Question
Too-Jay Enterprises recently experienced a fire, forcing the company to use incomplete information to analyze operations. Consider the following data and assume that all materials
Too-Jay Enterprises recently experienced a fire, forcing the company to use incomplete information to analyze operations. Consider the following data and assume that all materials purchased during the period were used in production: Direct materials: Standard price per pound: $10 Actual price per pound: $9 Price variance: $14,400F Total of direct-material variances: $3,000F Direct labor: Actual hours worked: 40,000 Actual rate per hour: $15 Efficiency variance: $28,000F Total of direct-labor variances: $12,000U Halo completed 10,000 units. Required: 1. Determine the actual materials used. 2. Determine the direct-material quantity variance. (Indicate the effect of direct-material quantity variance by selecting "F" or "U". Select "None" and enter "0" for no effect (i.e., zero variance).) 3. Determine the direct-labor rate variance. (Indicate the effect of direct-labor rate variance by selecting "F" or "U". Select "None" and enter "0" for no effect (i.e., zero variance).) 4. Determine the standard labor rate per hour. 5. Determine the standard labor time per finished unit. (Round your answers to 1 decimal place.)
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