Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. parker plastic, inc., manufactures plastic mats to

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost...

80.2K

Verified Solution

Question

Accounting

Parker Plastic, Inc., manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows:

image

Parker Plastic had the following actual results for the past year:

image

Calculate Parker Plastics direct labor rate and efficiency variances. (Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable.)

image

Standard Quantity 12 Standard Standard Price (Rate) Unit Cost Direct materials (plastic) Direct labor Variable manufacturing overhead (based on 0.72 per sq. ft. $8.64 0.25 hr. 025 hr. $ 12.20 per hr. 1.20 per hr 3.05 0.30 0.42 direct labor hours) Fixed manufacturing overhead (5378,000 900,000 units) 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 1,000,000 11,800,000 $ 8,260,000 245,000 $ 2,891,000 18,500 $ 355,000 Direct Labor Rate Variance Direct Labor Efficiency Variance

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