Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please complete requirements 1-8 ( it is one question) thank you Dazzle Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
please complete requirements 1-8 ( it is one question) thank you
Dazzle Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket: Click the icon to view the standards.) Actual results from last month's production of 2,400 blankets are as follows: Click the icon to view the actual results.) Read the requirements - X Data Table Direct materials (fabric). 2.0 yards per blanket at $7.00 per yard .....0.5 direct labor hours per blanket at $19.00 per hour Direct labor Actual cost of 6,240 yards of direct material (fabric) purchased... $ 40,560 Actual yards of direct material (fabric) used 5,540 Actual wages for 1,350 hours worked... $ 24,840 Requirements 1. What is the standard direct material cost for one blanket? 2. What is the actual cost per yard of fabric purchased? 3. Calculate the direct material price and quantity variances. 4. What is the standard direct labor cost for one blanket? 5. What is the actual direct labor cost per hour? 6. Calculate the direct labor rate and efficiency variances. 7. Analyze each variance and speculate as to what may have caused that variance. 8. Look at all four variances together (the big picture). How might they all be related? What variance is very likely to have caused the other variances

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Global Financial Accounting And Reporting Principles And Analysis

Authors: Walter Aerts, Peter Walton

5th Edition

1473767121, 9781473767126

More Books

Students also viewed these Accounting questions

Question

Different types of Grading?

Answered: 1 week ago

Question

Explain the functions of financial management.

Answered: 1 week ago

Question

HOW MANY TOTAL WORLD WAR?

Answered: 1 week ago

Question

Discuss the scope of financial management.

Answered: 1 week ago