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E 9 - 8 ( Algo ) Calculating Direct Materials Variances [ LO 9 - 3 ] Parker Plastic, Incorporated, manufactures plastic mats to use
EAlgo Calculating Direct Materials Variances LO Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price Rate Standard Unit Cost Direct materials plastic square foot $ per square foot $ Direct labor hour $ per hour Variable manufacturing overhead based on direct labor hours hour $ per hour Fixed manufacturing overhead $: units Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used $ Number of labor hours worked Direct labor cost $ Variable overhead cost $ Fixed overhead cost $ Required: Calculate Parker Plastics direct materials price and quantity variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and "None" for no effect ie zero variance
EAlgo Calculating Direct Materials Variances LO
Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:
Standard Quantity Standard Price Rate Standard Unit Cost
Direct materials plastic square foot $ per square foot $
Direct labor hour $ per hour
Variable manufacturing overhead based on direct labor hours hour $ per hour
Fixed manufacturing overhead $: units
Parker Plastic had the following actual results for the past year:
Number of units produced and sold
Number of square feet of plastic used
Cost of plastic purchased and used $
Number of labor hours worked
Direct labor cost $
Variable overhead cost $
Fixed overhead cost $
Required:
Calculate Parker Plastics direct materials price and quantity variances.
Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and "None" for no effect ie zero variance
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