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Thus us due later today, can someone answer these for me please? The Ripley Corporation has supplied the following information obtained from its standard cost
Thus us due later today, can someone answer these for me please?
The Ripley Corporation has supplied the following information obtained from its standard cost system in June: Standard price of direct materials Actual price of direct materials Standard direct labor rate Actual direct labor hours in June $ $ $ 6 per pound 5 per pound 9 per hour 9,500 hours The following journal entries were made during June with respect to Ripley's standard cost system: General Journal Work in Process Inventory (at standard cost) Materials Quantity Variance Debit $ 48,00 0 1,200 $ 41,00 0 8,200 Direct Materials Inventory (at actual cost) Materials Price Variance To record the cost of direct materials used in June. Work in Process Inventory (at standard cost) Labor Rate Variance Labor Efficiency Variance Credit $ 81,000 950 4,500 $ 86,45 0 Direct Labor (at actual cost) To record the cost of direct labor charged to production in June. Work in Process Inventory (at standard cost) Overhead Spending Variance Overhead Volume Variance Manufacturing Overhead (at actual cost) To apply overhead to production in June. $ 25,00 0 2,000 $ 5,000 22,000 Instructions a. Determine the actual quantity of materials purchased and used in production during June. b. Determine the standard quantity of materials allowed for the productive output achieved during June. c. Determine the actual average direct labor rate in June. (Round your answer to 2 decimal places.) d. Determine the standard direct labor hours allowed for the production output achieved during June. e. Determine the total overhead costs allowed for the production output achieved during June. f. Prepare a journal entry to record the transfer of all work in process to finished goods at the end of June. (If no en transaction/event, select "No journal entry required" in the first account field.) g. Close all cost variances directly to the Cost of Goods Sold account at the end of June. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Anton Company manufactures wooden magazine stands. An accountant for Anton just completed the variance report fo After printing the report, his computer's hard drive crashed, effectively destroying most of the actual results for the mon accountant remembers is that actual production was 220 stands and that all materials purchased were used in product information is also available: Current Month: Budgeted Amounts Budgeted production: 200 magazine stands Direct materials: Wood Usage Price 3 square feet per stand $ 0.25 per square foot Direct labor: Usage Rate 0.5 hours per stand $ 10 per hour Variable overhead (allocated based on direct labor hours): Rate per labor hour Rate per stand Fixed overhead (allocated based on direct labor hours): Rate per labor hour Rate per stand Current Month: Variances Direct materials price variance Direct materials quantity variance Direct labor rate variance Direct labor efficiency variance Overhead volume variance Overhead spending variance $ 4 $ 2 $ $ 6 3 $ $ $ $ $ 33 Unfavorable -0231 Favorable 550 Unfavorable 60 Favorable 210 Unfavorable Instructions Using the budget for the current month and the variance report, construct the items below. a. What was the actual purchase price per square foot of wood? (Round your answer to 2 decimal places.) b. How many labor hours did it actually take to produce each stand? (Round your answer to 2 decimal places.) c. What was the actual wage rate paid per hour? (Round your answer to 2 decimal places.) d. What was actual total overhead for the monthStep by Step Solution
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