1 answer

Sharp Company manufactures a product for which the following standards have been set: Direct materials Direct...

Question:

Sharp Company manufactures a product for which the following standards have been set: Direct materials Direct labor Standard
Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2 For direct materials, compute the actu
Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 For direct materials, compute the pric
Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 2a. For direct labor, compute the stan
Sharp Company manufactures a product for which the following standards have been set: Direct materials Direct labor Standard Quantity Standard Price Standard or Hours or Rate Cont 3 feet $5 per foot $ 15 ? hours ? per hour 2 During March, the company purchased direct materials at a cost of $53.730, all of which were used in the production of 2,875 units of product. In addition, 4.700 direct labor-hours were worked on the product during the month. The cost of this labor time was $37,600. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $1,650 U $ 3,100 U $ 750 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: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product.
Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Reg 2 For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decim Actual cost per foot Req 1A Req 1B >
Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 For direct materials, compute the price variance and the spending variance. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zero variance). Input all amounts as positive values.) Price variance Spending variance
Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Reg 2 2a. For direct labor, compute the standard direct labor rate per hour. (Round your answer to the nearest whole dollar.) 2b. For direct labor, compute the standard hours allowed for the month's production. (Do not round your intermediate value.) 2c. For direct labor, compute the standard hours allowed per unit of product. (Round your answer to 1 decimal place.) 2a. Standard direct labor rate per hour 2b. Standard hours allowed for the month's production 20. Standard hours allowed per unit of product

Answers

ANSWER=

REQUIREMENT- (1A)

Computation of Actual Material Cost per Feet for March were as follows:-

Material Quantity Variance = (Actual Quantity - Standard Quantity) x Standard Price

MQV= (AQ - SQ for Actual Production) x SP

$1650 = (AQ - 2875 x 3) x $5

1650 = 5AQ - 43125

AQ = 8955 Feet

Therefore:-

Actual Cost per Feet = $53730 / 8955

Thus, Actual Cost per Feet = $6.00 Per Feet

REQUIREMENT-(1B)

i)- Material Price Variance   = (Actual Price - Standard Price) x Actual Quantity

   = ($6 -$5) x 8955

Material Price Variance   = $8955(Unfavourable)

ii)- Material Spending Variance = (Actual Price x Actual Quantity) - (Standard Price x Standard Quantity)

= ($6.00 x 8955) - ($5 x 8625)

= $53730 - $43125

Material Spending Variance     = $10605 (Unfavourable)

REQUIREMENT-(2)

(2a) -

Labour Rate Variance = Labour Splending Variance - Labour Efficiency Variance

= $3100 - $750

= $2350(Unfavourable)

Labour rate Variance = (Actual rate x Actual Hours) - (Standard rate x Actual hours)

$2350    = Actual Labour cost - (Standard rate x 4700)

= Standard rate x 4700 = $37600 - $2350

= $35250 / 4700

Standard Rate Direct Labour rate = $7.5 Per Hour.

2(b)

Labour Efficiency Variance = (Actual Hours - Standard Hours) x Standard Rate

$750 (U) = (4700 - Standard Hours) x $7.5

Standard Hours = 4600 Hours

Thus,

Standard Hours allowed for the month's Production= 4600 Hours.

2(c):-

Standard Hour allowed per unit of product = 4600 Hours / 2875

= 1.6 Hours-(Answer)

.

