1.)Japan Company produces lamps that require 2.25 standard hours per unit at an hourly rate of $15.00 per hour. If 7,700 units required 19,250 hours at an hourly rate of $14.90 per hour, what is the direct labor for the following: Enter favorable variances as negative numbers.
| a. Rate variance |
$ |
SelectFavorableUnfavorableItem |
| b. Time variance |
$ |
SelectFavorableUnfavorableItem |
| c. Cost variance |
$ |
SelectFavorableUnfavorableItem |
2.)Oak Company produces a chair that requires 6 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 48,875 yards.
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Journalize the entry to record the standard direct materials used in production. If required, round your answers to two decimal places. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".
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3)Ruby Company produces a chair that requires 5 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,400 chairs were manufactured, using 43,700 yards at a cost of $7.30 per yard. Enter favorable variances as negative numbers.
Determine the following:
| a. Price variance |
$ |
SelectFavorableUnfavorable |
| b. Quantity variance |
$ |
SelectFavorableUnfavorable |
| c. Cost variance |
$ |
SelectFavorableUnfavorable |
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4)This company records inventory purchases at standard cost and also records purchase price variances.
Prepare the journal entry for a purchase of 6,000 widgets that were bought at $8.00 and have a standard cost of $8.15. For a compound transaction, if an amount box does not require an entry, leave it blank or enter "0".