Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Krystal Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket (Click the icon to view the standards.) Actual results

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Krystal Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket (Click the icon to view the standards.) Actual results from last month's production of 1,700 blankets are as follows: PH(Click the icon to view the actual results.) Read the requirements Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cont.) The standard direct material cost for one blanket is $ 0 Data Table Direct materials (fabric) Direct labor ....... .2.0 yards per blanket at $10,50 per yard ............. 2.5 direct labor hours per blanket at $15.00 per hour Print Done W MO) Actual results from last month's production of 1,700 blankets are as follows: Data Tables pswer to the $ Actual cost of 4,080 yards of direct material (fabric) purchased... Actual yards of direct material (fabric) used Actual wages for 4,400 hours worked 39,576 3,680 62,920 $ Print Done Requirements 1. What is the standard direct material cost for one blanket? 2. What is the actual cost per yard of fabric purchased? 3. Calculate the direct material price and quantity variances. 4. What is the standard direct labor cost for one blanket? 5. What is the actual direct labor cost per hour? 6. Calculate the direct labor rate and efficiency variances. 7. Analyze each variance and speculate as to what may have caused that variance. 8. Look at all four variances together (the big picture). How might they all be related? What variance is very likely to have caused the other variances? Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Assurance Services And Forensics A Comprehensive Approach

Authors: Felix I. Lessambo

1st Edition

3319905201, 9783319905204

More Books

Students also viewed these Accounting questions

Question

Discuss the various types of policies ?

Answered: 1 week ago

Question

Briefly explain the various types of leadership ?

Answered: 1 week ago

Question

Explain the need for and importance of co-ordination?

Answered: 1 week ago

Question

Explain the contribution of Peter F. Drucker to Management .

Answered: 1 week ago

Question

Does it use a maximum of two typefaces or fonts?

Answered: 1 week ago