Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. parker plastic, inc., manufactures plastic mats to

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost...

70.2K

Verified Solution

Question

Accounting

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:

Standard Quantity Standard Price (Rate) Standard Unit Cost
Direct materials (plastic) 8 sq ft. $ 0.63 per sq. ft. $ 5.04
Direct labor 0.26 hr. $ 10.50 per hr. 2.73
Variable manufacturing overhead (based on direct labor hours) 0.26 hr. $ 1.50 per hr. 0.39
Fixed manufacturing overhead $308,040 906,000 units) 0.34

Parker Plastic had the following actual results for the past year:

Number of units produced and sold 1,220,000
Number of square feet of plastic used 11,200,000
Cost of plastic purchased and used $ 6,720,000
Number of labor hours worked 305,000
Direct labor cost $ 3,233,000
Variable overhead cost $ 540,000
Fixed overhead cost $ 361,000

Required: Calculate Parker Plastics direct materials price and quantity variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Which of the following statements is true The maximum number of electrons can be accommodated...

Physics
Q

10 1 point The total area under the normal distribution curve is equal to a...

Algebra
Q

A 26-year-old gymnastics instructor presents with complaints of muscle weakness in her face that comes and...

Medical Sciences
Q

Air travelers are accustomed to long fl ight delays and cancellations for any number of reasons....

General Management
Q

1 How did some ancestral sea stickleback populations come to live exclusively in freshwater a...

Biology
Q

An interference is observed due to two coherent sources A and B having phase difference...

Physics
Q

Calculate the definite integral 3 3 S 8e5x dx 0 5x

Calculus
Q

xercise 7-11 (Algo) Second-Stage Allocation and Margin Calculations [LO7-4, LO7-5] Foam Products, Incorporated, makes foam...

Accounting
Q

What are 3 ways to add receipts to QuickBooks Online using the Receipt Capture feature?...

Accounting
Q

When a stock dividend is declared, which of the following accounts is credited? Select one:...

Accounting
Q

At December 31, 2024, Sheridan Company had 296000 shares of common stock and 9400 shares...

Accounting
Q

Builder Products, Incorporated, uses the weighted-average method of process costing. It manufactures a caulking compound...

Accounting