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Please help me fill out this question. thanks in advance Waterways Corporation uses very stringent standard costs in evaluating its manufacturing efficiency. These standards are
Please help me fill out this question. thanks in advance
Waterways Corporation uses very stringent standard costs in evaluating its manufacturing efficiency. These standards are not ideal at this point, but the management is working toward that as a goal. At present, the company uses the following standards. Materials Per unit Item Metal 1 lb. Cost 634 per lb. $1.00 per lb. 88 per lb. Plastic 12 oz. Rubber 4 oz. Direct labor Item Per unit Cost Labor 15 min. $8.00 per hr. Predetermined overhead rate based on direct labor hours = $3.84 The January figures for purchasing, production, and labor are: The company purchased 230,000 pounds of raw materials in January at a cost of 79 a pound. Production used 230,000 pounds of raw materials to make 116,000 units in January. Direct labor spent 18 minutes on each product at a cost of $7.90 per hour. Overhead costs for January totaled $45,089 variable and $71,000 fixed. Answer the following questions about standard costs. What is the materials price variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, e.g. 125.) Materials price variance $ e Textbook and Media What is the materials quantity variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, e.g. 125.) Materials quantity variance $ e Textbook and Media What is the total materials variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, e.g. 125.) Total materials variance $ What is the labor price variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, e.g. 125.) Labor price variance $ e Textbook and Media What is the labor quantity variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, e.g. 125.) Labor quantity variance $ e Textbook and Media What is the total labor variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to 0 decimal places, e.g. 125.) Total labor variance $ What is the total overhead variance? (Round per unit calculations to 2 decimal places, e.g. 1.25 and final answer to O decimal places, e.g. 125.) Total overhead variance $ A e Textbook and MediaStep by Step Solution
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