Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Standard Price or Rate $ 3.00 per pound $12.00 per hour Quantity or Standard Hours Cost 6.60 pounds 0.40 hours Direct materials $19.80 Direct labor $ 4.80 During the most recent month, the following activity was recorded: a. Twelve thousand eight hundred pounds of material were purchased at a cost of $2.90 per pound. b. The company produced only 1,280 units, using 11,520 pounds of material. (The rest of the material purchased remained in raw materials inventory.) C. 612 hours of direct labor time were recorded at a total labor cost of $7,344. Required: Compute the materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculationsI

Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Standard Price or Rate $ 3.00 per pound $12.00 per hour Quantity or Standard Hours Cost 6.60 pounds 0.40 hours Direct materials $19.80 Direct labor $ 4.80 During the most recent month, the following activity was recorded: a. Twelve thousand eight hundred pounds of material were purchased at a cost of $2.90 per pound. b. The company produced only 1,280 units, using 11,520 pounds of material. (The rest of the material purchased remained in raw materials inventory.) C. 612 hours of direct labor time were recorded at a total labor cost of $7,344. Required: Compute the materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculationsI

Name: Huron Company produces a commercial cleaning compound known as Zoom.
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Description: Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards forone unit of Zoom are given below:StandardStandard Priceor Rate$ 3.00 per pound$12.00 per hourQuantity orStandardHoursCostDirect m

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Quantity or Hours Standard Cost Direct materials Standard Price or Rate $ 3.00 per pound $14.00 per hour 7.00 pounds 0.40 hours Direct labor $ 21.00 $5.60 During the most recent month, the following activity was recorded: Book a. Thirteen thousand six hundred pounds of material were purchased at a cost of $2.90 per pound. F b. The company produced only 1,360 units, using 12,240 pounds of material. (The rest of the material purchased remained in raw materials inventory.) Print c. 644 hours of direct labor time were recorded at a total labor cost of $7,728. 0 Required: References Compute the materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not…
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Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Direct materials Direct labor Standard Quantity or Hours 7.10 pounds 0.20 hours Standard Price or Rate $ 1.80 per pound $ 12.00 per hour During the most recent month, the following activity was recorded: a. 19,250.00 pounds of material were purchased at a cost of $1.70 per pound. b. All of the material purchased was used to produce 2,500 units of Zoom. c. 400 hours of direct labor time were recorded at a total labor cost of $5,200. Required: 1. Materials price variance 1. Materials quantity variance 2. Labor rate variance 2. Labor efficiency variance Standard Cost $ 12.78 $ 2.40 1. Compute the materials price and quantity variances for the month. 2. Compute the labor rate and efficiency variances for the month. Note: For all requirements, Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no…
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