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Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price (
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity Standard Price Rate Standard Unit Cost Direct materials plastic sq ft $ per sq ft $ Direct labor hr $ per hr Variable manufacturing overhead based on direct labor hours hr $ per hr Fixed manufacturing overhead $: units 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 $ Required: Calculate Parker Plastics variable overhead rate and efficiency variances and its over or underapplied variable overhead. Do not round intermediate calculations. Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and "None" for no effect ie zero variance
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:
Standard Quantity Standard Price Rate Standard Unit Cost
Direct materials plastic sq ft $ per sq ft $
Direct labor hr $ per hr
Variable manufacturing overhead based on direct labor hours hr $ per hr
Fixed manufacturing overhead $: units
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 $
Required:
Calculate Parker Plastics variable overhead rate and efficiency variances and its over or underapplied variable overhead. Do not round intermediate calculations. Indicate the effect of each variance by selecting F for favorable, U for unfavorable, and "None" for no effect ie zero variance
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