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Please express the answer in these terms Fancy Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has
Please express the answer in these terms
Fancy Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 100 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: Item Amount Standard wage per hr. $21.00 Standard labor time per faucet 20 min. Standard number of lbs. of brass 5 lbs. Standard price per lb. of brass $2.80 Actual price per lb. of brass $2.72 Actual lbs. of brass used during the 59,875 week lbs. Number of faucets produced during the 11,820 week Actual wage per hr. $21.40 Actual hours for the week 4,000 hrs. Instructions Determine (a) the standard cost per unit for direct materials and direct labor; (b) the direct materials price variance, direct materials quantity variance, and total direct materials cost variance; and (c) the direct labor rate variance, direct labor time variance, and total direct labor variance. a. Standard Cost per Unit for DM and DL 21 b. DM Price Variance DM Quantity Variance 4790 Favorable Correct Unfavorable Correct Total DM Cost Variance 2620 Favorable Correct c. DL Rate Variance DL (Time) Efficiency Variance Wrong Wrong Insert the appropriate amount Total DL Cost Variance Wrong Fancy Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 100 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows: Item Amount Standard wage per hr. $21.00 Standard labor time per faucet 20 min. Standard number of lbs. of brass 5 lbs. Standard price per lb. of brass $2.80 Actual price per lb. of brass $2.72 Actual lbs. of brass used during the 59,875 week lbs. Number of faucets produced during the 11,820 week Actual wage per hr. $21.40 Actual hours for the week 4,000 hrs. Instructions Determine (a) the standard cost per unit for direct materials and direct labor; (b) the direct materials price variance, direct materials quantity variance, and total direct materials cost variance; and (c) the direct labor rate variance, direct labor time variance, and total direct labor variance. a. Standard Cost per Unit for DM and DL 21 b. DM Price Variance DM Quantity Variance 4790 Favorable Correct Unfavorable Correct Total DM Cost Variance 2620 Favorable Correct c. DL Rate Variance DL (Time) Efficiency Variance Wrong Wrong Insert the appropriate amount Total DL Cost Variance WrongStep by Step Solution
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