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During June, Danby Companys material purchases amounted to 7,100 pounds at a price of $7.60 per pound. Actual costs incurred in the production of 2,100
During June, Danby Companys material purchases amounted to 7,100 pounds at a price of $7.60 per pound. Actual costs incurred in the production of 2,100 units were as follows:
Direct labor: | $ 125,550 | ($18.60 per hour) |
---|---|---|
Direct material: | $ 38,000 | ($7.60 per pound) |
The standards for one unit of Danby Companys product are as follows:
Direct Labor: | Direct Material: |
---|---|
Quantity, 3 hours per unit | Quantity, 2 pounds per unit |
Rate, $18.50 per hour | Price, $7.30 per pound |
Required:
Fill in the amounts in the tables below. (Please help with all three requirements)
Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).) Price" to 2 decimal places. Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "N (i.e., zero variance).). Round "Actual Price" and "Standard Price" to 2 decimal places. Fill in the amounts in the tables below. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero "Standard Price" to 2 decimal placesStep by Step Solution
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