Similar Solved Questions

1 answer
Exercise 23-5 Make or buy LO A1 Gelb Company currently manufactures 56,000 units per year of...
Exercise 23-5 Make or buy LO A1 Gelb Company currently manufactures 56,000 units per year of a key component for its manufacturing process. Variable costs are $6.25 per unit, fixed costs related to making this component are $73,000 per year, and allocated fixed costs are $81,500 per year. The alloca...
1 answer
3) al find the Laplace transform F(s) of the function (3-1²"Sebt sin (7+) 6) Find the...
3) al find the Laplace transform F(s) of the function (3-1²"Sebt sin (7+) 6) Find the inverse Laplace transform f(t) of the function F (S) S²+5-20...
1 answer
(e) Consider the Runge-Kutta method in solving the following first order ODE: dy First, using Taylor series expansion, we have the following approximation of y evaluated at the time step n+1 as a...
(e) Consider the Runge-Kutta method in solving the following first order ODE: dy First, using Taylor series expansion, we have the following approximation of y evaluated at the time step n+1 as a function of y at the time step n: where h is the size of the time step. The fourth order Runge-Kutta met...
1 answer
12) Determine the oxidation state of P in phosphate, PO33- A) +3 B) +6 C) +2...
12) Determine the oxidation state of P in phosphate, PO33- A) +3 B) +6 C) +2 D) O E) -3 13) Determine the oxidation state of Cin carbonate, CO3-2, A) +4 B) +2 C)-2 D) -4 E) +6 14) What element is undergoing reduction (if any) in the following reaction? Zn(s) + 2 AgNO3(aq) → Zn(NO3)2(aq) + 2 Ag(...
1 answer
Transitions between epithelia and mesenchyme are essential for various developmental processes and can occur in either...
Transitions between epithelia and mesenchyme are essential for various developmental processes and can occur in either direction: from mesenchyme to epithelium (MET) or from epithelium to mesenchyme (EMT). Briefly, describe an example of an MET during somitogensies, how it contributes to somite form...
1 answer
. In October 2013, Jonathon Remodeling Co., an accrual-method taxpayer, remodels and renovates an office building...
. In October 2013, Jonathon Remodeling Co., an accrual-method taxpayer, remodels and renovates an office building for Dale and bills him $30,000. Dale signs a note for the debt. Dale keeps delaying payment and files bankruptcy in 2014. Creditors are informed that no assets are available for payment....
1 answer
How would you create a Code of Ethics for an organization that you have worked for...
How would you create a Code of Ethics for an organization that you have worked for or that you have read about?...
1 answer
Question 8 (2 points) Following are interest rates (annual percentage rates) for a 30-year-fixed-rate mortgage from...
Question 8 (2 points) Following are interest rates (annual percentage rates) for a 30-year-fixed-rate mortgage from a sample of lenders in a certain city. It is reasonable to assume that the population is approximately normal. 4.327, 4.461, 4.547, 4.424, 4.365, 4.384, 4.842 Find the upper bound of t...
1 answer
Suppose instead that Rock Island Corporation generated taxable income of $600,000 this year. Taxable income was...
Suppose instead that Rock Island Corporation generated taxable income of $600,000 this year. Taxable income was computed on $50 million of revenues and included $30,000 of interest income, $500,000 of interest expense, and $80,000 of depreciation. What would Rock Island's actual interest deducti...
1 answer
A #17.2*g# mass of ethylene glycol was dissolved in a #500*g# mass of water to give a solution of #515*mL# volume. What are....?
#"(i) Molarity..."# #"(ii) Molality..."# #"(iii) Percentage by mass..."# #"(iv) Moles fractions of each component..."#...
1 answer
Question 2 0/1 pts When the reaction below is balanced, what is the sum of the...
Question 2 0/1 pts When the reaction below is balanced, what is the sum of the coefficients? CzH3 + 02- CO2 + H2O...
1 answer
Question 9 Not yet answered Marked out of 2.00 P Flag question A particle starts from...
Question 9 Not yet answered Marked out of 2.00 P Flag question A particle starts from rest and travels along a straight line with an acceleration a = (30 – 0.2v) ft/s?, where v is in ft/s. Determine the time when the velocity of the particle is v = 30 ft/s. Select one a 3.32 s b. 305 None d. 1...
1 answer
Three lamps of 75 Ω, 100 Ω and 250 Ω, are connected in parallel. What is...
Three lamps of 75 Ω, 100 Ω and 250 Ω, are connected in parallel. What is the total resistance?...
1 answer
Use k=320 W/mK for your calculation Two-Dimensional Steady and transient Conduction - Heat Sink Aluminum fins...
Use k=320 W/mK for your calculation Two-Dimensional Steady and transient Conduction - Heat Sink Aluminum fins with triangle profiles (k = 370 .p=2800 900 ke), shown in the accompanying figure, are used to remove heat from a surface whose temperature is T, = 150°C. The temperature of the surround...
1 answer
Magellen Industries is analyzing a new project. The data they have gathered to date is as...
Magellen Industries is analyzing a new project. The data they have gathered to date is as follows: Lower Bound Expected Value Upper Bound Sales quantity 9500 10000 10500 Sales price per unit $9.75 $10.00 $10.25 Variable cost per unit $4.80 $5.20 $5.60 Fixed cost $15,000.00 $18,000.00 $21...
1 answer
Map 6.1 shows that 61.4 percent of Taiwan’s exports go to only five countries/territories. Which trade...
Map 6.1 shows that 61.4 percent of Taiwan’s exports go to only five countries/territories. Which trade theories may help to explain this concentration and why? Map 6.1 Taiwan and Its Major Export Markets China 27.1% Japan 63% United States 10.3% Taiwan Hong Singapor Taipei Couney City Taiwan...
1 answer
Question 5. Finish the timing diagram for V and Z signals of the next circuit with...
Question 5. Finish the timing diagram for V and Z signals of the next circuit with delays of AND beside OR gates as shown on the circuit. AND gate delay5ns and OR gate delay 10 ns 5 ns 10 ns - Z W X Y Z 10 15 20 25 30 35 40 45 50 55 (ns) 0 5 Question 6. Consider the following function F (A, B, C, D)...
1 answer
QS 11-7 Accounting for small stock dividend LO P2 The stockholders' equity section of Jun Company's...
QS 11-7 Accounting for small stock dividend LO P2 The stockholders' equity section of Jun Company's balance sheet as of April 1 follows. On April 2, Jun declares and distributes a 10% stock dividend. The stock's per share market value on April 2 is $20 (prior to the dividend). Common sto...