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Linda_us, Finance, Accounts & Homework Tutor

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1. Fruit Snacks Corp Inc. makes lunchbox style fruit snacks,

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1. Fruit Snacks Corp Inc. makes lunchbox style fruit snacks, The owner of the company is setting up a standard cost system, and she has collected the following data for one of the company’s products—fruit chews. The data below pertain only to the fruits used in the product: Material requirements, kilograms of fruits per dozen bags 0.95 kilograms Allowance for waste, kilograms of fruits per dozen bags 0.06 kilograms Allowance for rejects, kilograms of fruits per dozen bags 0.04 kilograms Purchase price, fruit $7.50 per kilograms Purchase discount 4% of purchase price Shipping cost from the supplier $0.30 per kilogram Receiving and handling cost $0.10 per kilogram a. Determine the standard price of a kilogram of fruits. Show computations. b. Determine the standard quantity of fruits for one dozen bags. Show computations. 2. Posters Now uses a standard cost system. Job 67 is for the manufacturing of 800 units of the product P100. The company’s standards for one unit of product P100 are as follows: Standard quantity: 11 ounces Standard price: $3 per ounce Standard direct labor: 1.5 hours Standard labor rate: $12 per hour The job required 8,000 ounces of raw material costing $26,100. a. What is the materials price variance? Show computations. b. What is the materials quantity variance? Show computations. 3. Posters Now uses a standard cost system. Job 67 is for the manufacturing of 800 units of the product P100. The company’s standards for one unit of product P100 are as follows: Standard quantity: 11 ounces Standard price: $3 per ounce Standard direct labor: 1.5 hours Standard labor rate: $12 per hour The job required 8,000 ounces of raw material costing $26,100. The job also used 1,250 labor hours at a rate of $12.20 per hour. a. What is the labor rate variance? Show computations b. What is the labor efficiency variance? Show computations.

4. Walker Corporation is a distributor of several products. They use a predetermined variable overhead rate based on direct labor hours. In the most recent month, 90,000 items were shipped to customers using 3,500 direct labor hours. The company incurred a total of $12,600 in variable overhead costs. According to the company’s standards, 0.04 direct labor hours are required to fulfill an order for one item and the variable overhead rate is $3.50 per direct labor hour. a. What is the variable overhead spending variance? Show computations. b. What is the variable overhead efficiency variance? Show computations. 5. For the third quarter of the year, the following data was reported: Inspection time 1.4 days Process time 4.5 days Wait time 12.0 days (the time between the customer order and the beginning of production) Queue time 3.9 days Move time 0.8 days a. What is the throughput time? Show computations. b. What is the manufacturing cycle efficiency for the quarter? Show computations. c. What is the delivery cycle time? Show computations.

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On question 2b. to find the materials quantity variance would it be (standard quantity - actual quantity) * standard price or would it be (actual quantity - standard quantity) * standard price?

I only ask for clarification because of an example I have seen.

Hi, Thanks for your clarification. Actually different books use different formulas but it does not make a difference. For logic purpose we do not use any negative sign just the tallying for favourable or unfavourable.