Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

plz answer all will thumbs up Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.00 feet of

image text in transcribed

image text in transcribedimage text in transcribed

plz answer all will thumbs up

Perfect Pet Collar Company makes custom leather pet collars. The company expects each collar to require 2.00 feet of leather and predicts leather will cost $3.50 per foot. Suppose Perfect Pet made 50 collars during February. For these 50 collars, the company actually averaged 2.30 feet of leather per collar and paid $3.00 per foot. Required: 1. Calculate the standard direct materials cost per unit. 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 6. Calculate the direct materials price and quantity variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Reg 6 Calculate the standard direct materials cost per unit. (Round your answer to 2 decimal places.) Standard Direct Materials per Collar Req1 Req 2 and 3 > 2. Without performing any calculations, determine whether the direct materials price variance will be favorable or unfavorable. 3. Without performing any calculations, determine whether the direct materials quantity variance will be favorable or unfavorable. 2. WIN Direct Material Price Variance Direct Material Quantity Variance 3. Calculate the direct materials price and quantity variances. (Round your intermediate calculations and final answers to 2 decimal places. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Direct Material Price Variance Direct Material Quantity Variance

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

More Books

Students also viewed these Accounting questions

Question

=+1. What does the meditator experience during meditation?

Answered: 1 week ago

Question

Why is it important to match sources and methods of recruitment?

Answered: 1 week ago