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E9-1(Static) Calculating Unknown Values for Direct Materials, Direct Labgr Variances [LO 9-3,9-4] Ironwood...

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Accounting

E9-1(Static) Calculating Unknown Values for Direct Materials, Direct Labgr Variances [LO 9-3,9-4]
Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of information.
Required:
Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials on hand.
Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).
\table[[,Direct Materials,Direct Labor],[Standard amount per pan produced,2.5,pound,,1.10,hour,],[Standard price,$,4.20,per pound,$,16.00,per hour],[Actual amount used per pan produced,2.4,pound,1.20,hour,,],[Actual price,4.10,per pound,$,15.50,per hour,],[Actual number of pans produced and sold,2,500,pans,,2,500,pans,],[Direct materials price variance,,,,,,],[Direct materials quantity variance,,,,,,],[Direct materials spending variance,,,,,,],[Direct labor rate variance,,,,,,],[Direct labor efficiency variance,,,,,,],[Direct labor spending variance,,,,,,]]
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