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E 9 - 1 ( Static ) Calculating Unknown Values for Direct Materials, Direct Labgr Variances [ LO 9 - 3 , 9 - 4
EStatic Calculating Unknown Values for Direct Materials, Direct Labgr Variances LO Ironwood Company manufactures castiron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information. Required: Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand. Note: Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and "None" for no effect ie zero variance tableDirect Materials,Direct LaborStandard amount per pan produced,pound,,hour,Standard price,$per pound,$per hourActual amount used per pan produced,pound,hour,,Actual price,per pound,$per hour,Actual number of pans produced and sold,pans,,pans,Direct materials price variance,,,,,,Direct materials quantity variance,,,,,,Direct materials spending variance,,,,,,Direct labor rate variance,,,,,,Direct labor efficiency variance,,,,,,Direct labor spending variance,,,,,,
EStatic Calculating Unknown Values for Direct Materials, Direct Labgr Variances LO
Ironwood Company manufactures castiron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information.
Required:
Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand.
Note: Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and "None" for no effect ie zero variance
tableDirect Materials,Direct LaborStandard amount per pan produced,pound,,hour,Standard price,$per pound,$per hourActual amount used per pan produced,pound,hour,,Actual price,per pound,$per hour,Actual number of pans produced and sold,pans,,pans,Direct materials price variance,,,,,,Direct materials quantity variance,,,,,,Direct materials spending variance,,,,,,Direct labor rate variance,,,,,,Direct labor efficiency variance,,,,,,Direct labor spending variance,,,,,,
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