Principles of Accounting II, ACCT 2102 D, Spring 2020 Quiz: Chapter 11 Quiz This Question: 1 pt Actual Results Earthern Ware is a manufacturer of large flower pots for urban setings. The company has these standards Click the icon to view the standards.) (Click the loon to view the actual results) Requirements 1. Compute the direct material price variance and the direct mater quality variance 2. Who is generally responsible for each variance? 3. Interpret the variances A Standards Dite material sin). 15 pounds per pot at a cost of $0.00 Earthern Ware allocated fixed manufacturing overhead to production based on standard direct labor hours last month, the company reported the following actual results for the production of 1,600 flower pots: Direct materials .... Purchased 24,820 pounds at a cost of $6.20 per pound; used 24.320 pounds to produce 1,600 pots Direct labor Worked 43 hours per flower pot (6.880 total DLH) at a cost of $19.00 per hour Actual manufacturing overhead $6.30 per direct labor hour for total actual variable manufacturing overhead of $43,344 Actual found manufacturing overhead 567.900 Standard foxed manufacturing overhead alocated based on actual production $70.400 per pound 40 hours at a cost of $20.00 per hour Direct labore Standard variable manufacturing overhead rate Budgeted foed manufacturing overhead Standard Gd MOH cute..... $6.00 per direct labor hour $68.400 $11.00 per direct labor hour (DLH) Print Done Print Dore fals price variance means that the actus pro Ceramics Ele's personnel paid for rent als quality variance means that Ceramios e employees used reshthan they should have to produce 1.000 pot Choose from any list or enter any number in the input fields and then continue to the next question Earther Ware in a manufacturer of large flower pots for urban settings. The company has these andards: FR Click the icon to view the standards.) Click the icon to view the actual results) Requirements 1. Compute the direct material price range and the direct material quantly variance 2. Who is generally responsible for each wrance? 3. Interpret the variances dance amount Requirement 1. Compute the direct material price variance and the direct material quantity wariance the variances as positive numbers. Enter currency amounts in the formule to the nearest constand en round the final to the nearest whole dolar. Label the variance forble (F) or un a ble (U. Abbreviations we OM Director) First determine the formula for the price range, then compute the price variance for direct materials 1) DM price variance Determine the formula for the quantity variance, the compute the quantity wariance for direct material quantita nce department is responsible for the Requirement 2. Who is generally responsible for each wariance The department is responsible for the price variance. The Requirement pret the variances The materias prie variance means that the actual price Ceramics Ex The materials ar e means that Ceramiche's employe personnel paid for the standard budgeted price for resin r than they would have to produce 1.600 pots Choose from any store any number in the routes and en continue to render Save for at
