LO 5 points E9-15 (Algo) Determining Actual Costs, Standard Costs, and Variances (LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October 13.30 per pound $8.50 per hour $ 3.10 per pound 1,070,000 pounds 21,000 1,415,000 pounds 20,000 1,100,000 pounds $6,600 F 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Req 5 Calculate the total cost of purchases for October, Total Purchases $4,069.500 3 LO 5 points E9-15 (Algo) Determining Actual Costs, Standard Costs, and Variances (LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price. Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October $ 3.30 per pound $8.50 per hour $ 3.10 per pound 1,070,000 pounds 21,000 1,415,000 pounds 20,000 1,100,000 pounds $6,600 F 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October 5. Compute the direct labor efficiency variance for October Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 and 3 Req 4 Req 5 2. Compute the direct materials price variance based on the actual quantity purchased. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero variance). 3. Calculate the direct materials quantity variance based on the actual quantity used. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie., zero variance) 2. Direct Materials Price Variance 3. Material Quantity Variance (4.366.496) (93,000) Show less A 5 3 points t E9-15 (Algo) Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. $ 3.30 per pound $ 8.50 per hour $ 3.10 per pound 1,070,000 pounds 21,000 1,415,000 pounds 20,000 1,100,000 pounds $6,600 F 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October 5. Compute the direct labor efficiency variance for October. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Req 4 Req 5 Compute the standard direct labor rate for October. Note: Round your answer to 2 decimal places. Standard Direct Labor Rate: $ 6.60 5 3 points E9-15 (Algo) Determining Actual Costs, Standard Costs, and Variances [LO 9-3, 9-4] Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate. Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. $ 3.30 per pound $ 8.50 per hour $ 3.10 per pound 1,070,000 pounds 21,000 1,415,000 pounds 20,000 1,100,000 pounds $6,600 P 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October 5. Compute the direct labor efficiency variance for October Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Red 4 Req 5 Compute the direct labor efficiency variance for October. Note: Round your intermediate calculation to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero variance). Direct Labor Efficiency Variance -111000