Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Diane Buswell examined some of the accounting records and reported that Current Designs purchased 2,460 pounds of polyethylene powder for this order at a total

image text in transcribedimage text in transcribed

Diane Buswell examined some of the accounting records and reported that Current Designs purchased 2,460 pounds of polyethylene powder for this order at a total cost of $6,888. Forty (40) finishing kits were assembled at a total cost of $6,080. The payroll records showed that the type l employees worked 117 hours on this project at a total cost of $1,287. The type II finishing employees worked 170 hours at a total cost of $1,402.50. A total of 40 kayaks were produced for this order. The standards that had been developed for this model of kayak were used in CD2 and are reproduced here. For each kayak: 59 pounds of polyethylene powder at $2.50 per pound 1 finishing kit (rope, seat, hardware, etc.) at $161 3 hours of type I labor from people who run the oven and trim the plastic at a standard wage rate of $11 per hour 4 hours of type Il labor from people who attach the hatches and seat and other hardware at a standard wage rate of $8 per hour. Calculate the eight variances that are listed below. (Round price variance for type II workers to 2 decimal places, e.g. 15.25 and all other answers to O decimal places, e.g. 25.) Calculate the eight variances that are listed below. (Round price variance for type II workers to 2 decimal places, e.g. 15.25 and all other answers to O decimal places, e.g. 25.) Quantity variance for polyethylene powder $ > Price variance for polyethylene powder $ > Quantity variance for finishing kits $ Price variance for finishing kits $ Quantity variance for type I workers ta $ Price variance for type I workers ta A Quantity variance for type Il workers ta $ Price variance for type II workers $

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions