Do h k JORGE CASTRO ACG2071 REF 11366 THURSDAY JORGE CASTRO 11/15/17 5:33 PM Hom
ID: 2572724 • Letter: D
Question
Do h k JORGE CASTRO ACG2071 REF 11366 THURSDAY JORGE CASTRO 11/15/17 5:33 PM Homework: Chapter 12 Lab Score: 0.56 of 1 pt 1 of 1 (1 Hw Score: 55.56%, 0.56 of 1 pt & P11-53B (similar to) Question Help * Karyn Fabrics manufactures a specialty monogrammed blanket. The following are the cost standards for this blanket (Click the icon to view the standards.) Actual results from last production of 1,800 blankets are as follows: (Click the icon to view the actual results.) Requirement 1. What is the standard direct material cost for one blanket? (Round your answer to the nearest cent.) The standard direct material cost for one blanket is $ Requirement 2. What is the actual cost per yard of fabric purchased? (Round your answer to the nearest cent.) The actual cost per yard of fabric purchased $ 8.00 51.00 material price and quantity variances. (Enter the variances as positive numbers. Enter currency amounts in the formula to the avorable (U). Abbreviations used: DN Requirement 3. Calculate the direct nearest cent and then round the final variance amounts to the nearest whole dollar. Label the variance as favorable (F) or unf Direct materials) variance for direct materials. Actual price 8.00 First determine the formula for the price variance, then compute the price )DM price variance ) = $ 5,670 , F Standard price 11,340 x ( 8.50 for the quantity va then compute the quantity forExplanation / Answer
Requirement 1: What is the standard direct material cost for one blanket?
The standard direct material cost for one blanket is = 6 yards x $8.5
..................................................................................= $51
Requirement 2: What is the actual cost per yard of fabric purchased?
The actual cost per yard of fabric purchased = $90,720 / $11,340
.......................................................................= $8
Requirement 3: Calculate the direct material price and quantity variances.
Price Variance = Actual quantity purchased x (Standard Price - Actual Price)
........................= 11,340 x ($8.50 - $8)
........................= $5,670 Favorable
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