Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Price (Rate) Standard Quantity 12 sq ft. 0.55 hr. $ 0.70 per sg. Standard Unit Cost $ 8.40 5.75 Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $637,000 + 980,000 units) ft. $10.45 per hr. $ 0.95 per hr. 0.55 hr. 0.52 0.65 Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,080,000 12,420,000 $ 8,445,600 589,000 $ 5,919,450 $ 618,450 624,000 Required: Calculate Parker Plastic's fixed overhead spending and volume variances and its over-or underapplied fixed overhead. (Indicate the effect of each variance by selecting "F" for favorable/Overapplied and "U" for unfavorable/underapplied.) Fixed Overhead Spending Variance Fixed Overhead Volume Variance Over- or Underapplied Fixed Overhead For each of the following independent cases, fill in the missing amounts in the table: (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) Case A B Direct Labor Rate Direct Labor Direct Labor Variance Efficiency Variance Spending Variance $ 1,500 $ 2,700 F $ 1,250 F $ 2,000 U 1,750 F $ 3,300 F $ 1,250 Us 4,000 U $ 1,850 F $ 2,700 U 1,400U $ 1,900 U $ D E F $ Halves Manufacturing Company (HMC) bases its fixed overhead rate on practical capacity of 82,000 units per year. Budgeted and actual results for the most recent year follow Budgeted Actual Fixed manufacturing overhead 3 561,700 5 540,000 Number of unite produced 72,000 77.000 Required: 1. Calculate the fixed overhead rate based on practical capacity for HMC. (Round your answer to 2 decimal place.) Fixed Overhead Rate por un 2. Calculate the fixed overhead spending variance for HMC. (Indicate the effect of each variance by selecting *F* for favorable, "U" for unfavorable.) Poed Overhead Spending Variance Calculate the expected (planned) capacity variance for HMC. Indicate the effect of each variance by selecting "F* for favorable. "U" for unfavorable. Round Fixed overhead rate to 2 decimal places.) Expected (Planned) Capacity Variance 4. Calculate the unexpected (unplanned) capacity variance for HMC. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable. Round Fixed overhead rate to 2 decimal places.) Unexpected (Unplanned) Capacity arance Standard Quantity 2.0 lbs. 2.1 hrs. Standard Price Standard Unit (Rate) Cost $ 2.00 per lb. $ 4.00 $ 12.00 per hr. 25.20 2.1 hrs. Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Tixed manufacturing overhead ($225,280 + 88,000 units) $ 1.20 per hr. 2.52 2.56 Barley Hopp had the following actual results last year: Number of units produced and sold Number of pounds of clay used Cost of clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 111,300 120,000 $ 222,000 151,300 $ 647,300 $ 163,300 $ 345,000 Required: Prepare the journal entry to record Barley Hopp's fixed manufacturing overhead costs and related variances for last year. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry workshoot No Transaction 1 No Transaction Recorded General Journal Debit Credit Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost Information follows: Standard Quantity 1.70 lbs. 1.70 hrs. Standard Price Standard Unit (Rate) Cost $ 1.80 per lb. $ 3.06 $ 10.00 per hr. 17.00 Direct materials (clay) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($402,500.00 + 175,000.00 unita) 1.70 hrs. $ 1.10 per hr. 1.87 2.30 Barley Hopp had the following actual results last year. Number of units produced and sold Number of pounds of clay used Cost of clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 180,000 328,200 $ 623,580 225,000 $3,082,500 $ 350,000 $ 400,000 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Barley Hopp. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" forfavorable and "U" for unfavorable.) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Haines Manufacturing Company (HMC) bases its fixed overhead rate on practical capacity of 39,000 units per year. Budgeted and actual results for the most recent year follow Budgeted Acto Pixed manufacturing ovethesd 5955,500 1906,500 Number of units produced 29,000 31,000 Required: 1. Calculate the fixed overhead rate based on practical capacity. (Round your final answer to 2 decimal places.) Ficed Overhead Rate perunt 2. Calculate the fixed overhead spending variance Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) Fred Overhead Spending Variance 3. Calculate the expected (planned capacity variance indicate the effect of each variance by selecting "F* for favorable, "U" for unfavorable.) Expeded (Planned) Capacity Varance Tu 4. Calculate the unexpected funplanned capacity variance indicate the effect of each variance by selecting for favorable. "U" for unfavorable.) Unexpected (Unplanned Capacity Variance 3. Calculate the expected (planned) capacity variance. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.) Expected (Planned) Capacity Variance 4. Calculate the unexpected (unplanned capacity variance. Indicate the effect of each variance by selecting "P* for favorable, "U" for unfavorable.) Unexpected (Unplanned) Capacity Variance 5. Calculate the total over- of underapplied fixed manufacturing overhead. (Indicate the effect of each variance by selecting "F" for favorable/Overapplied and "U" for unfavorable/underapplied.) Fixed Overhead Standard Price (Rate) Standard Unit Cost $ 81.78 $4.7 per sg. Standard Quantity Direct materials 17.4 sq. ft. (fiberglass) Direct labor 10.7 hrs. Variable manufacturing overhead (based on direct 10.7 hrs. labor hours) Tixed manufacturing overhead ($29,000 - 350 units) $ 15 per hr. 160.50 $ 4 per hr. 42.80 82.86 Rip Tide has the following actual results for the month of June. Number of units produced and sold Number of square feet of fiberglass used cost of fiberglass used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 200 4.000 $21,200 2,050 $32,390 $ 7.790 $21.500 Required: 1 & 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. Assume the company purchases raw materials as needed and does not maintain any ending inventories. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations and round your final answers to nearest dollar amount.) View transaction list Journal entry worksheet 1 2 Record the entry for direct materials costs and variances. Note: Enter debits before credits Transaction General Journal Debit Credit $4.7 per sq Standard Quantity Direct materials 17.4 sq. ft. (fiberglass) Direct labor 10.7 hrs. Variable manufacturing overhead (based on direct 10.7 hrs. labor hours) Fixed manufacturing overhead ($29,000 - 350 units) Standard Price Standard Unit (Rate Cost $ 81.78 ft. $ 15 per hr. 160.50 s per hr 42.80 82.86 Rip Tide has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass used Cost of fiberglass used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 200 4.000 $21,200 2,050 $32,390 $ 7.790 $21,500 Required: 1& 2. Prepare the journal entries to record the direct materials, direct labor costs and related variances for Rip Tide. Assume the company purchases raw materials as needed and does not maintain any ending inventories. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations and round your final answers to nearest dollar amount.) View transaction list Journal entry worksheet