Lucia Company has set the following standard cost per unit for direct materials and direct labor....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds $4 per pound) Direct labor (3 hours @ $15 per hour) $ 60 45 During May the company incurred the following actual costs to produce 9,000 units. Direct materials (138,000 pounds @ $3.75 per pound) Direct labor (31,000 hours @ $15.10 per hour) AR Actual Rate SR Standard Rate AQ Actual Quantity SQ = Standard Quantity AP SP Actual Price Standard Price AH Actual Hours SH Standard Hours $ 517,500 468,100 (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost AQ X AP AQ X SP X X $ 0 $ 0 0 $ [0 Standard Cost SQ X SP X Required 1 Required 2 > Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (15 pounds $4 per pound) Direct labor (3 hours @ $15 per hour) $ 60 45 During May the company incurred the following actual costs to produce 9,000 units. Direct materials (138,000 pounds @ $3.75 per pound) Direct labor (31,000 hours @ $15.10 per hour) AR Actual Rate SR Standard Rate AQ Actual Quantity SQ = Standard Quantity AP SP Actual Price Standard Price AH Actual Hours SH Standard Hours $ 517,500 468,100 (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Actual Cost AQ X AP AQ X SP X X $ 0 $ 0 0 $ [0 Standard Cost SQ X SP X Required 1 Required 2 >
Expert Answer:
Answer rating: 100% (QA)
Answer To compute the direct materials price and quantity variances we c... View the full answer
Posted Date:
Students also viewed these accounting questions
-
How and what human values are affected by Autonomous Robots our society ?
-
Consider the case of Kuhn Co . Kuhn Co . is considering a new project that will require an initial investment of $ 4 million. It has a target capital structure of 4 5 % debt, 4 % preferred stock, and...
-
During the first and second session we have been looking at companies' ratios. In this assignment you will perform a screening analysis among a group of stocks and using specific company ratios as...
-
Four wooden beams, each of length 2a, are nailed together at their midpoints to form the support system shown. Assuming that only vertical forces are exerted at the connections, determine the...
-
What difference does it make whether the dollar or the local currency is the "functional currency" when it comes to the accounting treatment of currency translations gains or losses?
-
From the interest tables in Appendix A, determine the values of the following factors by interpolation and compare your results with those obtained from evaluating the A/P and P/A interest formulas....
-
Big John Oil Company purchased 100 barrels of oil from JD Operator. The gross value of the oil was $5,000. The severance tax rate was 4%. Give the entry to record revenue for JD, assuming Big John...
-
The following information concerns production in the Forging Department for June.The Forging Department uses the average cost method. a. Determine the cost per equivalent unit.b. Determine the cost...
-
HOW DO I POST A BANK DEPOSIT IN SAGE 50. THE BANK DEPOSITED 2000 FOR A LOAN
-
Discuss TWO (2) differences between managerial accounting and financial accounting. Provide examples for each. (10pts)
-
Which of the following would not be considered a motivation to commit fraud? a. Personal financial problems b. Stock compensation programs c. Poor internal controls d. Tight debt covenants
-
Define vibrations. How they are caused?
-
What assurance is provided by the BetterWeb Seal introduced by Pricewaterhouse Coopers? Who benefits from the service? Who pays for the service?
-
What is an audit? What are the essential elements of an audit?
-
Define logarithmic decrement. What is its significance?
-
[ The following information applies to the questions displayed below. ] DES Company manufactures folding chairs. Direct materials include hard plastic for the seat and back and metal beams for the...
-
Hardin Services Co. experienced the following events in 2016: 1. Provided services on account. 2. Collected cash for accounts receivable. 3. Attempted to collect an account and, when unsuccessful,...
-
a) Calculate the absolute difference and relative difference from this data. Sales Food Beverage Total Absolute Relative Year 1 Year 2 difference difference % 678,950 787,582 378,450 280,053...
-
What is the cash operating cycle and how is it calculated?
-
What are the key elements of working capital?
Study smarter with the SolutionInn App