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ignore first picture i need help on second to fourth picture The auto repair shop of Quality Motor Company uses standards to control the labor
ignore first picture i need help on second to fourth picture
The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below: Standard Hours 3.00 Standard Rate $7.00 Standard Cost 521.00 Motor tune-up The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 250 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups Labor rate variance Labor spending variance S990 $3,0907 Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week, 2. Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.) 1 Actual labor hours Actual hourly rate hours per hour 2 Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below: Plexible Actual Budget $180,000 $180,000 Sales 14,000 pools) Variable expenses Variable cost of goods sold Variable selling expenses Total variable expenses Contribution margin Fixed expenses Manufacturing overhead Selling and administrative Total tixed expenses Net operating Income (ons) 37.720 49,210 15.000 15,000 52.720 64,210 127/280115290 51,000 51,000 66,000 66.000 117,000 117,000 $10.280 (1,210) *Contains direct materials, direct labor, and variable manufacturing overhead. Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been given instructions to get things under control." Upon reviewing the plant's income statement, Ms. Dunn has concluded that the major problem lies in the variable cost of goods sold. She has been provided with the following standard cost per swimming pool Standard Cost Direct materials Direct labor Variable manufacturing overhead Total standard cost per unit Standard Quantity or Hours 3.1 pounds 0.4 hours 0.3 hours Standard Price or Rate $ 2.10 per pound $ 6.10 per hour $ 1.60 per hour $ 6.51 2.44 0.48 $9.43 Based on machine-hours. During June, the plant produced 4.000 pools and incurred the following costs: a. Purchased 17,400 pounds of materials at a cost of $2.55 per pound b. Used 12,200 pounds of materials in production. (Finished goods and work in process inventories are insignificant and can be ignored.) c. Worked 2,200 direct labor-hours at a cost of $5.80 per hour. d. Incurred variable manufacturing overhead cost totaling $3,000 for the month. A total of 1.500 machine-hours was recorded It is the company's policy to close all variances to cost of goods sold on a monthly basis. Required: 1. Compute the following variances for June: a. Materials price and quantity variances. b. Labor rate and efficiency variances Variable overhead rate and efficiency variances. Required 1 Required 2 1a. Compute the following variances for June, materials price and quantity variances 1b. Compute the following variances for June, labor rate and efficiency variances. 1c. Compute the following variances for June, variable overhead rate and efficiency variances. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (le, zero variance). Input all amounts as positive values.) Show less 1a. Material price variance Material quantity variance 1b. Labor rate variance Labor efficiency variance 10. Variable overhead rate variance Variable overhead efficiency variance Required 2 > Required 1 Required 2 Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts as positive values.) Net variante Step by Step Solution
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