70.2K

Verified Solution

Link Copied!

Betty's Bakery has the following standard cost sheet for one unit of its most popular cake. SQ 1.2 pounds 0.8 hours Direct materials Direct labor During the month of May, the company made 800 cakes and incurred the following actual cos Direct materials purchased and used (1,140 pounds), $1,482 Direct labor (860 hours), $9,890 Required: 1. Calculate the direct materials price variance. 2. Calculate the direct materials quantity variance. 3. Calculate the direct materials spending variance. 4. Calculate the direct labor rate variance. $ 1.50 per pound $12.00 per hour 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending variance. Note: For all requirements, Indicate the effect of each variance by selecting "F" for favora for no effect (i.e., zero variance). Round your intermediate calculations to two decimal pla 1. Direct materials price variance 2. Direct materials quantity variance 3. Total direct materials spending variance 4. Direct labor rate variance 5. Direct labor efficiency variance 6. Total direct labor spending variance

Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: During the month of May, the company made 800 cakes and incurred the following actual co: Direct materials purchased and used (1,140 pounds), \$1,482 Direct labor (860 hours), $9,890 Required: 1. Calculate the direct materials price variance. 2. Calculate the direct materials quantity variance. 3. Calculate the direct materials spending variance. 4. Calculate the direct labor rate variance. 5. Calculate the direct labor efficiency variance. 6. Calculate the direct labor spending variance. Note: For all requirements, Indicate the effect of each variance by selecting "F" for favor for no effect (i.e., zero variance). Round your intermediate calculations to zwo decimal ple Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: During the month of May, the company made 800 cakes and incurred the following actual costs: Direct materials purchased and used (1,140 pounds), $1,482 Direct labor (860 hours), $9.890 Required: 1. Caiculate the cirect materials price variance. 2. Calculate the direct materials quantity variance. 3. Calculate the direct materials spending variance. 4. Calculate the direct labor rate varlance. 5. Calculate the direct labor efficlency variance. 6. Calculate the direct labor spending variance Note: For all requirements, Indicate the effect of each voriance by selecting "F" for favorable, "U" for unfavorat for no effect (i.e., zero variance). Round your intermediate calculations to two decimal places

Answer & Explanation Solved by verified expert

See Answer