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Each employee presently provides 32 hours of labor per week. Information about a production week is as follows: Standard wage per hr $16.80 Standard labor time per faucet 20 min. Standard number of Ib. of brass Standard price per lb of brass Actual price per lb. of brass $12.75 Actual ib. of brass used during the week 16,200 lb. Number of faucets produced during the week 7.500 Actual wage per hr Actual hrs, for the week 1,600 hrs. Required: a. Determine the standard cost per unit for direct materials and direct labor. Do not round your intermediate calculations and round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit $17.30 b. Determine the direct materials price variance, direct materials quantity variance and total direct materials cost variance. Do not round your intermediate calculations and round your final answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Ch 2 Homework (70 -2 Uwimant te frame Direct materials price variance 7,500 Number of faucets produced during the week Actual wage per hr. Actual hrs, for the week $17.30 1,600 hrs. Required: a. Determine the standard cost per unit for direct materials and direct labor. Do not round your intermediate calculations and round the cost per unit to two decimal places. Direct materials standard cost per unit Direct labor standard cost per unit Total standard cost per unit b. Determine the direct materials price variance, direct materials quantity Variance, and total direct materials cost variance. Do not round your intermediate calculations and round your final answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Direct materials price variance Direct materials quantity variance Total direct materials cost variance c. Determine the direct laborate variance, direct labor time variance, and total direct labor cost variance. Do not round your intermediate calculations and round your final answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number Direct labor rate variance Direct labor time variance Total direct labor cost variance Factory Overhead Cost Variance Report Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May of the current year. The company expected to operate the department at 100% of normal capacity of 9,000 hours. Variable costs: Indirect factory wages Power and light $27,000 19,170 15,570 Indirect materials Total variable cost $61,740 Pued costs: Supervisory salaries $16,770 Depreciation of plant and equipment 43,010 Insurance and property taxes 13,120 Total fixed cost 72,900 Total factory overhead cost $134,640 During May, the department operated at 9,500 standard hours. The factory overhead costs incurred were Indirect factory wages. $28,790; power and light. 519,870; Indirect materials, $16,800; supervisory salaries, $16,770: depreciation of plant and equipment, $43,010; and Insurance and property taxes, 513,120 Required: Prepare a factory overhead cost variance report for May. To be useful for cost control, the budgeted amounts should be based on 9,500 hours. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your per unit computations to the nearest cent, if required. 1 an amount box does not require an entry, leave it blank. Tiger Equipment Inc. Tiger Equipment Inc. Factory Overhead Cost Variance Report-Welding Department For the Month Ended May 31 Normal capacity for the month 9,000 hrs. Actual production for the month 9,500 hrs. Actual Budget Unfavorable Variances Variable costs: Favorable Variances Indirect factory wages Power and light Indirect materials Total variable cost Fixed costs: Supervisory salaries Depreciation of plant and equipment DON QUI Insurance and property taxes Total fixed cost Total factory overhead cost Total controllable variances Excess hours used over normal at the standard rate for fixed factory overhead