PR 23-1A Direct materials and direct labor variance analysis OBJ. 2,3 Fancy Fixture Company manufactures faucets...

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PR 23-1A Direct materials and direct labor variance analysis OBJ. 2,3 Fancy Fixture Company manufactures faucets in a small manufacturing facility. The fau- cets 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: Instructions Standard wage per hr. Standard labor time per faucet Standard number of lbs. of brass Standard price per lb. of brass Actual price per lb. of brass Actual lbs. of brass used during the week Number of faucets produced during the week Actual wage per hr. Actual hrs. for the week $21.00 20 min. 5 lbs. $2.80 $2.72 59,875 lbs. 11,820 $21.40 4,000 hrs. Determine (a) the standard cost per unit for direct materials and direct labor; (b) the di- rect 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 cost variance. PR 23-3A Direct materials, direct labor, and factory overhead cost variance analysis OBJ. 3, 4 Adamantane Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 15,000 units of product were as follows: Direct materials Direct labor Factory overhead Standard Costs 5,000 lbs. at $50.00 3,000 hrs. at $25.00 Rates per direct labor hr. based on 100% of normal capacity of 3,200 direct labor hrs: Variable cost, $5.50 Fixed cost, $4.00 Each unit requires 0.2 hour of direct labor. Instructions Actual Costs 4,950 lbs. at $50.60 2,945 hrs. at $25.60 $16,680 variable cost $12,800 fixed cost Determine (a) the direct materials price variance, direct materials quantity variance, and total direct materials cost variance; (b) the direct labor rate variance, direct labor time vari- ance, and total direct labor cost variance; and (c) the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance. PR 23-1A Direct materials and direct labor variance analysis OBJ. 2,3 Fancy Fixture Company manufactures faucets in a small manufacturing facility. The fau- cets 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: Instructions Standard wage per hr. Standard labor time per faucet Standard number of lbs. of brass Standard price per lb. of brass Actual price per lb. of brass Actual lbs. of brass used during the week Number of faucets produced during the week Actual wage per hr. Actual hrs. for the week $21.00 20 min. 5 lbs. $2.80 $2.72 59,875 lbs. 11,820 $21.40 4,000 hrs. Determine (a) the standard cost per unit for direct materials and direct labor; (b) the di- rect 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 cost variance. PR 23-3A Direct materials, direct labor, and factory overhead cost variance analysis OBJ. 3, 4 Adamantane Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 15,000 units of product were as follows: Direct materials Direct labor Factory overhead Standard Costs 5,000 lbs. at $50.00 3,000 hrs. at $25.00 Rates per direct labor hr. based on 100% of normal capacity of 3,200 direct labor hrs: Variable cost, $5.50 Fixed cost, $4.00 Each unit requires 0.2 hour of direct labor. Instructions Actual Costs 4,950 lbs. at $50.60 2,945 hrs. at $25.60 $16,680 variable cost $12,800 fixed cost Determine (a) the direct materials price variance, direct materials quantity variance, and total direct materials cost variance; (b) the direct labor rate variance, direct labor time vari- ance, and total direct labor cost variance; and (c) the variable factory overhead controllable variance, fixed factory overhead volume variance, and total factory overhead cost variance.