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Required Information [The following information applies to the questions displayed below) Springsteen Company manufactures guitars. The company uses a standard. job-order cost-accounting system in two production departments. In the Construction Department, the wooden guitars are built by highly skilled craftsmen and coated with several layers of lacquer. Then the units are transferred to the Finishing Department, where the bridge of the guitar is attached and the strings are installed. The guitars also are tuned and inspected in the Finishing Department. The diagram below depicts the production process Construction Department Finishing Department (Basic guitar built from veneered wood) (Bridge and strings attached guitar tuned and inspected) Each finished guitar contains seven pounds of veneered wood. In addition, one pound of wood is typically wasted in the production process. The veneered wood used in the guitars has a standard price of $11 per pound. The other parts needed to complete each guitar, such as the bridge and strings, cost $14 per guitar. The labor standards for Springsteen's two production departments are as follows: Construction Department 5 hours of direct labor at $21 per hour Finishing Department 2 hours of direct labor at $14 per hour The following pertains to the month of July. 1. There were no beginning or ending work-in-process inventories in either production department 2. There was no beginning finished-goods inventory. 3. Actual production was 650 guitars, and 450 guitars were sold on account for $475 each. 4. The company purchased 7,500 pounds of veneered wood at a price of $11.50 per pound. 5. Actual usage of veneered wood was 6,000 pounds of the wood purchased during July. 6. Enough parts (bridges and strings) to finish 750 guitars were purchased at a cost of $9,150. 7. The Construction Department used 3,100 direct-labor hours. The total direct labor cost in the Construction Department was $62,000. 8. The Finishing Department used 1,360 direct-labor hours. The total direct-labor cost in that department was $20.400. 9. There were no direct-material variances in the Finishing Department. 2. Complete the table below that compute the July direct-material and direct labor variances in the Construction Department and the July direct labor variances in the Finishing Department. (Refer to Exhibit 10-2. Exhibit 10-3 and Exhibit 10-4 for guidance.) Reg 2A Reg 28 Reg 20 Reg 20 Complete the table below that compute the July direct material price and quantity variance in the Construction Department. (Indicate the effect of each vari "Favorable" or "Unfavorable". Select "None" and enter "o" for no effect (ie, zero variance). Round "Actual Price" and "Standard Price" to 2 decimal places.) Direct Material Price and Quantity Variances Actual Material Cost Projected Material Cost Standard Material Cost Actual Actual Price Standard Actual Quantity Quantity Standard Price Standard Quantity Price pounds used per pound pounds used per pound pounds allowed per pound Direct material price variance Direct-material quantity variance Direct-material variance Req 2A Reg 2B Req 2C Req 2D Complete the table below that compute the July direct material purchase price variance in the Construction Depa the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "o" for no effect (i. variance). Round "Actual Price" and "Standard Price to 2 decimal places.) Direct-Material Purchase Price Variance Actual Material Cost Projected Material Cost Actual Actual Quantity Actual Quantity Price Standard Price pounds purchased per pound pounds purchased per pound Direct-material purchase price variance Complete the table below that compute the July direct labor rate and efficiency variances in the Construction Department. (Indicate the effect of each "Favorable" or "Unfavorable". Select "None" and enter "o" for no effect (i.e., zero variance). Round "Actual Rate" and "Standard Rate" to 2 decimal pla Actual Labor Cost Actual Hours Actual Rate Direct-Labor Rate and Efficiency Variances Projected Labor Cost Actual Hours Standard Rate Standard Labor Cost Standard Hours Standard Rate x hours used per hour hours used per hour hours allowed per hour Direcl labor rale variance Direct labor efficiency variance Direct-abor variance Complete the table below that compute the July direct-labor rate and efficiency variances in the Finishing Department. (Indicate the effect of each "Unfavorable". Select "None" and enter "o" for no effect (.e., zero variance). Round "Actual Rate" and "Standard Rate" to 2 decimal places.) Direct-Labor Rate and Efficiency Variances Projected Labor Cost Actual Labor Cost Standard Labor Cost Standard Standard Hours Rate Actual Rate Actual Hours Actual Hours Standard Rate X hours used per hour hours used per hour hours allowed per hour Direct labor rate variance Direct-labor efficiency variance Direct labor variance Direct Material Particulars Construction Department Finishing Department Standard direct-material cost Standard quantity 8 lbs 1 set Standard price 11 14 Standard cost per guitar 88 per guitar 14 per guitar Actual output in July 1650 guitars 650 guitars Total standard cost of direct material in Jul 57200 9100 per lb per set Direct Labor Construction Department Finishing Department hrs hrs Particulars Standard direct labor cost Standard quantity Standard price Standard cost per guitar Actual output in July Total standard cost of direct labor in Jul per hour 15 21 105 1650 68250 per hour per guitar guitars 2 14 28 