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Chapter 23 Homework (Application) eBook Show Me How Direct Materials and Direct Labor Variance Analysis ? Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 50 employees. Each employee presently provides 35 hours of labor per week. Information about a production week is as follows: Standard wage per hour $12.00 Standard labor time per unit 20 min. Standard number of Ibs. of brass 1.9 lbs. Standard price per lb. of brass $12.25 Actual price per lb. of brass $12.50 Actual Ibs. of brass used during the week 11,742 lbs. Number of units produced during the week 6,000 Actual wage per hour $12.36 Actual hours for the week (50 employees * 35 hours) 1,750 Required a. Determine the standard cost per unit for direct materials and direct labor, Round the cost per unit to two decimal places. Direct materials standard cost per unit 23.28 Direct labor standard cost per unit Total standard cost per unit 27.28 b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Materials Price Variance 2,936 Unfavorable v Direct Materials Quantity Variance 4,190 Unfavorable v Total Direct Materials Cost Variance Unfavorable v c. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Round your answers to the nearest whole dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Direct Labor Rate Variance 630 Unfavorable v Direct Labor Time Variance 3,000 Favorable v Total Direct Labor Cost Variance -2,370 Favorable v Feedback Check My Work Unfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit). Check My Work Previous Next Assignment Score: 90.26% All work saved Save and Exit Submit Assignment for GradingChapter 23 Homework (Application) eBook Analyze Valley Hospital's admissions time variance Valley Hospital began using standards to evaluate its Admissions Department. The standard was broken into two types of admissions as follows: Standard Time to Type of Complete Admission Admission Record Unscheduled 30 min. Scheduled 20 min. The unscheduled admission took longer because name, address, and insurance information needed to be determined and verified at the time of admission. Information was collected on scheduled admissions prior to admitting the patient, thus requiring less time in admissions. The Admissions Department employs four full-time people for 40 hours per week at $12 per hour. For the most recent week, the department handled 184 unscheduled and 240 scheduled admissions. a. How much was actually spent on labor for the week? 1,920 V b. What are the standard hours for the actual volume of work for the week? (Round to the nearest whole hour.) 172 \\ hours c. Compute the direct labor time variance, and report how well the department performed for the week. In your computation, round the standard direct labor rate to the nearest whole cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Time variance Favorable v d. Which of the following factors may cause a favorable direct labor time variance for the Admissions Department? All of the above. v Feedback Check My Work Unfavorable variances can be thought of as increasing costs (a debit). Favorable variances can be thought of as decreasing costs (a credit). Is this favorable or unfavorable? Consider factors affecting labor performance. Check My Work Previous Next Assignment Score: 90.26% All work saved Save and Exit Submit Assignment for GradingChapter 23 Homework (Application) eBook Show Me How Standard Product Cost, Direct Materials Variance Condiments Company uses standards to control its materials costs. Assume that a batch of ketchup (2,300 pounds) has the following standards: Standard Quantity Standard Price Whole tomatoes 3,800 lbs. $0.40 per lb. Vinegar 210 gal. 2.40 per gal. Corn syrup 18 gal. 8.90 per gal. Salt 84 lbs. 2.20 per lb. The actual materials in a batch may vary from the standard due to tomato characteristics. Assume that the actual quantities of materials for batch 08-99 were as follows: 4,000 Ibs. of tomatoes 202 gal. of vinegar 19 gal. of corn syrup 83 Ibs. of salt a. Determine the standard unit materials cost per pound for a standard batch. If required, round amounts to the nearest cent. Standard Cost Ingredient per Batch Whole tomatoes $ Vinegar Corn syrup Salt Tota Standard unit materials cost per pound b. Determine the direct materi Is quantity variance for batch 08-99. If required, round amounts to the nearest cent. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Materials Quantity Ingredient Variance Favorable/Unfavorable Whole tomatoes Vinegar Corn syrup Salt Total direct materials quantity variance Check My Work Previous Next Assignment Score: 90.26% All work saved Save and Exit Submit Assignment for Grading