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Please help me with these problems. Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one
Please help me with these problems.
Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours 5.30 pounds 0.50 hours Direct materials Direct labor Standard Price or Rate $ 2.50 per pound $ 5.50 per hour Standard Cost $ 13.25 $ 2.75 During the most recent month, the following activity was recorded: a. Ten thousand two hundred pounds of material were purchased at a cost of $2.40 per pound. b. The company produced only 1,020 units, using 9,180 pounds of material. (The rest of the material purchased remained in raw materials inventory.) C. 610 hours of direct labor time were recorded at a total labor cost of $7,320. Required: Compute the materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (.e., zero variance). Input all amounts positive values. Do not round intermediate calculations.) Materials price variance Materials quantity variance Bandar Industries manufactures sporting equipment. One of the company's products is a football helmet that requires special plastic. During the quarter ending June 30, the company manufactured 3,900 helmets, using 2,769 kilograms of plastic. The plastic cost the company $21,044. According to the standard cost card, each helmet should require 0.64 kilograms of plastic, at a cost of $8.00 per kilogram. Required: 1. What is the standard quantity of kilograms of plastic (SQ) that is allowed to make 3,900 helmets? 2. What is the standard materials cost allowed (SQ - SP) to make 3,900 helmets? 3. What is the materials spending variance? 4. What is the materials price variance and the materials quantity variance? (For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.) 1. Standard quantity of kilograms allowed 2. Standard cost allowed for actual output 3. Materials spending variance 4. Materials price variance 4. Materials quantity variance
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