Question Entry Rules: Round your answer to the nearest DOLLAR or UNIT. Examples: If your answer is $504.472, enter 504 If your answer is$504.626, enter $505 If your answer is$504.00, enter 504 If your answer is $504, enter 504 If your answer is$0.1000, enter 0 If the answer is zero, enter 0 Never enter $or, when inputting numerical answers QUESTION: Natasha Inc. produces victory T-shirts for Raptor's fans; however, due to a global pandemic, sales have not been as expected this year. The following standards were set at the beginning of the current year: Standard 3.00$5.00 Direct material per unit (metre(s)) Material price per metre Labour time per unit 0.25 hr Direct labour rate (per hour) $14.00 The company has the following actuals for the year: Production units Total direct material purchased (metre(s)) Total direct material used (metre(s)) Total labour time Actual 20,000 60,000 50,000 4,500 hrs$5.20 $15.00 Material price per metre Direct labour rate (per hour) Use the above information to answer the following questions. Compute the amount of the direct materials price variance. HINT: remember the entry rules! Indicate if the direct materials price variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Compute the amount of the direct materials usage (efficiency) variance. HINT: remember the entry rules! Indicate if the direct materials usage (efficiency) variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Compute the amount of the direct labour rate (price) variance. HINT: remember the entry rules! Indicate if the direct labour rate (price) variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Compute the amount of the direct labour efficiency (or usage) variance. HINT: remember the entry rules! Indicate if the direct labour efficiency (usage) variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! YMENNJ The Asker · Other NSM Transcribed Image Text: Entry Rules: Round your answer to the nearest DOLLAR or UNIT. Examples: If your answer is$504.472, enter 504 If your answer is $504.626, enter$505 If your answer is $504.00, enter 504 If your answer is$504, enter 504 If your answer is $0.1000, enter 0 If the answer is zero, enter 0 Never enter$ or, when inputting numerical answers QUESTION: Natasha Inc. produces victory T-shirts for Raptor's fans; however, due to a global pandemic, sales have not been as expected this year. The following standards were set at the beginning of the current year: Standard 3.00 $5.00 Direct material per unit (metre(s)) Material price per metre Labour time per unit 0.25 hr Direct labour rate (per hour)$14.00 The company has the following actuals for the year: Production units Total direct material purchased (metre(s)) Total direct material used (metre(s)) Total labour time Actual 20,000 60,000 50,000 4,500 hrs $5.20$15.00 Material price per metre Direct labour rate (per hour) Use the above information to answer the following questions. Compute the amount of the direct materials price variance. HINT: remember the entry rules! Indicate if the direct materials price variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Compute the amount of the direct materials usage (efficiency) variance. HINT: remember the entry rules! Indicate if the direct materials usage (efficiency) variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Compute the amount of the direct labour rate (price) variance. HINT: remember the entry rules! Indicate if the direct labour rate (price) variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Compute the amount of the direct labour efficiency (or usage) variance. HINT: remember the entry rules! Indicate if the direct labour efficiency (usage) variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces!
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Transcribed Image Text: Entry Rules: Round your answer to the nearest DOLLAR or UNIT. Examples: If your answer is $504.472, enter 504 If your answer is$504.626, enter $505 If your answer is$504.00, enter 504 If your answer is $504, enter 504 If your answer is$0.1000, enter 0 If the answer is zero, enter 0 Never enter $or, when inputting numerical answers QUESTION: Natasha Inc. produces victory T-shirts for Raptor's fans; however, due to a global pandemic, sales have not been as expected this year. The following standards were set at the beginning of the current year: Standard 3.00$5.00 Direct material per unit (metre(s)) Material price per metre Labour time per unit 0.25 hr Direct labour rate (per hour) $14.00 The company has the following actuals for the year: Production units Total direct material purchased (metre(s)) Total direct material used (metre(s)) Total labour time Actual 20,000 60,000 50,000 4,500 hrs$5.20 $15.00 Material price per metre Direct labour rate (per hour) Use the above information to answer the following questions. Compute the amount of the direct materials price variance. HINT: remember the entry rules! Indicate if the direct materials price variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Compute the amount of the direct materials usage (efficiency) variance. HINT: remember the entry rules! Indicate if the direct materials usage (efficiency) variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Compute the amount of the direct labour rate (price) variance. HINT: remember the entry rules! Indicate if the direct labour rate (price) variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Compute the amount of the direct labour efficiency (or usage) variance. HINT: remember the entry rules! Indicate if the direct labour efficiency (usage) variance is Favourable (enter F) or Unfavourable (enter UF). HINT: Enter your letter without any additional spaces! Community Answer AKFCWY Required answers are as under: Amount of the direct materials price variance &#194;&#160;$&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160; 12,000 If variance is F or UF &#194;&#160;UF&#194;&#160; &#194;&#160; &#194;&#160; Amount of direct materials usage (efficiency) variance &#194;&#160;$&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160; 50,000 If variance is F or UF &#194;&#160;F&#194;&#160; &#194;&#160; &#194;&#160; Amount of direct labour rate (price) variance &#194;&#160;$&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160; 4,500 If variance is F or UF &#194;&#160;UF&#194;&#160; &#194;&#160; &#194;&#160; Amount of direct labour efficiency (or usage) variance &#194;&#160;\$&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160;&#194;&#160; 7,000 If variance is F or UF &#194;&#160;F&#194;&#160; &#194;&#160; Detailed workings with formula are as under:&#194;&#160; Part 1 Direct materials price variance =&#194;&#160;(Actual price of direct material per metre &#226;&#8364;&#8220; Standard price of ... See the full answer