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Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity 11 sq ft. 0.3 hr. 0.3 hr. Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $441,600 + 920,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Standard Standard Price (Rate) Unit Cost $ 1.26 per sq. ft. $13.86 $11.70 per hr. 3.51 $ 2.10 per hr. 0.63 Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,140,000 11,900,000 $ 15,470,000 318,000 $ 3,688,800 $ 1,030,000 375,000 $ 0.48

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity 11 sq ft. 0.3 hr. 0.3 hr. Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $441,600 + 920,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Standard Standard Price (Rate) Unit Cost $ 1.26 per sq. ft. $13.86 $11.70 per hr. 3.51 $ 2.10 per hr. 0.63 Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,140,000 11,900,000 $ 15,470,000 318,000 $ 3,688,800 $ 1,030,000 375,000 $ 0.48

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 1PB: The following product costs are available for Stellis Company on the production of erasers: direct...
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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).)

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity 11 sq ft. 0.3 hr. 0.3 hr. Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $441,600 + 920,000 units) Standard Standard Price (Rate) Unit Cost $ 1.26 per sq. ft. $ 13.86 $11.70 per hr. 3.51 $ 2.10 per hr. 0.63 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 1,140,000 11,900,000 $ 15,470,000 318,000 $ 3,688,800 $ 1,030,000 $ 375,000 0.48
Transcribed Image Text:Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Standard Quantity 11 sq ft. 0.3 hr. 0.3 hr. Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead $441,600 + 920,000 units) Standard Standard Price (Rate) Unit Cost $ 1.26 per sq. ft. $ 13.86 $11.70 per hr. 3.51 $ 2.10 per hr. 0.63 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 1,140,000 11,900,000 $ 15,470,000 318,000 $ 3,688,800 $ 1,030,000 $ 375,000 0.48
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