User Account

All Pages

Compute the direct materials price and quantity variances

Assignment Help Managerial Accounting
Reference no: EM132841829

Problem - Reed Corp. has set the following standard direct materials and direct labor costs per unit for the product it manufactures.

Direct materials (16 lbs. @ $5 per lb.) $80

Direct labor (4 hrs. @ $16 per hr.) 64

During June the company incurred the following actual costs to produce 8,500 units.

Direct materials (138,200 lbs. @ $4.75 per Ib.) $656,450

Direct labor (37,000 hrs. @ $16.10 per hr.). 595,700

AH = Actual Hours

SH = Standard Hours

AR = Actual Rate

SR = Standard Rate

AQ = Actual Quantity

SQ = Standard Quantity

AP = Actual Price

SP = Standard Price

Required -

1. Compute the direct materials price and quantity variances.

2. Compute the direct labor rate variance and the direct labor efficiency variance.

Reference no: EM132841829

Questions Cloud

What is the last secure date for a neandertal site : Why did adult Neandertals have multiple healed fractures and What was unusual about the child's skeleton found in Portugal in 1999
Compute the under- or overapplication of overhead for period : Given the following data, compute overhead applied and the under- or overapplication of overhead for the period
What does the body use carbohydrates for : What does the body use carbohydrates for - Plants and animals typically contain a lot of glucose. Most soft drinks such as Coke, Pepsi and Sprite
Journalize the entry to record the factory labor costs : Journalize the entry to record the factory labor costs for the week. If an amount box does not require an entry, leave it blank
Compute the direct materials price and quantity variances : During June the company incurred the following actual costs to produce 8,500 units. Compute the direct materials price and quantity variances
Compute the predetermined overhead application rate : Actual manufacturing overhead cost incurred in November was $61,000. Compute the predetermined overhead application rate
Calculate the value of ending inventory of Product X : Samaritan Manufacturing Company Is in its first month or operation. Calculate the value of ending inventory of Product X
Calculate current ratio and receivables turnover ratio : Selected financial data for Crown Point Ltd. are shown below - Calculate current ratio, receivables turnover ratio and inventory turnover ratio
Find the four unknowns in the preceding table : Does Palen allocate joint costs by using the physical-units method? Explain. Find the four unknowns in the preceding table

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Manage budgets and financial plans

Explain the budgeting process and its importance to a business, identifying the components of different budgets, forecast estimates for inclusion in the budgets.

  Prepare a retained earnings statement

Prepare a retained earnings statement for the year and Prepare a stockholders' equity section of given case.

  Prepare a master budget for the three-month period

Prepare a master budget for the three-month period.

  Construct the companys direct labor budget

Construct the company's direct labor budget for the upcoming fiscal year, assuming that the direct labor workforce is adjusted each quarter to match the number of hours required to produce the forecasted number of units produced.

  Evaluate the predetermined overhead rate

Evaluate the Predetermined Overhead Rate

  Determine the company''s bid

Determine the company's bid if activity-based costing is used and the bid is based upon full manufacturing cost plus 30 percent.

  Compute the pool rates for the different activities

Complete the schedule to compute the pool rates for the different activities.

  Prepare Company financial statements

Prepare Company financial statements

  Prepare an analysis of terracycles

This individual assignment is based on the TerraCycle Inc.

  Discuss the ethical issues

Discuss the ethical issues

  Political resources in emerging markets

Calculate the GDP in Income Approach  and Expenditure Approach

  Management accounting - ehsan electronics company

A new plant accountant suggested that the company may be able to assign support costs to products more accurately by using an activity based costing system that relies on a separate rate for each manufacturing activity that causes support costs.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd