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Tarptent manufactures camping tents from a lightweight synthetic fabric. Assume the companys two-person tent has...

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Accounting

Tarptent manufactures camping tents from a lightweight synthetic fabric. Assume the companys two-person tent has a standard materials cost of $60, consisting of 4 yards of fabric at $15 per yard. The standards call for 1.5 hours of assembly at $20 per hour. The following data were recorded for October, the first month of operations:

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  1. Compute all standard cost variances for materials and labor.

  2. Give one possible reason for each of the preceding variances.

  3. Determine the standard variable cost of the 1,200 tents produced, separated into direct materials and labor.

Fabric purchased.... Fabric used in production of 1,200 tents Direct labor used 6,500 yards x $14.50 per yard 4,850 yards 1,850 hours x $19.50 per hour

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