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Question
Submitted by lbrnch on Sun, 2012-05-06 16:19
due on Sun, 2012-05-06 16:18
answered 3 time(s)
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standard costing accounting

During May, Joliet Fabrics Corporation manufactured 500 units of a specail multilayer fabric with the trade name Stylex. The following information from the Stylex production department also pertains to May.

Direct material purchased: 18,000 yards at $1.38 per yard..........$24,840

Direct material used: 9,500 yards at $1.38 per yard.....................$13,110

Direct labor: 2,100 hours at $9.15 per hour..................................$19,215

The standard prime costs for one unit of Stylex are as follows:

Direct material: 20 yards at $1.35 per yard...................................$27

Direct labor: 4 hours at $9.00 per hour..........................................36

Total standard prime cost per unit of output...................................$63

Required: Compute the following variances for the month of May, indicating whether each variance is favorable or unfavorable.

1. Direct-material price variance.

2. Direct-material quantity variance.

3. Direct-labor rate variance.

4. Direct-labor efficiency variance.

Answer
Submitted by Asma on Sun, 2012-05-06 17:30
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Joliet Fabrics -Solution

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xxxxxx xxxx attached xxxxx

file1.doc preview (69 words)

Direct xxxxxxxx price xxxxxxxx = (xx × xxx xxx × SP)

= xxxxxx x xxxxx – (18,000 xxxxxx

= xxxxxxx – xxxxxxxx

x x $540 xxxxxxxxxxx

Direct material xxxxxxxx xxxxxxxx = xxx x xxx – xxx x SQ)

x (9,500 * 1.35) – xxxxx x xxxxxxxxx

= xxxx xxxxxxxxx

xx units x 20 xxxxx per unit x xxxxxx xxxxxx

Direct xxxxx xxxx xxxxxxxx x (AH x AR) – (AH x SR)

= xxxxx x 9.15) – (2,100 * 9.00)

x $19,215 x $19,800

= $315 xxxxxxxxxxx

xxxxxx labor xxxxxxxxxx xxxxxxxx x xxx x xxx – (SH x SR)

x (2,100 x 9.00) – xxxxxxx x 9.00)

x xxxxxxx x x 18,000

x $900 Unfavorable

x xxx units x x hours per unit x $2,000


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Answer
Submitted by SHIR15 on Mon, 2012-06-04 15:57
teacher rated 195 times
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Standard xxxxxxx accounting

xx Direct-material price xxxxxxxxxxxxxxxxxxxx xxxxx Variance x xxxxxxx xxxxxxxx purchased × xxxxxx price) − (Actual xxxxxxxx purchased × xxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxx xxxxxxxx price xxxxxxxx exists when the xxxxxx xxxxx xx xxxxxxxxx purchased is less xxxx xxx standard xxxxx of xxxxxxxxx xxxxxxxxxx A material price xxxxxxxx xx called xxxxxxxxxxx xxxxxxxxx xxxxx xxxxxxxx xx xxx xxxxxx xxxxx xx materials xxxxxxxxx xx more xxxx the standard price of materials xxxxxxxxxxxxxxxxxxxx xxx unfavorable.

2. Direct-material quantity variance. DM xxxxxxxx Variance = ( SQ − AQ ) × SP Where, SQ xx xxx xxxxxxxx xxxxxxxx allowed AQ xx xxx actual quantity of xxxxxx xxxxxxxx xxxxxxx xx xxx standard price per unit of xxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxx variance x xxxxxxx quantity xxxx × xxxxxxxx price) − (Standard xxxxxxxx allowed × Standard xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx materials are

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Answer
Submitted by SHIR15 on Sun, 2012-05-06 18:36
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elaborated answers...

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xx Direct-material price xxxxxxxxx

[Materials Price Variance x (Actual xxxxxxxx purchased xx Actual price) − xxxxxxx quantity purchased × Standard xxxxxxx

24840-[18000*1.35]

=24840-24300

=540

A xxxxxxxxx xxxxxxxx xxxxx variance xxxxxx xxxx the actual price xx materials purchased is less than xxx standard xxxxx xx xxxxxxxxx purchased. x material xxxxx xxxxxxxx is called unfavorable materials xxxxx variance xx the actual price of xxxxxxxxx purchased xx xxxx than the standard price of xxxxxxxxx purchased.

xxxxxxxxx xxx unfavorable.

xx xxxxxxxxxxxxxxx xxxxxxxx xxxxxxxxx

xx xxxxxxxx xxxxxxxx x x xx xxx AQ x × SP

Where,

SQ is xxx xxxxxxxx quantity xxxxxxx

xx xx the actual quantity xx xxxxxx material xxxx

xx xx xxx standard xxxxx xxx xxxx of xxxxxx xxxxxxxx

[9500-20]*1.35

xxxxxxxxxx

=12798

Or

[Materials xxxxxxxx xxxxxxxx = (Actual quantity xxxx xx Standard price) − xxxxxxxxx quantity xxxxxxx × xxxxxxxx xxxxxxx

9500*1.35-20*1.38

xxxxxxxxxx

xxxxxxxx

When materials are used more

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