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Note: This section is a continuation from Parts A and B of the comprehensive problem. Be sure you have completed Parts A and B before attempting Part C. You may have to refer back to lata presented in Parts A and B as well as use answers from those parts when completing this section. Genuine Spice Inc. began operations on January 1 of the current year. The company produces 8-ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12 -bottie cases for $100 per case. There is a selling commission of $20 per case. The Januacy direct materials, direct labor, and factory overhead costs are as follows: Previous 5 more Check My Work uses remaining Part C-August Variance Analysis During September of the current year; the controller was asked to perform variance analyses for August. The January operating data provided the standard prices, rates, times, and quantities per case. There were 1,500 actual cases produced during August, which was 250 more cases than planned at the beginning of the month. Actual data for August were as follows: The prices of the materials were different than standard due to fluctuations in market prices. The standard quantity of materials used per case was an ideal standard. The Mixing Department used a higher grade labor classification during the month, thus causing the actual labor rate to exceed standard. The Filling Department used a lower grade labor classification during the month, thus causing the actual labor rate to be less than standard. Required: 10. Determine the direct materials price and quantity variances for the three materials. Enter the costs in dollars and cents (carried to three decimal places when required). Enter all amounts as positive numbers. 5 more Check My Work uses remaining Direct Materials Quantity Variance: 11. Determine the direct labor rate and time variances for the two deportments. Do not round hours. Enter the costs in dollars and cents. Enter al amounts as positive numbers. 11. Determine the direct labor rate and time variances for the two departments. Do not round hours. Enter the costs in dollars and cents. Enter all amounts as positive numbers. 5 more Check My Work uses remaining 13. Determine the factory overhead volume variance. Alound rate to two decimal places and round your final answer to two decimal places. Enter all amounts as positive numbers. 14. The production volume of cases was planned at the beginning of August. The variances compare the actual cost and the standard cost of for the month. Thus, the standard cost must be based on the units of actual production. Note: This section is a continuation from Parts A and B of the comprehensive problem. Be sure you have completed Parts A and B before attempting Part C. You may have to refer back to lata presented in Parts A and B as well as use answers from those parts when completing this section. Genuine Spice Inc. began operations on January 1 of the current year. The company produces 8-ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12 -bottie cases for $100 per case. There is a selling commission of $20 per case. The Januacy direct materials, direct labor, and factory overhead costs are as follows: Previous 5 more Check My Work uses remaining Part C-August Variance Analysis During September of the current year; the controller was asked to perform variance analyses for August. The January operating data provided the standard prices, rates, times, and quantities per case. There were 1,500 actual cases produced during August, which was 250 more cases than planned at the beginning of the month. Actual data for August were as follows: The prices of the materials were different than standard due to fluctuations in market prices. The standard quantity of materials used per case was an ideal standard. The Mixing Department used a higher grade labor classification during the month, thus causing the actual labor rate to exceed standard. The Filling Department used a lower grade labor classification during the month, thus causing the actual labor rate to be less than standard. Required: 10. Determine the direct materials price and quantity variances for the three materials. Enter the costs in dollars and cents (carried to three decimal places when required). Enter all amounts as positive numbers. 5 more Check My Work uses remaining Direct Materials Quantity Variance: 11. Determine the direct labor rate and time variances for the two deportments. Do not round hours. Enter the costs in dollars and cents. Enter al amounts as positive numbers. 11. Determine the direct labor rate and time variances for the two departments. Do not round hours. Enter the costs in dollars and cents. Enter all amounts as positive numbers. 5 more Check My Work uses remaining 13. Determine the factory overhead volume variance. Alound rate to two decimal places and round your final answer to two decimal places. Enter all amounts as positive numbers. 14. The production volume of cases was planned at the beginning of August. The variances compare the actual cost and the standard cost of for the month. Thus, the standard cost must be based on the units of actual production
