E9-15 (Algo) Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. $ 2.10 per pound $ 7.30 per hour $ 1.90 per pound 950,000 pounds 15,000 1,095,000 pounds 10,000 980,000 pounds $5,300 F 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Req 5 Calculate the total cost of purchases for October. Total Purchases < Req 1 Req 2 and 3 > E9-15 (Algo) Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price $ 2.10 per pound Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. $ 7.30 per hour $ 1.90 per pound 950,000 pounds 15,000 1,095,000 pounds 10,000 980,000 pounds $5,300 F 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Req 5 2. Compute the direct materials price variance based on the actual quantity purchased. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). 3. Calculate the direct materials quantity variance based on the actual quantity used. Note: Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero variance). 2. Direct Materials Price Variance 3. Material Quantity Variance Show less E9-15 (Algo) Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. $ 2.10 per pound $ 7.30 per hour $ 1.90 per pound 950,000 pounds 15,000 1,095,000 pounds 10,000 980,000 pounds $5,300 F 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Req 5 Compute the standard direct labor rate for October. Note: Round your answer to 2 decimal places. Standard Direct Labor Rate < Req 2 and 3 Req 5 > E9-15 (Algo) Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. $ 2.10 per pound $ 7.30 per hour $ 1.90 per pound 950,000 pounds 15,000 1,095,000 pounds 10,000 980,000 pounds $5,300 F 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Req 5 Compute the direct labor efficiency variance for October. Note: Round your intermediate calculation to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (I.e., zero varlance). Direct Labor Efficiency Variance < Req 4 Req 5 >