ACG2071 REF 11366 THURSDAY JORGE CASTRO 11/14/17222 Homework: Chapter 12 Lab Sco

Question

ACG2071 REF 11366 THURSDAY JORGE CASTRO 11/14/17222 Homework: Chapter 12 Lab Score: 0 of 1 pt P11-53B (similar to) 1 of 1 (0 complete) | Hw Score: 0%, 0 Question Help Kelsey Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket (Click the icon to view the standards.) Actual results from last month's production of 1,500 blankets are as follows: (Click the icon to view the actual results.) Read the requirements Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cent.) The standard direct material cost for one blanket is $ Enter any number in the edit fields and then click Check Answer parts Clear All 10 remaining

Explanation / Answer

1. What is the standard direct material cost for one blanket?

As per guide lines first 4 question must be answer if question is having more subparts.

1. What is the standard direct material cost for one blanket?

Standard Direct Material Cost = 3.0*8.50 = $25.5 2. What is the actually cost per yard of fabric purchased? Actually cost per yard of fabric purchased = 43,290/5,550 = $7.80 3. Calculate the direct material price and quantity variances. Direct material price variance = (8.50-7.80)*5,550 = $3,885 Favorable Direct material quantity variances = (3.0*1500-5100)*8.50 = $5,100 Favorable 4. What is the standard direct labor cost for one blanket? Standard direct labor cost for one blanket= 0.5*17 = $8.5

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