Stanford coop uses a standard cost system to account for

Assignment Help Accounting Basics

Reference no: EM13579470

Stanford Coop uses a standard cost system to account for the costs of its one product. Materials standards are 3.0 pounds of material at $13 per pound and 2 hours of labor at a standard wage rate of $9. During July Stanford Coop produced 3,290 units. Materials purchased and used totaled 10,100 pounds at a total cost of $133,200. Payroll totaled $148,080 for 13,280 hours worked.

a.Calculate the direct materials price variance. (Do not round your intermediate calculations. Input the amount as positive value. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "tiny_mce_markerquot; sign in your response.)

Price variance $ (Click to select)

Favorable or Unfavorable or None

b.Calculate the direct materials quantity variance. (Input the amount as positive value. Indicate the effect of variance by selecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance). Leave no cell blank - be certain to enter "0" wherever required. Omit the "tiny_mce_markerquot; sign in your response.)

Quantity variance $ (Click to select)

Unfavorable or Favorable or None

Reference no: EM13579470

Questions Cloud

A petty cash fund a should have at least two custodians b : a petty cash fund a. should have at least two custodians b. is established to pay on-the-spot minor purchases. c.

At alpha 005 test the claim that there is no difference : question a researcher wishes to try three different techniques to lower blood pressure. subjects are randomly assigned

Use what you have learned from our required readings : use what you have learned from our required readings especially chapter 17 of executive roadmap to fraud prevention

Tan company had these transactions pertaining to stock : tan company had these transactions pertaining to stock investments feb. 1 purchased 3000 shares of norton company 10

Stanford coop uses a standard cost system to account for : stanford coop uses a standard cost system to account for the costs of its one product. materials standards are 3.0

Toimi has forecast sales for the next three months as : toimi has forecast sales for the next three months as follows july 4500 units august 6000 units september 8400 units.

Determine the cost of ending work in process inventory and : builder products inc. manufactures a caulking compound that goes through three processing stages prior to completion.

The manufacturing overhead budget at latronica corporation : the manufacturing overhead budget at latronica corporation is based on budgeted direct labor-hours. the direct labor

There is a class of 50 people answering a question let x be : there is a class of 50 people answering a question each student has a 60 chance of getting the correct answer. let x

User Account

All Pages