Hi,

I was stuck on these questions that are attached below. Could you please help me with that? Thank you so much!

AutoSave ( OFF FXCostSp2020POST Q Q v Home Insert Draw Page Layout Formulas Data Review View Share Comments Calibri (Body) 11 A* General Conditional Formatting v Insert v Format as Table v Ex Delete v Paste BIU Y $ ~ % " Cell Styles v Format X v Sort & Find & Ideas Sensitivity Filter Select * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates G32 + X V fx A B C D E F G H 1 J K L M N 0 P Q R AWN Problem 1 (15 Points) Hernandez Corporation uses a standard cost system and has established the following standards for one unit of product: Std Qty Std Price 5 Direct Materials 10 pounds $2.60 per pound $26.00 6 Direct Labor 0.25 hours $10.00 per hour $2.50 $28.50 During October, the company purchased 240,000 pounds of material at a total cost of $588,000. The total factory wages for October were $49,400. During October, 21,000 units of product were manufactured using 211,000 pounds of material and 5,200 direct labor hours. Material quantity and price variances are recorded when materials are used. 10 October Production 21,000 units Cost 11 Purchases of materials spunod ooo'ovz $588,000 12 Materials used 211,000 pounds Factory wages 5,200 DL Hrs $49,400 14 15 a. Compute the material quantity and labor efficiency variances. 16 b. Compute the material price and labor rate variances. 17 Show whether each of the above variances was either favorable or unfavorable. 18 a 19 Materials quantity variance = Actual quantity - Standard quantity) *Standard price 20 210000 2.60 $2,600.00 Un 21 22 Labor efficiency variance = (Actual hours - Standard hours) *Standard rate 23 $5,20 $5,250 $10 $ (500.00) Fav 24 25 26 Material price variances = (Actual price - Standard price)*Actual quantity 27 $2.45 2.50 $211,000.00 $ (31,650.00) Fav 28 29 Labor rate variance = (Actual rate - Standard rate)* Actual hours 30 $9.50 $10.00 $5,200 ($2,600.00) Fav 31 Instructions Problem 1 Form Problem 2 Form Problem 3 Form Problem 4 Form Problem 5 Form Problem 6 Form Problem 7 Form + Select destination and press ENTER or choose Paste + 100%AutoSave ( OFF FXCostSp2020POST Q Q v Home Insert Draw Page Layout Formulas Data Review View Share Comments Times New Roman 11 A* ab v General Conditional Formatting v Insert v EX Ac Format as Table v Delete v Paste IUV $ ~ % " i Cell Styles v Format X v Sort & Find & Ideas Sensitivity Filter Select * Office Update To keep up-to-date with security updates, fixes, and improvements, choose Check for Updates. Check for Updates A22 X V fx |B. Assuming Rhodes uses the two-variance method of analyzing factory overhead, compute the following variances for the month of July, indicating whether each variance is favorable or A B C D E G J K M N 0 P Q R S T Problem 2 (9 Points) Rhodes Corporation manufactures a product with the following standard costs: 4 Direct materials (20 yards (@ $1.85 per yard) 20 Yds @ $1.85 per yd $37.00 5 Direct labor (4 hours @ $12.00 per hour) 4 hours@ $12.00 per hour $48.00 Variable factory overhead (4 hours @ $5.40 per hour) 4 hours @ $5.40 per hour $21.60 Fixed factory overhead (4 hours @ $3.60 per hour) 4 hours @ $3.60 per hour $14.40 8 Total standard cost per unit of output $121.00 0 Standards are based on normal monthly production involv 2,000 DLHrs 500 units of output 11 12 The following information pertains to the month of July: 13 Direct materials purchased (16,000 yards @ $1.80 per 14 yard 16,000 Yds@ $1.80 per yd $28,800 15 Direct materials used (9,400 yards) 9,400 hours @ 16 Direct labor (1,880 hours @ $12.20 per hour) 1,880 hours @ $12.20 per hour $22,936 17 Actual fixed factory overhead $9,850 18 Actual variable factory overhead 19 Actual production in July: 460 units 460 20 21 A. Compute the budgeted fixed overhead. B. Assuming Rhodes uses the two-variance method of analyzing factory overhead, compute the 24 following variances for the month of July, indicating whether each variance is favorable or 25 unfavorable: 26 a. Factory overhead flexible-budget variance 27 b. Factory overhead production-volume variance 28 29 30 31 32 33 34 Instructions Problem 1 Form Problem 2 Form Problem 3 Form Problem 4 Form Problem 5 Form Problem 6 Form Problem 7 Form + Select destination and press ENTER or choose Paste + 100%