User Account

All Pages

Determine the standard cost per faucet for direct materials

Assignment Help Accounting Basics
Reference no: EM131756125

Question: Direct Materials and Direct Labor Variance Analysis

Best Faucet Company manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Manufacturing has 70 employees. Each employee presently provides 32 hours of labor per week. Information about a production week is as follows:

Standard wage per hour $12.6
Standard labor time per faucet 15 min.
Standard number of lbs. of zinc 1.7 lbs.
Standard price per lb. of zinc $12
Actual price per lb. of zinc $12.25
Actual lbs. of zinc used during the week 13,100 lbs.
Number of faucets produced during the week 7,500
Actual wage per hour $13
Actual hours per week 2,240 hrs.

Required: a. Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places.

Direct materials standard cost per faucet $
Direct labor standard cost per faucet $
Total standard cost per faucet $

b. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Price variance $
Quantity variance $
Total direct materials cost variance $

c. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

Rate variance $
Time variance $
Total direct labor cost variance $

Reference no: EM131756125

Questions Cloud

Brute-force attacks are methods of cracking a password : Brute-Force attacks are methods of cracking a password through repeated and varied attempts. One way to combat these is to have a long and strong password
Write about social classes and marriage : Writing argumentative essay. Essay must be in MLA format. Write about social classes and marriage and compare them to the story Sweat by Zora Neale Hurtson.
Discuss what entry would o''brien sports and outdoors : The balance in Accumulated Depreciation at January 1 is $20,000. What entry would O'Brien Sports and Outdoors make to record the sale of the equipment
Possibility of bidding wars when trying to retain top talent : How should companies address the possibility of bidding wars when trying to retain top talent?
Determine the standard cost per faucet for direct materials : Determine the standard cost per faucet for direct materials and direct labor. Round the cost per unit to two decimal places.
What is the net present value npv of this investment : What is the net present value (NPV) of this investment. Should Sampson Corp buy the equipment based on NPV
How information from sources may be used : Notations of source usage: Beneath each main point, you should indicate how information from sources may be used to support each point.
Why is forecasting demand important : What types of supply chain tools help a company collect data? Please describe two types of tools.Why is forecasting demand important?
Use to enhance physical security : Internet Security Threats/Prevention Methods What are some methods that one can use to enhance physical security?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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