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Dennis_Churaev [7]
3 years ago
13

Sharp Company manufactures a product for which the following standards have been set: Standard Quantity or Hours Standard Price

or Rate Standard Cost Direct materials 3 feet $ 11 per foot $ 33 Direct labor ? hours ? per hour ? During March, the company purchased direct materials at a cost of $111,300, all of which were used in the production of 3,200 units of product. In addition, 4,900 direct labor-hours were worked on the product during the month. The cost of this labor time was $95,550. The following variances have been computed for the month: Materials quantity variance $ 4,400 U Labor spending variance $ 450 F Labor efficiency variance $ 2,000 U Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month’s production. c. Compute the standard hours allowed per unit of product.
Business
1 answer:
ohaa [14]3 years ago
4 0

Answer:

Direct labor cost = $51450

Direct labor hours 4677.27

Direct labor per hour 1.46

Explanation:

Sharp Company

Given Data

Standard Quantity or Hours Standard Price or Rate Standard Cost

Direct materials 3 feet $ 11 per foot $ 33

Direct labor ? hours ? per hour ?

Materials quantity variance $ 4,400 U

Labor spending variance $ 450 F

Labor efficiency variance $ 2,000 U

1.a.  The Actual Cost per foot of materials for March=$111,300/10000=$ 11.13

Materials quantity variance $ 4,400 U =(Standard Price * Actual Quantity)-(Standard Price * Standard Quantity)

$ 4,400 U = 11* AQ- 11*3 feet*3200

$ 4400= 11* AQ- 105600

$ 4400+ $105600=  11* AQ

AQ =110000/11= 10,000

b. Materials price variance = Actual Price *Actual Quantity - Standard Price * Actual Quantity

Materials price variance =Actual Price *Actual Quantity - Standard Price * Actual Quantity  

Materials price variance =$ 11.13* 10000- 11*10000

Materials price variance=$111,300-110000=1300 Unfavorable

Spending variance= Purchase Price Variance + Materials quantity variance

Spending variance= 1300 Unfavorable + $ 4,400 U= 5700 Unfavorable

2.  Labor spending variance $ 450 F =Labor efficiency variance $ 2,000 U+Direct Labor rate per hour

a. Direct Labor rate per hour =Labor efficiency variance + Labor spending variance =$ 2,000 +$ 450 =$ 2450 Unfav

Direct Labor rate per hour =(actual hours* actual rate)- (actual hours * standard rate)

Direct labor time variance= (actual hours* standard rate)- (standard hours * standard rate)

$ 2450 Unfav= 4900*11- standard hours * 11

standard hours *11= 53900- 2450= 51450

b. Standard Hours= 51450/11= 4677.27

c. Standard Hours per unit of product=  4677.27/3200= 1.46

Actual Hours= 4900/3200= 1.53125

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What is a trade off?
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What is a target audience and why is it important to consider when creating a multimedia presentation?
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4 0
3 years ago
White Company has two departments, Cutting and Finishing.
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Answer:

Cutting = $10.99 per machine hour

Finishing= $15.28 per direct labour hours.

Explanation:

The question requests the predetermined overhead rate for Cutting department and Finishing department

Step 1: What is the formula for the pre-determined overhead rate

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Predetermined Overhead rate= The total fixed manufacturing Overhead/ Total Machine Hours +Variable Manufacturing Overhead rate per machine hour.

= $390,000/$43,400) + $2

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3 years ago
Suppose Country A and Country B each have the same real Gross Domestic Product (GDP), equal to $440 billion. Country A has 100 m
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Answer:

1. higher in Country A

Explanation:

Given: Gross domestic product (GDP)= $440 billion.

           Country A has 100 million people.

           Country B has 175 million people.

Real Gross Domestic Product (GDP): It is defined as the entire output produced annually that includes factors such as inflation and is adjusted for price changes.

Per capita real Gross Domestic Product (GDP): It gives the annual salary for the country and shows the quality of living.

Now calculating per capita real Gross Domestic Product (GDP) for both the countries.

Formula; Per capita GDP= \frac{GDP}{Population}

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⇒ Per capita GDP= \frac{440\ billion}{100\ million}

We know one billion= 1000 million.

⇒ Per capita GDP= \frac{440\times 1000}{100}

∴ Per capita GDP= \$4400\ million

<u>Country B</u>

⇒ Per capita GDP= \frac{440\times 1000}{175}

∴ Per capita GDP= \$ 2514.28 \ million

Hence, comparing both Per capita GDP of country A and B will get Country A have higher per capita GDP.

8 0
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