Springsteen Company manufactures guitars. The company uses a standard, job-order cost-accounting system in two production departments. In the Construction Department, the wooden guitars are bult by highly skilled craftsmen and coated with several layers of lacquer. Then the units are transferred to the Finishing Department, where the bridge of the guitar is attached and the strings are installed. The guiters also are tuned and inspected in the Finishing Department. The diagram below depicts the production process. Each finished guitar contains seven pounds of veneered wood. In addition, one pound of wood is typically wasted in the production process. The veneered wood used in the guitars has a standard price of $14 per pound. The other parts needed to complete each guitar, such as the bridge and strings, cost $17 per guitar. The labor standards for Springsteen's two production departments are as follows: Construction Department: 5 hours of direct labor at $20 per hour Finishing Department 3 hours of direct labor at $17 per hour The following pertains to the month of July. 1. There were no beginning or ending work-in-process inventories in either production department. 2. There was no beginning finished-goods inventory. 3. Actual production was 690 guitars, and 490 guitars were sold on account for $495 each, 4. The company purchased 7,900 pounds of veneered wood at a price of $14,50 per pound. 5. Actual usage of veneered wood was 6,400 pounds of the wood purchased during July. 6. Enough parts (bridges and strings) to finish 790 guitars were purchased at a cost of $9,190. Each finished guitar contains seven pounds of veneered wood, In addition, one pound of wood is typically wasted in the production process. The veneered wood used in the guitars has a standard price of $14 per pound. The other parts needed to complete each guitar, such as the bridge and strings, cost $17 per guitar. The labor standards for Springsteen's two production departments are as follows: Construction Department: 5 hours of direct labor at $20 per hour Finishing Department: 3 hours of direct labor at $17 per hour The following pertains to the month of July. 1. There were no beginning or ending work-in-process inventories in elther production department. 2. There was no beginning finished-goods inventory. 3. Actual production was 690 guitars, and 490 gultars were sold on account for $495 each. 4. The company purchased 7,900 pounds of veneered wood at a price of $14.50 per pound. 5. Actual usage of veneered wood was 6,400 pounds of the wood purchased during July. 6. Enough parts (bridges and strings) to finish 790 guitars were purchased at a cost of $9,190. 7. The Construction Department used 3,200 direct-labor hours. The total direct-labor cost in the Construction Department was $60,800. 8. The Finishing Department used 2,150 direct-labor hours. The total direct-labor cost in that department was $38,700. 9. There were no direct-material variances in the Finishing Department. Required: 1-a. Prepare a schedule that computes the standard costs of direct material in each production depa 1-b. Prepare a schedule that computes the standard costs of direct labor in each production departm Complete this question by entering your answers in the tabs below. Prepare a schedule that computes the standard costs of direct material in each production department. Complete this question by entering your answers in the tabs below. Prepare a schedule that computes the standard costs of direct labor in each production department. Complete the table below that compute the July direct material price and quantity variance in the Construction Department. (indicate the effe "Favorable" or "Untavorable"; Select "None" and enter " "0" for no effect (i.f.y roro variance). Rowind "Actual Price" and "standard Price" to 2 de Complete the table below that compute the July direct material purchase price variance in the Construction Department. (Indie the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance). Round "Actual Price" and "Standard Price" to 2 decimal plecesi) Complete the table below that compute the July direct-labor rate and efficiency varlances in the Construction Department. (Indicate the effect "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect. (i.e. zero variance), Round "Actual Rate" and "Standard Rate" to 2 dec Complete the table below that compute the Juy direct-iabor rate and emeiency variances in the Pinlshing Department. (lindicate the effect of Springsteen Company manufactures guitars. The company uses a standard, job-order cost-accounting system in two production departments. In the Construction Department, the wooden guitars are bult by highly skilled craftsmen and coated with several layers of lacquer. Then the units are transferred to the Finishing Department, where the bridge of the guitar is attached and the strings are installed. The guiters also are tuned and inspected in the Finishing Department. The diagram below depicts the production process. Each finished guitar contains seven pounds of veneered wood. In addition, one pound of wood is typically wasted in the production process. The veneered wood used in the guitars has a standard price of $14 per pound. The other parts needed to complete each guitar, such as the bridge and strings, cost $17 per guitar. The labor standards for Springsteen's two production departments are as follows: Construction Department: 5 hours of direct labor at $20 per hour Finishing Department 3 hours of direct labor at $17 per hour The following pertains to the month of July. 1. There were no beginning or ending work-in-process inventories in either production department. 2. There was no beginning finished-goods inventory. 3. Actual production was 690 guitars, and 490 guitars were sold on account for $495 each, 4. The company purchased 7,900 pounds of veneered wood at a price of $14,50 per pound. 5. Actual usage of veneered wood was 6,400 pounds of the wood purchased during July. 6. Enough parts (bridges and strings) to finish 790 guitars were purchased at a cost of $9,190. Each finished guitar contains seven pounds of veneered wood, In addition, one pound of wood is typically wasted in the production process. The veneered wood used in the guitars has a standard price of $14 per pound. The other parts needed to complete each guitar, such as the bridge and strings, cost $17 per guitar. The labor standards for Springsteen's two production departments are as follows: Construction Department: 5 hours of direct labor at $20 per hour Finishing Department: 3 hours of direct labor at $17 per hour The following pertains to the month of July. 1. There were no beginning or ending work-in-process inventories in elther production department. 2. There was no beginning finished-goods inventory. 3. Actual production was 690 guitars, and 490 gultars were sold on account for $495 each. 4. The company purchased 7,900 pounds of veneered wood at a price of $14.50 per pound. 5. Actual usage of veneered wood was 6,400 pounds of the wood purchased during July. 6. Enough parts (bridges and strings) to finish 790 guitars were purchased at a cost of $9,190. 7. The Construction Department used 3,200 direct-labor hours. The total direct-labor cost in the Construction Department was $60,800. 8. The Finishing Department used 2,150 direct-labor hours. The total direct-labor cost in that department was $38,700. 9. There were no direct-material variances in the Finishing Department. Required: 1-a. Prepare a schedule that computes the standard costs of direct material in each production depa 1-b. Prepare a schedule that computes the standard costs of direct labor in each production departm Complete this question by entering your answers in the tabs below. Prepare a schedule that computes the standard costs of direct material in each production department. Complete this question by entering your answers in the tabs below. Prepare a schedule that computes the standard costs of direct labor in each production department. Complete the table below that compute the July direct material price and quantity variance in the Construction Department. (indicate the effe "Favorable" or "Untavorable"; Select "None" and enter " "0" for no effect (i.f.y roro variance). Rowind "Actual Price" and "standard Price" to 2 de Complete the table below that compute the July direct material purchase price variance in the Construction Department. (Indie the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance). Round "Actual Price" and "Standard Price" to 2 decimal plecesi) Complete the table below that compute the July direct-labor rate and efficiency varlances in the Construction Department. (Indicate the effect "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect. (i.e. zero variance), Round "Actual Rate" and "Standard Rate" to 2 dec Complete the table below that compute the Juy direct-iabor rate and emeiency variances in the Pinlshing Department. (lindicate the effect of