Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity 11 sq ft Standard Unit Cost 8.03 0.25 hr. Standard Price (Rate) $ 0.73 per sq.ft $ 10.40 per hr $ 2.00 per hr Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $326,880 + 908,000 units) 2.60 0.25 hr. 0.50 0.36 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 Nimber of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,020,000 11,300,000 7.910,000 300,000 3335.400 630,000 363.000 * Required: Calculate Parker Plastic's direct materials price and quantity variances (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance).) Answer is complete but not entirely correct. Return to 0.25 hr. $ 2.00 per hr. 0.50 labor hours) Fixed manufacturing overhead $326,880 + 908,000 units) 0.36 Parker Plastic had the following actual results for the past year: 3 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 1,020,000 11,300,000 7.910,000 306,000 3335.400 630,000 363.000 Required: Calculate Parker Plastic's direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable and "None" for no effect (i.e., zero variance).) Answer is complete but not entirely correct. $ Direct Material Price Variance Direct Material Quantity Variance 153,000 F (102,000) U $ Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: K 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 $ 2.80 per l6. $8.00 per hour $ 2.60 per 6. 1,020,000 lbs 21,000 1,265.000 fes. 15.000 1,050,000 fos $6,000 F nces Required: 1. Calculate the total cost of purchases for October 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. 4. Compute the standard direct labor rate for October 5. Compute the direct labor efficiency variance for October Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 and 3 Reg 4 Reqs Calculate the total cost of purchases for October Total Purchases Ros2 and 2) Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance 1,265,000 lbs. 15,000 1,050,000 lbs. $6,000 F Required: 1. Calculate the total cost of purchases for October. 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. 4. Compute the standard direct labor rate for October 5. Compute the direct labor efficiency variance for October. Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Reg 4 Reg 5 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. (Indicate the effect of each v "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance).) 2 Direct Materials Price Variance 3. Material Quantity Variance Actual direct labor hours Actual quantity used in October Direct labor rate variance 1,050,000 lbs. $6,000 F Required: 1. Calculate the total cost of purchases for October 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. 4. Compute the standard direct labor rate for October 5. Compute the direct labor efficiency variance for October Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Rita 4 Reg 5 Compute the standard direct labor rate for October. (Round your answer to 2 decimal places.) Standard Direct Labor Rate 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 1,020,000 ft 21,000 1,265,000 ff. 15,000 1,050,000 lbs. 36,000 Required: 1. Calculate the total cost of purchases for October 2. Compute the direct materials price variance based on quantity purchased. 3. Calculate the direct materials quantity variance based on quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October Complete this question by entering your answers in the tabs below. Reg 1 Req 2 and 3 Reg 4 Regs Compute the direct labor efficiency variance for October (Round your intermediate calculation to 2 decir the effect of each variance by selecting "F" for favorable, or for unfavorable, and "None" for no effect Direct Labor Efficiency Variance
