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!
More 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  $        12,000 If variance is F or UF  UF      Amount of direct materials usage (efficiency) variance  $        50,000 If variance is F or UF  F      Amount of direct labour rate (price) variance  $          4,500 If variance is F or UF  UF      Amount of direct labour efficiency (or usage) variance  $          7,000 If variance is F or UF  F    Detailed workings with formula are as under:  Part 1 Direct materials price variance = (Actual price of direct material per metre – Standard price of ... See the full answer