Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please make sure all the numbers are right. Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards

please make sure all the numbers are right. image text in transcribed
image text in transcribed
image text in transcribed
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 Quantity or Standard Price St Cost Direct materials Direct labor 6.88 pounds 2.38 per pound$13.88 .5e hours $10.00 per hour $5.00 During the most recent month, the following activity was recorded: a. 11,00000 pounds of material were purchased at a cost of $2.10 per pound b. All of the material purchased was used to produce 1,500 units of Zoom. C. 500 hours of direct labor time were recorded at a total labor cost of $6,500. Required: 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. (For all requirements, 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.) 1. Materials price variance Materials quantity variance Prev 1 of 4 Next> ^ arch acer 1 a. 11,000.00 pounds of material were purchased at a cost of $210 per pound. b. All of the material purchased was used to produce 1,500 units of Zoom. c 500 hours of direct labor time were recorded at a total labor cost of $6,500. Required: 1. Compute the materials price and quantity variances for the month. 2 Compute the labor rate and efficiency variances for the month. (For all requirements, Indicate the effect of each variance by selecting "F effect (i.e., zero variance). Input all amounts as positive values.) for favorable, "U" for unfavorable, and "None" for no Materials price variance Materials quantity variance 2. Labor rate variance Labor efficiency variance Prev 10f 4 Next > acer Che The auto repair shop of Quality Motor Company uses standards to control the labor time and labor cost in the shop. The standard labor cost for a motor tune-up is given below Standard Rate Standard Cost Motor tune-up 1.90 $6.60 $12.54 The record showing the time spent in the shop last week on motor tune-ups has been misplaced. However, the shop supervisor recalls that 200 tune-ups were completed during the week, and the controller recalls the following variance data relating to tune-ups: Labor rate variance Labor spending variance 918 $ 60 F Required: 1. Determine the number of actual labor-hours spent on tune-ups during the week. 2 Determine the actual hourly rate of pay for tune-ups last week. (Round your answer to 2 decimal places.) 1 Actual labor hours 2 Actual hourly rate hours per hour rch acer

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

Fundamental Financial Accounting Concepts

Authors: J.K.

7th Edition

B003NPRW7I

More Books

Students also viewed these Accounting questions

Question

Relational Contexts in Organizations

Answered: 1 week ago