Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. terials and labor variances the beginning of the y

terials and Labor Variances the beginning of the year, Craig Company had the following standard...

70.2K

Verified Solution

Question

Accounting

image
terials and Labor Variances the beginning of the year, Craig Company had the following standard cost sheet for one of its plastic products: Direct materials (5 lbs. @ $4.00) $20.00 Direct labor (2 hrs. @ $15.00) 30.00 Standard prime cost per unit $50.00 The actual results for the year are as follows: a. Units produced: 420,000. b. Materials purchased: 2,940,000 pounds @ $5.70. c. Materials used: 2,604,000 pounds. d. Direct labor: 756,000 hours @ $12.12. Required: 1. Compute price and usage variances for materials. Enter amounts as positive numbers and select Favorable or Unfavorable Material price variance Material usage variance $ $ 4,998,000 9,576,000 Unfavorable Unfavorable 2. Compute the labor rate and labor efficiency variances. Enter amounts as positive numbers and select Favorable or Unfavorable. Labor rate variance Favorable Labor efficiency variance Favorable

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Why do firms have trouble managing their cash flow? What events cause a cash flow crisis?

Finance
Q

1 The dimensionally correct expression for resistance R among the following is P electric power...

Physics
Q

Adding detergents to water helps in removing dirty greasy stains This is because Read Page...

Physics
Q

a) Find and classify the critical point(s).b) Find the interval(s) where f(x) is increasing.c) Find...

Basic Math
Q

QUESTION 7 Assume the following information for Western Sales, Inc.: . Common Stock, $1.00 par,...

Accounting
Q

5.10 The following are the financial statements of Good Services Bhd. Good Services Bhd Statement...

Accounting
Q

will votes thumbs up!!! Problem 10-5A (Algo) Computing and revising depreciation; selling...

Accounting
Q

The actual information pertains to the third quarter. As part of the budgeting process, the...

Accounting
Q

Cul de las siguientes afirmaciones sobre los mtodos para estimar una frmula de costo es...

Accounting
Q

Depreciation by Three Methods; Partial Years Perdue Company purchased equipment on April 1 for $270,000....

Accounting
Q

Sandhill Company owns equipment that cost $72.000 when purchased on January 2, 2024, It has...

Accounting
Q

Assuming a useful life of 8 years for each design, no end-of-life market (salvage) value,...

Finance