i Data Table e ---- a CA Direct materials (3.0 sq ft* $4.00 per sq. ft) $ 12.00 Direct labor (2.0 hours * $9.40 per hour) 18.80 Manufacturing overhead Variable (2.0 hours * $0.65 per hour) $ 1.30 4.40 5.70 Fixed (2.0 hours * $2.20 per hour) $36.50 Total standard cost per jacket Fixed overhead in total was budgeted to be $63,200 for each month Actual data for November of the current year include the following: a. Actual production was 13,600 jackets b. Actual direct materials used was 2.70 square feet per jacket at an actual cost of $4.15 per square foot. (Assume the direct materials purchased is the same as ire the direct materials used.) red C. Actual direct labor usage of 24 480 hours for a total cost of $235.008 ate d. Actual fixed overhead cost was $55 748. while actual variable overhead cost was $20 808 yor and Print Done i Requirements Int DN ute 1. Compute the price and quantity variances for direct materials 2. Compute the rate and efficiency variances for direct labor 3. Compute the rate and efficiency variances for variable overhead 4. Compute the fixed overhead budget variance and the fixed overhead volume variance. 5. Company management intentionally purchased superior materials for November production. How did this decision affect the other cost variances? Overall, was the decision wise? Explain. 6. Journalize the usage of direct materials and the assignment of direct labor including the related variances the Ind Frect rect Print Done ate va Conquistador Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: E (Click the icon to view the cost data.) Read the requirements Requirement 1. Compute the price and quantity variances for direct materials. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U)Abbreviations used: DM = Direct materials.) Begin by determining the formula for the price variance, then compute the price variance for direct materials. Actual quantity purchased | Actual price Standard price DM price variance 41 Now determine the formula for the quantity variance and compute the quantity variance for direct materials Standard price Actual quantity used Standard quantity allowed) = DM quantity variance 4 1: Choose from any list or enter any number in the input fields and then continue to the next question Conquistador Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket: Click the icon to view the cost data.) in int Read the requirements in Requirement 2. Compute the rate and efficiency variances for direct labor (Enter the variances as positive numbers Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DL = Direct labor.) Determine the formula for the rate variance, then compute the rate variance for direct labor. Actual hours Actual rate DL rate variance Standard hours allowed 4 10 U 141 13 Determine the formula for the efficiency variance, then compute the efficiency variance for direct labor Standard rate Actual hours Standard hours allowed ) DL efficiency variance ) F 04 113 Choose from any list or enter any number in the input fields and then continue to the next question ind 34/ 11: Conquistador Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket 04 Click the icon to view the cost data) 11 Read the requirements 04 Requirement 3. Compute the rate and efficiency variances for variable overhead (Enter the variances as positive numbers. 11 Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U).) 04 Determine the formula for the rate variance, then compute the variable manufacturing overhead rate variance 11 Variable overhead 04/ Actual hours Actual rate Standard rate rate variance 11 0 0 04/ Determine the formula for the efficiency variance, then compute the variable overhead efficiency variance 11 Variable overhead officiency variance 0 Standard rate Actual hours Standard hours allowed 04 11 Choose from any list or enter any number in the input fields and then continue to the next question inco 4 1: Conquistador Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket A B Click the icon to view the cost data.) 18 Read the requirements 4 Requirement 4. Compute the foxed overhead budget variance and the fixed overhead volume variance. (Enter the variances as 71 positive numbers. Label the variances as favorable (F) or unfavorable (U). Abbreviations used. MOH = Manufacturing overhead) 04 11 Determine the formula for the fixed overhead budget variance, then compute the budget variance for fixed overhead Fixed MOH 044 Actual fixed overhead Budgeted fixed overhead = budget variance 11: F 0 00 00 04) 113 Determine the formula for the fixed overhead volume variance, then compute the volume variance for fixed overhead Fixed MOH 04/ 113 Std fixed overhead cost allocated to production Budgeted fixed overhead volume variance U Choose from any list or enter any number in the input fields and then continue to the next question Conquistador Clothing manufactures embroidered jackets. The company uses a standard cost systern to control manufacturing costs. The following data represent the standard unit cost of a jacket ! Click the icon to view the cost data) Read the requirements Fixed MOH Std. fixed overhead cost allocated to production Budgeted fixed overhead = volume variance U Requirement 5. Company management intentionally purchased superior materials for November production. How did this decision affect the other cost variances? Overall, was the decision wise? Explain. The favorable price, efficiency, and volume variances more than offset the unfavorable 1 price, rate, an rior materials purchased for the November production decreased 1 materials and efficiency, budget, and fixed volume unwise quantity, efficiency, and budget 04 Requirement the assignment of direct labor, including the related variances 113 (Record debits quantity, price, and rate any journal entries.) First journalize price, efficiency, and volume e related variance Choose from any list or enter any number in the input fields and then continue to the next question Conquistador Clothing manufactures embroidered jackets. The company uses a standard cost system to control manufacturing costs. The following data represent the standard unit cost of a jacket (Click the icon to view the cost data) Read the requirements Fixed MOH Std. fixed overhead cost allocated to production Budgeted fixed overhead = volume variance U 1: Requirement 5. Company management intentionally purchased superior materials for November production. How did this decision affect the other cost variances? Overall, was the decision wise? Explain 04/ 11 The favorable price, efficiency, and volume variances more than offset the unfavorable price, rate, and fixed volume variances. If the superior materials purchased for the November production decreased 's decision was unwise efficiency, budget, and fixed volume 04 t materials and the assignment of direct labor, including the related variances price, rate, and fixed volume lanations from any Journal entries) price, rate, and quantity is, including the related variance quantity, rate, and budget the input fields and then continue to the next question wiew the cost data.) Fixed MOH d cost allocated to production Budgeted fixed overhead = volume variance II U mpany management intentionally purchased superior materials for November production. How did this her cost variances? Overall, was the decision wise? Explain. -, efficiency, and volume variances more than offset the unfavorable ed volume variances. If the superior materials purchased for the November production decreased usage, then management's decision was unwise. meiten urnalize the usage of direct materials and then credits. Exclude explanations from a f direct labor, including the related variances. unwise e purchase of direct materials, including the wise list or enter any number in the input fields and then continue to the next