Faucet Industries Inc. manufactures faucets in a small manufacturing facility. The faucets are made from zinc....
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Faucet Industries Inc. manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Faucet Industries has 60 employees. Each employee presently provides 35 hours of labor per week. Information about a production week is as follows: Standard wage per hour Standard labor time per faucet Standard number of lbs. of zinc $13.20 10 min. 1.5 lbs. Standard price per lb. of zinc Actual price per lb. of zinc Actual lbs. of zinc used during the week Number of faucets produced during the week Actual wage per hour Actual hours per week Required: $11.25 $11.50 13,400 lbs. 8,700 $13.60 2,100 hrs. a. Determine the standard cost per faucet for direct materials and direct labor. b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Faucet Industries Inc. manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Faucet Industries has 60 employees. Each employee presently provides 35 hours of labor per week. Information about a production week is as follows: Standard wage per hour Standard labor time per faucet Standard number of lbs. of zinc $13.20 10 min. 1.5 lbs. Standard price per lb. of zinc Actual price per lb. of zinc Actual lbs. of zinc used during the week Number of faucets produced during the week Actual wage per hour Actual hours per week Required: $11.25 $11.50 13,400 lbs. 8,700 $13.60 2,100 hrs. a. Determine the standard cost per faucet for direct materials and direct labor. b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance.
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