Homework Help is Here – Start Your Trial Now!
Business
Accounting
Sheffield Construction Consultants performs cement core tests in its Greenville laboratory. The following standard costs for the tests have been developed by the company's controller, Làndon Sheffield, based on performing 2,100 core tests per month. Standard Standard Standard Price Quantity Cost Direct materials $0.50 per pound 5 pounds $2.50 Direct labor $10 per DLH 0.50 DLH 5.00 Variable overhead $9 per DLH 0.50 DLH 4.50 Fixed overhead $16 per DLH 0.50 DLH 8.00 Total standard cost per test $20.00 At the end of March, London reported the following operational results: The company actually performed 2,280 core tests during the month. 8,500 pounds of direct materials were purchased during the month at a total cost of $5,700. 6,200 pounds of direct materials were used to conduct the core tests. 840 direct labor hours were worked at a total cost of $9,830. Actual variable overhead was $7,700. Actual fixed overhead was $15,800. (a) Calculate the direct materials price variance for March. (Round per unit value to 2 decimal places, eg. 52.75 and final answer to O decimal places, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) $ Direct materials price variance Favorable Not Applicable Unfavorable

Sheffield Construction Consultants performs cement core tests in its Greenville laboratory. The following standard costs for the tests have been developed by the company's controller, Làndon Sheffield, based on performing 2,100 core tests per month. Standard Standard Standard Price Quantity Cost Direct materials $0.50 per pound 5 pounds $2.50 Direct labor $10 per DLH 0.50 DLH 5.00 Variable overhead $9 per DLH 0.50 DLH 4.50 Fixed overhead $16 per DLH 0.50 DLH 8.00 Total standard cost per test $20.00 At the end of March, London reported the following operational results: The company actually performed 2,280 core tests during the month. 8,500 pounds of direct materials were purchased during the month at a total cost of $5,700. 6,200 pounds of direct materials were used to conduct the core tests. 840 direct labor hours were worked at a total cost of $9,830. Actual variable overhead was $7,700. Actual fixed overhead was $15,800. (a) Calculate the direct materials price variance for March. (Round per unit value to 2 decimal places, eg. 52.75 and final answer to O decimal places, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) $ Direct materials price variance Favorable Not Applicable Unfavorable

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter9: Standard Costing: A Functional-based Control Approach
Section: Chapter Questions
Problem 35P: Refer to the data in Problem 9.34. Vet-Pro, Inc., also uses two different types of direct labor in...
See similar textbooks
icon
Related questions
Question
I could use some help with this
View Policies Current Attempt in Progress Sheffield Construction Consultants performs cement core tests in its Greenville laboratory. The following standard costs for the tests have been developed by the company's controller, Làndon Sheffield, based on performing 2,100 core tests per month. Standard Standard Standard Price Quantity Cost Direct materials $0.50 per pound 5 pounds $2.50 Direct labor $10 per DLH 0.50 DLH 5.00 Variable overhead $9 per DLH 0.50 DLH 4.50 Fixed overhead $16 per DLH 0.50 DLH 8.00 Total standard cost per test $20.00 At the end of March, London reported the following operational results: The company actually performed 2,280 core tests during the month. 8,500 pounds of direct materials were purchased during the month at a total cost of $5,700. 6,200 pounds of direct materials were us to onduct the core tests. 840 direct labor hours were worked at a total cost of $9,830. Actual variable overhead was $7,700. Actual fixed overhead was $15,800. (a) Calculate the direct materials price variance for March. (Round per unit value to 2 decimal places, eg. 52.75 and final answer to 0 decimal places, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) 2$ Direct materials price variance Favorable Not Applicable Unfavorable (h) Calculate the direct materials quantity variance for March. (Round answer to O decimal places, eg. 5,275. If variance is zero, select
Transcribed Image Text:View Policies Current Attempt in Progress Sheffield Construction Consultants performs cement core tests in its Greenville laboratory. The following standard costs for the tests have been developed by the company's controller, Làndon Sheffield, based on performing 2,100 core tests per month. Standard Standard Standard Price Quantity Cost Direct materials $0.50 per pound 5 pounds $2.50 Direct labor $10 per DLH 0.50 DLH 5.00 Variable overhead $9 per DLH 0.50 DLH 4.50 Fixed overhead $16 per DLH 0.50 DLH 8.00 Total standard cost per test $20.00 At the end of March, London reported the following operational results: The company actually performed 2,280 core tests during the month. 8,500 pounds of direct materials were purchased during the month at a total cost of $5,700. 6,200 pounds of direct materials were us to onduct the core tests. 840 direct labor hours were worked at a total cost of $9,830. Actual variable overhead was $7,700. Actual fixed overhead was $15,800. (a) Calculate the direct materials price variance for March. (Round per unit value to 2 decimal places, eg. 52.75 and final answer to 0 decimal places, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) 2$ Direct materials price variance Favorable Not Applicable Unfavorable (h) Calculate the direct materials quantity variance for March. (Round answer to O decimal places, eg. 5,275. If variance is zero, select
(c) Calculate the direct labor rate variance for March. (Round per unit value to 2 decimal places, e.g. 52.75 and final answer to O decimal places, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) Direct labor rate variance $ (d) Calculate the direct labor efficiency variance for March. (Round answer to O decimal places, e.g. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) 24 Direct labor efficiency variance (e) Calculate the variable overhead spending variance for March. (Round per unit value to 2 decimal places, eg. 52.75 and final answer to O decimal places, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) 24 Variable overhead spending variance (f) Calculate the variable overhead efficiency variance for March. (Round answer to O decimal places, e.g. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) Variable overhead efficiency variance (g) Calculate the fixed overhead spending variance for March. (Round per unit value to 2 decimal places, e.g. 52.75 and final answer to 0 decimal places, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) 24 Fixed overhead spending variance
Transcribed Image Text:(c) Calculate the direct labor rate variance for March. (Round per unit value to 2 decimal places, e.g. 52.75 and final answer to O decimal places, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) Direct labor rate variance $ (d) Calculate the direct labor efficiency variance for March. (Round answer to O decimal places, e.g. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) 24 Direct labor efficiency variance (e) Calculate the variable overhead spending variance for March. (Round per unit value to 2 decimal places, eg. 52.75 and final answer to O decimal places, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) 24 Variable overhead spending variance (f) Calculate the variable overhead efficiency variance for March. (Round answer to O decimal places, e.g. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) Variable overhead efficiency variance (g) Calculate the fixed overhead spending variance for March. (Round per unit value to 2 decimal places, e.g. 52.75 and final answer to 0 decimal places, eg. 5,275. If variance is zero, select "Not Applicable" and enter O for the amounts.) 24 Fixed overhead spending variance
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 3 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Investments
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS