Wood designs company manufactures unfinished oak furniture

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Reference no: EM13577471

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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