Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 11.00

Best Faucet Company

Direct Materials and Direct Labor Variance Analysis

Best Faucet Company manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Manufacturing has 40 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows:

Standard wage per hour $17.40
Standard labor time per faucet 10 min.
Standard number of lbs. of zinc 1.7 lbs.
Standard price per lb. of zinc $10.25
Actual price per lb. of zinc $10.50
Actual lbs. of zinc used during the week 14,700 lbs.
Number of faucets produced during the week 8,400
Actual wage per hour $17.90
Actual hours per week 1,600 hrs.

Required:

a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places.

Direct materials standard cost per faucet: $
Direct labor standard cost per faucet: $
Total cost per faucet: $

b. Determine theprice variance,quantity variance, and total direct materialscost variance. Use the minus sign to enter favorable variances as negative numbers.

Price variance: $ SelectFavorableUnfavorableItem 5
Quantity variance: $ SelectFavorableUnfavorableItem 7
Total direct materials cost variance: $ SelectFavorableUnfavorableItem 9

c. Determine therate variance,time variance, and total direct labor cost variance. Use the minus sign to enter favorable variances as negative numbers.

Rate variance: $ SelectFavorableUnfavorableItem 11
Time variance: $ SelectFavorableUnfavorableItem 13
Total direct labor cost variance: $ SelectFavorableUnfavorableItem 15

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 11:08 AM My Price 11.00

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