UT 5 Check my work Parker Plastic, Inc., manufactures plastic mats to use with rolling...
60.1K
Verified Solution
Link Copied!
Question
Accounting
UT 5 Check my work Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: 1.87 points Standard Standard Price Quantity (Rate) 14 sq ft. $ 0.80 per sq. ft. 0.25 hr. $12.40 per hr 0.25 hr. $ 1.60 per hr. Standard Unit Cost $11.20 3.10 Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $519,680 + 928,000 units) 0.40 eBook 0.56 Print References Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,220,000 12,300,000 $ 8,610,000 326,000 $ 3,912,000 $ 1,240,000 $ 383,000 Required: Calculate Parker Plastic's 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, and "None" for no effect (i.e., zero variance).) Direct Material Price Variance Direct Material Quantity Variance
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!
