During November, the following activity was recorded relative to production of Fludex a. Materials purchased, 12,000 ounces at a cost of $225,000 b. There was no beginning inventory of materials; however, at the end of the month, 2,500 ounces of material remained in ending inventory c. The company employs 35 lab technicians to work on the production of Fludex. During November, they worked an average of 160 hours at an average rate of $12 per hour. d. Variable manufacturing overhead is assigned to Fludex on the basis of direct labor-hours. Variable manufacturing overhead costs during November totaled $18,200, e. During November 3,750 good units of Fludex were produced Required: 1. For direct materials: a. Compute the price and quantity variances (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect 1.e. Zoro variance) Materials price variance Materials quantity variance O Type here to search for Standards for one of Patterson, Inc.'s products is shown below, $6.60 $2.75 per yard $2.70 per yard $8.10 Direct materials: Standard 2.4 yards @ - Actual 3 yards @ 5 Direct labor: Standard 0.6 hours @ B Actual 0.5 hours @ Variable overhead: o Standard 0.6 hours @ -1 Actual 0.5 hours @ 10.80 $18.00 per hour $22.00 per hour 11.00 4.20 $7.00 per hour $7.10 per hour 3.55 3 Total cost per unit $21.60 $22.65 15 Excess of actual cost over standard cost per unit $1.05 17 Actual production for the month 13,500 units 18 Variable overhead is assigned to products based on direct labor hours. There 19 was no beginning or ending inventory of materials for the month. 21 Using formulas, compute the following. Input all numbers as positive amounts. Indicate whether the variances are For U. Write if statements for variance cells F30 to F47. Use cell references (formulas) for cells D53 - D60. Enter an For U to indicate the correct variance in cells F54 to F62 23 4 ... Sheet1 .. READY Attempt(s) pe here to search During November, the following activity was recorded relative to production of Fludex a. Materials purchased, 12,000 ounces at a cost of $225,000 b. There was no beginning inventory of materials; however, at the end of the month, 2,500 ounces of material remained in ending inventory c. The company employs 35 lab technicians to work on the production of Fludex. During November, they worked an average of 160 hours at an average rate of $12 per hour. d. Variable manufacturing overhead is assigned to Fludex on the basis of direct labor-hours. Variable manufacturing overhead costs during November totaled $18,200, e. During November 3,750 good units of Fludex were produced Required: 1. For direct materials: a. Compute the price and quantity variances (Input all amounts as positive values. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect 1.e. Zoro variance) Materials price variance Materials quantity variance O Type here to search for Standards for one of Patterson, Inc.'s products is shown below, $6.60 $2.75 per yard $2.70 per yard $8.10 Direct materials: Standard 2.4 yards @ - Actual 3 yards @ 5 Direct labor: Standard 0.6 hours @ B Actual 0.5 hours @ Variable overhead: o Standard 0.6 hours @ -1 Actual 0.5 hours @ 10.80 $18.00 per hour $22.00 per hour 11.00 4.20 $7.00 per hour $7.10 per hour 3.55 3 Total cost per unit $21.60 $22.65 15 Excess of actual cost over standard cost per unit $1.05 17 Actual production for the month 13,500 units 18 Variable overhead is assigned to products based on direct labor hours. There 19 was no beginning or ending inventory of materials for the month. 21 Using formulas, compute the following. Input all numbers as positive amounts. Indicate whether the variances are For U. Write if statements for variance cells F30 to F47. Use cell references (formulas) for cells D53 - D60. Enter an For U to indicate the correct variance in cells F54 to F62 23 4 ... Sheet1 .. READY Attempt(s) pe here to search
