My UND IUND: UnivertConnect ? https://new connect mheducation.com/flow Appssylla

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My UND IUND: UnivertConnect ? https://new connect mheducation.com/flow Appssyllabus fine arts connect.htmlisRegztrue&returnUr;?https%3A%2F%2Fconnect. heducation.com%2Fpaa web%2Findex.html%23%2Fregistration%2Fs? ? Ch. 10: Homework6 Saved Help Save & Exit Submit 5 Check my work 3 Problem 10-11 Direct Materials and Direct Labor Variances; Computations from Incomplete Data [LO10-1, LO10-2] points Sharp Company manufactures a product for which the following standards have been set Standard Quantity Standard Price Standard eBook Cost s 15 or Hours or Rate Direct materials Direct labor $5 per foot 3 feet Print hours per hour References During March, the company purchased direct materials at a cost of $44.100, all of which were used in the production of 2.350 units of product. In addition, 4,800 direct labor-hours were worked on the product during the month. The cost of this labor time was $40,800 The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 1,503 U $ 3,200 U 800 U Required 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance 2. For direct labor Mc Graw

Explanation / Answer

1 Standard Cost: A Material Quantity Variance 1500 Unfavourable Particulars Qty Rate Amount (Standard Qty-Actual Qty)SP -1500 Direct Material 3.00 5.00 15.00 (7050-Actual Qty)5 -1500 Direct Labor 35250-5Actual Qty -1500 15.00 5 Actual Qty 36750 Actual Qty 7350 Actual Production 2350 Units Cost per Foot: Standard Cost for Actual: Actual Cost for DM 44,100 Particulars Qty Rate Amount Actual Rate per Foot 6.00 Direct Material 7,050 5.00 35,250 Direct Labor 4700 8.00 37600 B Material Price Variance 72,850 (Standard Price-Actual Price)AQ (5-6)*7350 Actual Cost for Actual: -7350 Unfavourable Particulars Qty Rate Amount Direct Material 7,350 6.00 44,100 Material Spending Variance Direct Labor 4800 8.50 40,800 (Standard Cost-Actual Cost) 84,900 (35250-44100) -8850 Unfavourable Material Quantity Variance 1500 Unfavourable Labor Spending variance 3200 Unfavourable Labor Efficiency variance 800 Unfavourable 2 A Labor Spending variance 3200 Unfavourable (Standard Cost-Actual Cost) -3200 (Standard Cost-40800) -3200 Standard Cost 37600 Labor Efficiency variance 800 Unfavourable (Standard Hour-Actual Qty)SP -800 (Standard Hour-4800)SP -800 (Standard Hour*SP-4800SP) -800 37600-4800SP -800 4800SP 38400 Standard Price 8.00 B Standard Cost 37600 Standard Price 8 Standard Hour Allowed 4700 C Standard Hour Allowed 4700 Actual Output 2350 Standard Hour PU 2.00

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