Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom

image text in transcribed

Check my work Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours 5.70 pounds 0.50 hours Direct materials Direct labor Standard Price or Rate $ 2.50 per pound $ 7.50 per hour Standard Cost $ 14.25 $ 3.75 During the most recent month, the following activity was recorded: a. Eleven thousand pounds of material were purchased at a cost of $2.40 per pound. b. The company produced only 1,100 units, using 9,900 pounds of material. (The rest of the material purchased remained in raw materials inventory.) c. 650 hours of direct labor time were recorded at a total labor cost of $7,800. Required: Compute the materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.) Materials price variance Materials quantity variance

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

Analysing Financial Statements For Non-Specialists

Authors: Jim OHare

2nd Edition

1138641529, 9781138641525

More Books

Students also viewed these Accounting questions

Question

What is the goal of the design phase of a project?

Answered: 1 week ago

Question

Why is it important to plot the data under the high-low method?

Answered: 1 week ago

Question

Describe ERP and how it can create efficiency within a business

Answered: 1 week ago