Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 9.8 (algo) parker plastic inc, manufactures plasti

9.8 (Algo) Parker Plastic Inc, manufactures plastic mats to use with rolling office chairs. Its...

80.2K

Verified Solution

Question

Accounting

image
9.8 (Algo) Parker Plastic Inc, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead based on direct labor hours) Fixed manufacturing overhead $579,080 - 934,000 units) Standard Standard Price Standard Quantity (Rate) Unit Cost 12 sq ft. 5 1.10 per sq. ft. $13.20 0.25 hr. $13.20 per hr. 3.30 0.25 hr. $ 2.20 per hr. 0.55 0.62 Parker Plastic had the following actual results for the past year Number of units produced and sold Number of square feet of plastic used cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,230,000 12,600,000 512,600,000 332,000 $ 4,083,600 $ 1,589,000 $ 389,000 Required: Calculate Parker Plastic's direct materials price ond quantity variances (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (le, zero variance).) Answer is complete but not entirely correct. Direct Material Price Variance Direct Material Quantity Variance 298,800 F 158.400 U S

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students