per guitar 650 guitars 18200 Required Information [The following information applies to the questions displayed below) Springsteen Company manufactures guitars. The company uses a standard. job-order cost-accounting system in two production departments. In the Construction Department, the wooden guitars are built by highly skilled craftsmen and coated with several layers of lacquer. Then the units are transferred to the Finishing Department, where the bridge of the guitar is attached and the strings are installed. The guitars also are tuned and inspected in the Finishing Department. The diagram below depicts the production process Construction Department Finishing Department (Basic guitar built from veneered wood) (Bridge and strings attached guitar tuned and inspected) Each finished guitar contains seven pounds of veneered wood. In addition, one pound of wood is typically wasted in the production process. The veneered wood used in the guitars has a standard price of $11 per pound. The other parts needed to complete each guitar, such as the bridge and strings, cost $14 per guitar. The labor standards for Springsteen's two production departments are as follows: Construction Department 5 hours of direct labor at $21 per hour Finishing Department 2 hours of direct labor at $14 per hour The following pertains to the month of July. 1. There were no beginning or ending work-in-process inventories in either production department 2. There was no beginning finished-goods inventory. 3. Actual production was 650 guitars, and 450 guitars were sold on account for $475 each. 4. The company purchased 7,500 pounds of veneered wood at a price of $11.50 per pound. 5. Actual usage of veneered wood was 6,000 pounds of the wood purchased during July. 6. Enough parts (bridges and strings) to finish 750 guitars were purchased at a cost of $9,150. 7. The Construction Department used 3,100 direct-labor hours. The total direct labor cost in the Construction Department was $62,000. 8. The Finishing Department used 1,360 direct-labor hours. The total direct-labor cost in that department was $20.400. 9. There were no direct-material variances in the Finishing Department. 2. Complete the table below that compute the July direct-material and direct labor variances in the Construction Department and the July direct labor variances in the Finishing Department. (Refer to Exhibit 10-2. Exhibit 10-3 and Exhibit 10-4 for guidance.) Reg 2A Reg 28 Reg 20 Reg 20 Complete the table below that compute the July direct material price and quantity variance in the Construction Department. (Indicate the effect of each vari "Favorable" or "Unfavorable". Select "None" and enter "o" for no effect (ie, zero variance). Round "Actual Price" and "Standard Price" to 2 decimal places.) Direct Material Price and Quantity Variances Actual Material Cost Projected Material Cost Standard Material Cost Actual Actual Price Standard Actual Quantity Quantity Standard Price Standard Quantity Price pounds used per pound pounds used per pound pounds allowed per pound Direct material price variance Direct-material quantity variance Direct-material variance Req 2A Reg 2B Req 2C Req 2D Complete the table below that compute the July direct material purchase price variance in the Construction Depa the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "o" for no effect (i. variance). Round "Actual Price" and "Standard Price to 2 decimal places.) Direct-Material Purchase Price Variance Actual Material Cost Projected Material Cost Actual Actual Quantity Actual Quantity Price Standard Price pounds purchased per pound pounds purchased per pound Direct-material purchase price variance Complete the table below that compute the July direct labor rate and efficiency variances in the Construction Department. (Indicate the effect of each "Favorable" or "Unfavorable". Select "None" and enter "o" for no effect (i.e., zero variance). Round "Actual Rate" and "Standard Rate" to 2 decimal pla Actual Labor Cost Actual Hours Actual Rate Direct-Labor Rate and Efficiency Variances Projected Labor Cost Actual Hours Standard Rate Standard Labor Cost Standard Hours Standard Rate x hours used per hour hours used per hour hours allowed per hour Direcl labor rale variance Direct labor efficiency variance Direct-abor variance Complete the table below that compute the July direct-labor rate and efficiency variances in the Finishing Department. (Indicate the effect of each "Unfavorable". Select "None" and enter "o" for no effect (.e., zero variance). Round "Actual Rate" and "Standard Rate" to 2 decimal places.) Direct-Labor Rate and Efficiency Variances Projected Labor Cost Actual Labor Cost Standard Labor Cost Standard Standard Hours Rate Actual Rate Actual Hours Actual Hours Standard Rate X hours used per hour hours used per hour hours allowed per hour Direct labor rate variance Direct-labor efficiency variance Direct labor variance Direct Material Particulars Construction Department Finishing Department Standard direct-material cost Standard quantity 8 lbs 1 set Standard price 11 14 Standard cost per guitar 88 per guitar 14 per guitar Actual output in July 1650 guitars 650 guitars Total standard cost of direct material in Jul 57200 9100 per lb per set Direct Labor Construction Department Finishing Department hrs hrs Particulars Standard direct labor cost Standard quantity Standard price Standard cost per guitar Actual output in July Total standard cost of direct labor in Jul per hour 15 21 105 1650 68250 per hour per guitar guitars 2 14 28 per guitar 650 guitars 18200