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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
teacher rated 374 times
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Joliet Fabrics -Solution

body preview (4 words)

xxxxxx xxxx attached xxxxx

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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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