Question

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

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) 11 sq ft. $ 0.73 per sq. ft. $ 8.03
Direct labor 0.25 hr. $ 10.40 per hr. 2.60
Variable manufacturing overhead (based on direct labor hours) 0.25 hr. $ 2.00 per hr. 0.50
Fixed manufacturing overhead $326,880 ÷ 908,000 units) 0.36


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

Number of units produced and sold 1,020,000
Number of square feet of plastic used 11,300,000
Cost of plastic purchased and used $ 7,910,000
Number of labor hours worked 306,000
Direct labor cost $ 3,335,400
Variable overhead cost $ 630,000
Fixed overhead cost $ 363,000

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

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information...
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) 9 sq ft. $ 0.92 per sq. ft. $ 8.28 Direct labor 0.25 hr. $ 10.40 per hr. 2.60 Variable manufacturing overhead (based on direct labor hours) 0.25 hr. $ 1.60 per hr. 0.40 Fixed manufacturing overhead $289,280 ÷ 904,000 units) 0.32 Parker Plastic had the following actual results...
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information...
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) 15 sq ft. $ 0.90 per sq. ft. $ 13.50 Direct labor 0.25 hr. $ 12.60 per hr. 3.15 Variable manufacturing overhead (based on direct labor hours) 0.25 hr. $ 1.80 per hr. 0.45 Fixed manufacturing overhead $539,400 ÷ 930,000 units) 0.58 Parker Plastic had the following actual results...
Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information...
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. $ 1.02 per sq. ft. $ 8.16 Direct labor 0.3 hr. $ 11.10 per hr. 3.33 Variable manufacturing overhead (based on direct labor hours) 0.3 hr. $ 2.60 per hr. 0.78 Fixed manufacturing overhead $383,880 ÷ 914,000 units) 0.42 Parker Plastic had the following actual results...
Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit...
Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (cork board) 5.00 sq. ft. $ 2.70 per sq. ft. $ 13.50 Direct labor 1 hrs. $ 11.00 per hr. 11.00 Variable manufacturing overhead (based on direct labor hours) 1 hrs. $ 0.80 per hr. 0.80 Fixed manufacturing overhead ($26,250 ÷ 105,000 units) 0.25 Bullseye has the following actual results for the month of September: Number of units produced and sold...
Return to question Item 6 Item 6 Bullseye Company manufactures dartboards. Its standard cost information follows:...
Return to question Item 6 Item 6 Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (cork board) 2.10 sq. ft. $ 1.10 per sq. ft. $ 2.31 Direct labor 0.90 hrs. $ 5.00 per hr. 4.50 Variable manufacturing overhead (based on direct labor hours) 0.90 hrs. $ 0.50 per hr. 0.45 Fixed manufacturing overhead ($21,250/85,000) 0.25 Bullseye has the following actual results for the month of September: Number of...
Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit...
Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (cork board) 3.50 sq. ft. $ 2.40 per sq. ft. $ 8.40 Direct labor 1 hrs. $ 11.00 per hr. 11.00 Variable manufacturing overhead (based on direct labor hours) 1 hrs. $ 0.65 per hr. 0.65 Fixed manufacturing overhead ($58,500 ÷ 130,000 units) 0.45 Bullseye has the following actual results for the month of September: Number of units produced and sold...
Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard...
Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (fiberglass) 10.2 sq. ft. $ 4.6 per sq. ft. $ 46.92 Direct labor 9.5 hrs. $ 13 per hr. 123.50 Variable manufacturing overhead (based on direct labor hours) 9.5 hrs. $ 5 per hr. 47.50 Fixed manufacturing overhead ($37,000 ÷ 305 units) 121.31 Rip Tide has the following actual results for the month of June: Number of units produced and...
Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard...
Rip Tide Company manufactures surfboards. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (fiberglass) 18.4 sq. ft. $ 5.1 per sq. ft. $ 93.84 Direct labor 10 hrs. $ 12 per hr. 120.00 Variable manufacturing overhead (based on direct labor hours) 10 hrs. $ 4 per hr. 40.00 Fixed manufacturing overhead ($25,000 ÷ 290 units) 86.21 Rip Tide has the following actual results for the month of June: Number of units produced and...
Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity Standard...
Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (clay) 1.60 lbs. $ 1.70 per lb. $ 2.72 Direct labor 1.60 hrs. $ 12.00 per hr. 19.20 Variable manufacturing overhead (based on direct labor hours) 1.60 hrs. $ 1.10 per hr. 1.76 Fixed manufacturing overhead ($450,000.00 ÷ 150,000.00 units) 3.00 Barley Hopp had the following actual results last year: Number of units produced and sold 155,000...
Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity Standard...
Barley Hopp, Inc., manufactures custom-ordered commemorative beer steins. Its standard cost information follows: Standard Quantity Standard Price (Rate) Standard Unit Cost Direct materials (clay) 1.70 lbs. $ 1.80 per lb. $ 3.06 Direct labor 1.70 hrs. $ 10.00 per hr. 17.00 Variable manufacturing overhead (based on direct labor hours) 1.70 hrs. $ 1.40 per hr. 2.38 Fixed manufacturing overhead ($346,500.00 ÷ 165,000.00 units) 2.10 Barley Hopp had the following actual results last year: Number of units produced and sold 170,000...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT