Chapter 23 graded homework
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Simba Company’s standard materials cost per unit of output is $9.40 (2.00 pounds x $4.70). During July, the company purchases and uses 3,080 pounds of materials costing $16,632 in making 1,400 units of finished product.
Compute the total, price, and quantity materials variances. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 52.)
Mordica Company’s standard labor cost per unit of output is $32.40 (2.70 hours x $12.00 per hour). During August, the company incurs 2,754 hours of direct labor at an hourly cost of $11.76 per hour in making 1,000 units of finished product.
Compute the total, price, and quantity labor variances. (Round answers to 2 decimal places, e.g. 52.75.)
The standard cost of Product B manufactured by Pharrell Company includes 3.6 units of direct materials at $5.9 per unit. During June, 26,600 units of direct materials are purchased at a cost of $5.65 per unit, and 26,600 units of direct materials are used to produce 7,300 units of Product B.
(a)
Compute the total materials variance and the price and quantity variances.
| Total materials variance | $
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| Materials price variance | $
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| Materials quantity variance | $
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(b)
Compute the total materials variance and the price and quantity variances, assuming the purchase price is $5.95 and the quantity purchased and used is 26,500 units.
| Total materials variance | $
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| Materials price variance | $
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| Materials quantity variance | $
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Lewis Company’s standard labor cost of producing one unit of Product DD is 3.8 hours at the rate of $10.3 per hour. During August, 40,200 hours of labor are incurred at a cost of $10.50 per hour to produce 10,500 units of Product DD.
(a)
Compute the total labor variance.
| Total labor variance | $ |
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(b)
Compute the labor price and quantity variances.
| Labor price variance | $
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| Labor quantity variance | $
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(c)
Compute the labor price and quantity variances, assuming the standard is 4.2 hours of direct labor at $10.70 per hour.
| Labor price variance | $
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| Labor quantity variance | $
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