Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Longman Company manufactures shirts. During June, Longman made 1,000 shirts and gathered the following additional data: (Click on the icon to view the data.)

image text in transcribed

Longman Company manufactures shirts. During June, Longman made 1,000 shirts and gathered the following additional data: (Click on the icon to view the data.) Read the requirements. 7. Calculate the direct materials cost variance. Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U). ) Direct Materials Cost Variance ( Actual Cost 8. C ials efficiency variance. Actual Quantity Sele Standard Cost Standard Quantity ) er the amounts and compute the efficiency variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U). Direct Materials Efficiency Variance 9. Calculate the total direct materials variance and identify whether the variance is favorable or unfavorable. The total direct materials variance is 10. Calculate the direct labor cost variance. Select the formula, then enter the amounts and compute the cost variance for direct labor and identify whether the variance is favorable (F) or unfavorable (U). Direct Labor Cost Variance 11. Calculate the direct labor efficiency variance. Select the formula, then enter the amounts and compute the efficiency variance for direct labor and identify whether the variance is favorable (F) or unfavorable (U). Direct Labor Efficiency Variance 12. Calculate the total direct labor variance and identify whether the variance is favorable or unfavorable. The total direct labor variance is Choose from any list or enter any number in the input fields and then continue to the next question. i Data Table Direct materials cost standard Direct materials efficiency standard Actual amount of fabric purchased and used Actual cost of fabric purchased and used Direct labor cost standard Direct labor efficiency standard Actual amount of direct labor hours Actual cost of direct labor $4.00 per yard of fabric 1.70 yards per shirt 1,600 yards $6,560 $11.00 per DLHr 4.50 DLHr per shirt 4,580 DLHr $49,235 Print Done - X

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

Intermediate Accounting

Authors: Earl K. Stice, James D. Stice

18th edition

538479736, 978-1111534783, 1111534780, 978-0538479738

More Books

Students also viewed these Accounting questions

Question

Using a graphing utility, graph y = cot -1 x.

Answered: 1 week ago

Question

What are its important competencies and capabilities?

Answered: 1 week ago

Question

What are the key elements in the strategic management process?

Answered: 1 week ago