Seaside Company produces picture frames. During the year 190,000 picture frames were produced. Materials and labor standards for producing the picture frames are as follows: Direct materials (2 pieces of wood @ $2.25) $4.50 Direct labor (2 hours @ $10) $20.00 Seaside purchased and used 400,000 pieces of wood at $2.00 each and its actual labor hours were 360,000 hours at a wage rate of $10.50. What is the materials price variance? $135,000 F $170,000 U $112,500 U $100,000 F

Seaside Company produces picture frames. During the year 190,000 picture frames were produced. Materials and labor standards for producing the picture frames are as follows: Direct materials (2 pieces of wood @ $2.25) $4.50 Direct labor (2 hours @ $10) $20.00 Seaside purchased and used 400,000 pieces of wood at $2.00 each and its actual labor hours were 360,000 hours at a wage rate of $10.50. What is the materials price variance? $135,000 F $170,000 U $112,500 U $100,000 F

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 2PA: York Company Is a machine shop that estimated overhead will be $50,000, consisting of 5,000 hours of...

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Seaside Company produces picture frames. During the year 190,000 picture frames were produced. Materials and labor standards for producing the picture frames are as follows: Direct materials (2 pieces of wood @ $2.25) $4.50 Direct labor (2 hours @ $10) $20.00 Seaside purchased and used 400,000 pieces of wood at $2.00 each and its actual labor hours were 360,000 hours at a wage rate of $10.50. What is Seaside's labor rate variance? a.$217,500 F b.$225,000 U c.$180,000 U d.$180,000 F
Seaside Company produces picture frames. During the year 190,000 picture frames were produced. Materials and labor standards for producing the picture frames are as follows: Direct materials (2 pieces of wood @ $2.25) $4.50 Direct labor (2 hours @ $10) $20.00 Seaside purchased and used 400,000 pieces of wood at $2.00 each and its actual labor hours were 360,000 hours at a wage rate of $10.50. Refer to Figure 10-5. What is the materials usage variance? $112,500 F $112,500 U $45,000 F $45,000 U
Seaside Company produces picture frames. During the year 190,000 picture frames were produced. Materials and labor standards for producing the picture frames are as follows: Direct materials (2 pieces of wood @ $2.25) $4.50 Direct labor (2 hours @ $10) $20.00 Seaside purchased and used 400,000 pieces of wood at $2.00 each and its actual labor hours were 360,000 hours at a wage rate of $10.50. Refer to Figure 10-5. What is Seaside's labor rate variance? $180,000 F $180,000 U $225,000 U $217,500 F