, use a negative number for a favorable cost variance, and a positive number for an unfavorable cost variance. Use the data in the following table to prepare the Budget Performance Report for Sole Purpose Shoe Company for September. Standard Standard Standard Cost Manufacturing Costs Price Quantity Per Unit Direct materials $8.40 per unit 3.60 units per pair Direct labor $8.50 per hour 2.80 hours per pair Factory overhead $2.70 per hour 2.80 hours per pair Total standard cost per pair $61.60 $30.24 23.80 7.56 Sole Purpose Shoe Company Budget Performance Report For the Month Ended September 30 Cost Variance - Standard Cost at (Favorable) Manufacturing Costs Actual Costs Actual Volume Unfavorable Direct materials Direct labor Factory overhead Total manufacturing costs

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

The Wall Street Mba Your Personal Crash Course In Corporate Finance

Authors: Reuben Advani

3rd Edition

1260135594, 9781260135596

More Books

Students also viewed these Accounting questions