90.2K

Verified Solution

Link Copied!

Problem 10-33 Direct-Material and Direct-Labor Variances (LO 10-1, 10-3) New Jersey Valve Company manufactured 7,800 units during January of a control valve used by milk processors in its Camden plant Records indicated the following: pea Direct labor Direct material purchased Direct material used 40,000 hurt at $14.10 per hr 29,000 lb. at $2.10 per 1b. 27,300 lb ook The control valve has the following standard prime costs. Fone Direct material 41b. at $2.00 per lb. Direct labor She at $14.50 per hr Standard prime cost per unit $ 8.00 72.50 550.50 Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 7,800 units. 2. For the month of January, compute the following variances Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a schedule of standard production costs for January, based on actual production of 7,800 units 10 IT aw Direct labor She at $14.50 per hr Standard prime cost per unit 72.50 $80.50 Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 7,800 units. 2. For the month of January, compute the following variances. ped Complete this question by entering your answers in the tabs below. bok int Required 1 Required 2 ences Prepare a schedule of standard production costs for January, based on actual production of 7,800 units. NEW JERSEY VALVE COMPANY: CAMDEN PLANT Schedule of Standard Production Costs Based on 7,800 Units For the Month of January Standard Costs Direct material Direct labor Total standard production costs $ 0 Regu Required 2 > Direct labor 5 he, at $14.50 per hr. Standard prime cost per unit 72.50 $80.50 Required: 1. Prepare a schedule of standard production costs for January, based on actual production of 7,800 units. 2. For the month of January, compute the following variances. Complete this question by entering your answers in the tabs below. Required 1 Required 2 ces For the month of January, compute the following variances. (Indicate the effect of each variance by selecting "Favorable or "Unfavorable". Select "None" and enter "O" for no effect (1.e., zero variance).) a Direct material price variance Direct material quantity varanco c Direct material purchase price variance d Direct labor rate variance Direct labor efficiency variance

Answer & Explanation Solved by verified expert

See Answer