Wood designs company manufactures unfinished oak furniture

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Wood Designs Company manufactures unfinished oak furniture. Wood Designs uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows:

Direct labor: standard rate $18.00 per hr. standard time per unit 2.0 hrs.

Direct materials (oak): standard price $15.00 per bd. ft. standard quantity 20.0 bd. ft.

Variable factory overhead: standard rate $2.75 per direct labor hr.

Fixed factory overhead: standard rate $1.25 per direct labor hr.

a. Determine the standard cost per dining room table.











Direct Materials Variance
Cocoa
Sugar
Total

Price variance:







Actual price

  
  


Standard price

  
  


Variance

  
  


Actual quantity (lbs.)

  
  


Direct materials price variance¾(favorable) unfavorable
  
  
  










Quantity variance:







Actual quantity used (lbs.)

  
  


Standard quantity used (lbs.)

  
  


Variance (lbs.)

  
  


Standard price

  
  


Direct materials quantity variance¾(favorable) unfavorable
  
  
  

Total direct materials cost variance¾(favorable) unfavorable




  










Total direct materials cost variance:







Actual cost

  
  


Standard cost

  
  


Total direct materials cost variance¾(favorable) unfavorable
  
  
  










Supporting calculations:







Standard quantity used of cocoa:
Dark Chocolate
Light Chocolate
Total

Cases produced

  
  


Standard amount per case (lbs.)

  
  


Total

  
  
  

Standard quantity used of sugar:







Cases produced

  
  


Standard amount per case (lbs.)

  
  


Total

  
  
  

















Reference no: EM13577471

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