Part of your company's accounting database was destroyed during a ransomware attack. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). Round "Standard Quantity per Unit of Output" to 2 decimal places. Standard price or rate per unit of input Standard quantity per unit of output Actual quantity used per unit of output Actual price or rate per unit of input Actual output Direct-material price variance Direct-material quantity variance Total direct-material variance Direct-labor rate variance Direct Labor Direct Material per hour $ 14.00 per pound hours per unit pounds per unit 2.50 hours pounds per unit $ 18.00 per hour $ 13.00 per pound 8,500 units 8,500 units $ 60,500 F $ 39,500 F Direct-labor efficiency variance Total direct-labor variance SASA $ 72,250 F $ 51,000 F

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Part of your company's accounting database was destroyed during a ransomware attack. You have been able to gather the following
data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the
period was used in production.
Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e.,
zero variance). Round "Standard Quantity per Unit of Output" to 2 decimal places.
Standard price or rate per unit of input
Standard quantity per unit of output
Actual quantity used per unit of output
Actual price or rate per unit of input
Actual output
Direct-material price variance
Direct-material quantity variance
Total direct-material variance
Direct-labor rate variance
Direct Labor
Direct Material
per hour
$
14.00 per pound
hours per unit
pounds per unit
2.50 hours
pounds per unit
$
18.00 per hour
$
13.00 per pound
8,500 units
8,500 units
$
60,500 F
$
39,500 F
Direct-labor efficiency variance
Total direct-labor variance
SASA
$
72,250 F
$
51,000 F
Transcribed Image Text:Part of your company's accounting database was destroyed during a ransomware attack. You have been able to gather the following data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during the period was used in production. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance). Round "Standard Quantity per Unit of Output" to 2 decimal places. Standard price or rate per unit of input Standard quantity per unit of output Actual quantity used per unit of output Actual price or rate per unit of input Actual output Direct-material price variance Direct-material quantity variance Total direct-material variance Direct-labor rate variance Direct Labor Direct Material per hour $ 14.00 per pound hours per unit pounds per unit 2.50 hours pounds per unit $ 18.00 per hour $ 13.00 per pound 8,500 units 8,500 units $ 60,500 F $ 39,500 F Direct-labor efficiency variance Total direct-labor variance SASA $ 72,250 F $ 51,000 F
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