topaz company makes one product and has set the followingstandards for materials and labor:
direct materials direct labor
standard quantity or hours per unit ? pounds 2.5 hours standard price or rate ? per pound $9.00 per hour standard cost per unit ? $22.50
during the past month, the company purchased 6,000 pounds ofdirect materials at a cost of $16,500. all of this material wasused in the production of 1,400 units of product. direct labor costtotaled $28,500 for the month. the following variances have beencomputed:
materials quantity variance $1,200 U total materials spending variance $300 F labor efficiency variance $4,500 F
1. for direct materials:
a. compute the standard price per pound for materials
b. compute the standard quantity allowed for materials for themonth's production
c. compute the standard quantity of materials allowed per unitof product
topaz company makes one product and has set the followingstandards for materials and labor:
| direct materials | direct labor | |
| standard quantity or hours per unit | ? pounds | 2.5 hours |
| standard price or rate | ? per pound | $9.00 per hour |
| standard cost per unit | ? | $22.50 |
during the past month, the company purchased 6,000 pounds ofdirect materials at a cost of $16,500. all of this material wasused in the production of 1,400 units of product. direct labor costtotaled $28,500 for the month. the following variances have beencomputed:
| materials quantity variance | $1,200 U |
| total materials spending variance | $300 F |
| labor efficiency variance | $4,500 F |
1. for direct materials:
a. compute the standard price per pound for materials
b. compute the standard quantity allowed for materials for themonth's production
c. compute the standard quantity of materials allowed per unitof product
Related questions
topaz company makes one product and has set the followingstandards for materials and labor:
| direct materials | direct labor | |
| standard quantity or hours per unit | ? pounds | 2.5 hours |
| standard price or rate | ? per pound | $9.00 per hour |
| standard cost per unit | ? | $22.50 |
during the past month, the company purchased 6,000 pounds ofdirect materials at a cost of $16,500. all of this material wasused in the production of 1,400 units of product. direct labor costtotaled $28,500 for the month. the following variances have beencomputed:
| materials quantity variance | $1,200 U |
| total materials spending variance | $300 F |
| labor efficiency variance | $4,500 F |
for direct labor:
a. compute the actual direct labor cost per hour for themonth
b. compute the labor rate variance
Topaz Company makes one product and has set the followingstandards for materials and labor: |
| DirectMaterials | Direct Labor | |||
| Standard quantity orhours per unit | ? pounds | 2.30 | hours | |
| Standard price orrate | ? perpound | $ | 8.50 | per hour |
| Standard cost perunit | ? | $ | 19.55 | |
During the past month, the company purchased 6,400 pounds ofdirect materials at a cost of $17,920. All of this material wasused in the production of 1,400 units of product. Direct labor costtotaled $24,480 for the month. The following variances have beencomputed: |
| Materials quantityvariance | $ | 1,220 | U |
| Total materialsspending variance | $ | 380 | F |
| Labor efficiencyvariance | $ | 4,250 | F |
Diamond Company produces a single product. The company has setthe following standards for materials and labor: |
| Standardquantity or hours per unit | Standardprice or rate | |
| Directmaterials | ? pounds perunit | $? per pound |
| Direct labor | 4.0 hours perunit | $10 per hour |
During the past month, the company purchased 11,000 pounds ofdirect materials at a cost of $30,250. All of this material wasused in the production of 1,700 units of product. Direct labor costtotaled $69,550 for the month. The following variances have beencomputed: |
| Materials quantityvariance | $ | 2,360 | U |
| Total materialsvariance | $ | 160 | U |
| Labor efficiencyvariance | $ | 3,000 | F |
| Required: | |
| 1. | For direct materials: |
| a. | Compute the standard price per pound of materials.(Round your intermediate calculations and final answer to 2decimal places. Omit the "$" sign in your response.) |
| Standard price | $ per pound |
| b. | Compute the standard quantity allowed for materials for themonth's production. (Round your intermediate calculationsto 2 decimal places.) |
| Standardquantity | pounds |
| c. | Compute the standard quantity of materials allowed per unit ofproduct. (Round your intermediate calculations to 2 decimalplaces.) |
| Standardquantity | pounds perunit |
| 2. | For direct labor: |
| a. | Compute the actual direct labor hours for the month. |
| Actual direct laborhours |
| b. | Compute the labor rate variance. (Input the amount as apositive value. Leave no cells blank - be certain to enter "0"wherever required. Indicate the effect of each variance byselecting "F" for favorable, "U" for unfavorable, and "None" for noeffect (i.e., zero variance). Round yourintermediate calculations to 2 decimal places.Omit the "$" sign in your response.) |
| Labor ratevariance | $ | (Click to select)FUNone |
