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Springsteen Company manufactures guitars. The company uses a standard, job-order cost- accounting system in two production departments. In the Construction Department, the wooden guitars are built by highly skilled craftsmen and coated with several layers of lacquer. Then the units are transferred to the Finishing Department, where the bridge of the guitar is attached and the strings are installed. The guitars also are tuned and inspected in the Finishing Department. The diagram below depicts the production process Construction Department Finishing Department (Basic guitar built from veneered wood.) (Bridge and strings attached; guitar tuned and inspected.) Each finished guitar contains seven pounds of veneered wood. In addition, one pound of wood is typically wasted in the production process. The veneered wood used in the guitars has a standard price of $12 per pound. The other parts needed to complete each guitar, such as the bridge and strings, cost $15 per guitar. The labor standards for Springsteen's two production departments are as follows: Construction Department: 6 hours of direct labor at $20 per hour Finishing Department: 3 hours of direct labor at $15 per hour The following pertains to the month of July 1. There were no beginning or ending work-in-process inventories in either production department 2. There was no beginning finished-goods inventory. 3. Actual production was 500 guitars, and 300 guitars were sold on account for $400 each. 4. The company purchased 6,000 pounds of veneered wood at a price of $12.50 per pound. 5. Actual usage of veneered wood was 4,500 pounds of the wood purchased during July 6. Enough parts (bridges and strings) to finish 600 guitars were purchased at a cost of $9,000. 7. The Construction Department used 2,850 direct labor hours. The total direct-labor cost in the Construction Department was $54,150. 8. The Finishing Department used 1,570 direct-labor hours. The total direct-labor cost in that department was $25,120. 9. There were no direct-material variances in the Finishing Department. Springsteen Company Standard Cost Schedule: Direct Material Construction Department Finishing Department set(s) Standard quantity Direct material and parts in finished product: Veneered wood Bridge and strings Allowance for normal waste Total standard quantity per guitar set(s) 6 Standard price: Direct material and parts Veneered wood Bridge and strings per ib. 20 21 per set 23 set() Ibs perib per guitar guitars Standard direct-material cos Standard quantity Standard price Standard cos per guitar Actual output in July Total standard cost of direct material in July per set per guitar guitars 26 28 29 30 Standard Cost Schedule: Direct Labor Construction Department Finishing Department Standard directabor cost Standard quantity Standard rate guitars guitars Standard cost per guitar Actual output in July Total standard cost of direct labor In July 2. (a) Construction Department DIRECT-MATERIAL PRICE AND QUANTITY VARIANCES Actual Material Cost Actual > Actual Quantity Price Actual Quantity Standard Price Standard Material Cost Standard Standard Quantity Price pounds per per per pounds used pounds allowed und pound pound pound Direct-material variance DIRECT- MATERIAL PURCHASE PRICE VARIANCE Actual Material Cost Actual Actual Quantity Price Quantity Standard Price pounds X per pounds per purchased pound purchased pound DIRECT-LABOR RATE AND EFFICIENCY VARIANCES Actual Labor Cost Actual Actual Hours Rate Actual Hous X Standard Standard Labor Cost Standard Standard Rate Rate hours per hours per hours per hour used hour allowed hour DirecHabor DirecHabor officiency variance rate variance Directlabor variance 2. (b) Finishing Department: DIRECT-LABOR RATE AND EFFICIENCY VARIANCES Actual Labor Cost Actual Actual Standard Labor Cost Standard Standard Actual Standard Rate Hours hours per hours hours per hours per used used hour allowed hour Direchabor DirecHabor efficiency variance mate variance Directabor variance 5. Actual usage ol veneered WOWI WS4.JUU JUS UT W ILL 6. Enough parts (bridges and strines to finish 600 ouitars were nurchased at a cost of $9.000 7. The Construction Departmer X istruction Department was $54.150. 1. Total standard cost of direct material in July, Finishing Dept: $7,500 8. The Finishing Department us ment was $25.120. 9. There were no direct-material variances in the Finishing Department. Required: 1. Prepare a schedule that computes the standard costs of direct material and direct labor in each production department. 2. Prepare three exhibits that compute the July direct-material and direct labor variances in the Construction Department and the July direct-labor variances in the Finishing Department (Refer to Exhibits 10-20 10-3 and 10-49 for guidance.) 3. Prepare a cost variance report for July similar to that shown in Exhibit 10-5 Springsteen Company investigates all variances greater than 55.000 or 5%