Required information [The following information applies to the questions displayed below.] European Styles, Incorporated, manufactures women's blouses of one quality, which are produced in lots to fill each special order. Its customers are department stores in various cities. European Styles sews the particular stores' labels on the blouses. During November, the company worked on three orders, for which the month's job-cost records disclose the following data. Material Used Hours Lot Number Boxes in Lot (yards) Worked 222 22 1,100 25,400 3,260 23 1,800 40,980 24 1,300 29,935 5,440 2,750 The following additional information is available: 1. The firm purchased 98,000 yards of material during November at a cost of $119,700. 2. Direct labor during November amounted to $148,850. According to payroll records, production employees were paid $13.00 per hour. 3. There was no work in process on November 1. During November, lots 22 and 23 were completed. All material was issued for lot 24, which was 70 percent completed as to direct labor. 4. The standard costs for a box of six blouses are as follows: Direct material Direct labor 23 yards at 3 hours at Production overhead 3 hours at $ 1.20 per yard $12.50 per hour $ 9.00 per hour $ 27.60 37.50 27.00 Standard cost per box $ 92.10 2. For each lot produced during November, complete the following schedules: a. Direct-material purchase price variance. b. Direct-material quantity variance. c. Direct-labor efficiency variance. d. Direct-labor rate variance. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2C Req 2D For each lot produced in November, complete the following schedule for the direct-material purchase price variance. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (I.e., zero variance), EUROPEAN STYLES, INCORPORATED Direct-Material Purchase Price Variance For November Actual cost of materials purchased Standard cost of materials purchased Direct-material purchase price variance Ben 24 Rea 2B S

Required information [The following information applies to the questions displayed below.] European Styles, Incorporated, manufactures women's blouses of one quality, which are produced in lots to fill each special order. Its customers are department stores in various cities. European Styles sews the particular stores' labels on the blouses. During November, the company worked on three orders, for which the month's job-cost records disclose the following data. Material Used Hours Lot Number Boxes in Lot (yards) Worked 222 22 1,100 25,400 3,260 23 1,800 40,980 24 1,300 29,935 5,440 2,750 The following additional information is available: 1. The firm purchased 98,000 yards of material during November at a cost of $119,700. 2. Direct labor during November amounted to $148,850. According to payroll records, production employees were paid $13.00 per hour. 3. There was no work in process on November 1. During November, lots 22 and 23 were completed. All material was issued for lot 24, which was 70 percent completed as to direct labor. 4. The standard costs for a box of six blouses are as follows: Direct material Direct labor 23 yards at 3 hours at Production overhead 3 hours at $ 1.20 per yard $12.50 per hour $ 9.00 per hour $ 27.60 37.50 27.00 Standard cost per box $ 92.10 2. For each lot produced during November, complete the following schedules: a. Direct-material purchase price variance. b. Direct-material quantity variance. c. Direct-labor efficiency variance. d. Direct-labor rate variance. Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2C Req 2D For each lot produced in November, complete the following schedule for the direct-material purchase price variance. Note: Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (I.e., zero variance), EUROPEAN STYLES, INCORPORATED Direct-Material Purchase Price Variance For November Actual cost of materials purchased Standard cost of materials purchased Direct-material purchase price variance Ben 24 Rea 2B S

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 1MAD: Antolini Enterprises produces mens sports coats that are sold by popular department stores. Each...

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