Problem 10-47 Student Name:
Class:
1.
McCartney Company
Standard Cost Schedule: Direct Material
Construction Finishing
Department Department
Standard quantity:
Direct material and parts in finished product:
Veneered wood *lbs. – set(s)
Bridge and strings *lbs. *set(s)
Allowance for normal waste *lbs. – set(s)
Total standard quantity per guitar *lbs. *set(s)
Standard price:
Direct material and parts:
Veneered wood *per lb.
Bridge and strings *per set
Standard direct-material cost:
Standard quantity *lbs. *set(s)
Standard price *per lb. *per set
Standard cost per guitar *per guitar *per guitar
Actual output in July *guitars *guitars
Total standard cost of direct material * *
in July
Construction Finishing
Department Department
Standard direct-labor cost:
Standard quantity *hrs. *hrs.
Standard rate * *
Standard cost per guitar * *
Actual output in July *guitars *guitars
Total standard cost of direct labor
* *
in July
2. (a) Construction Department
Actual Actual Actual Standard Standard Standard
Quantity Price Quantity Price Quantity Price
* * * * * *
pounds per pounds per pounds per
used pound used pound allowed pound
* * *
* * * *
Direct-material Direct-material
price variance quantity variance
Total Direct Material Variance *
Actual XActual Actual XStandard
Quantity Price Quantity Price
* * * *
pounds
Xper pounds per
purchased pound purchased pound
* *
*
Standard Cost Schedule: Direct Labor
Proj. Material Cost
Actual Material Cost
Proj. Material Cost
X
X
X
DIRECT-MATERIAL PRICE AND QUANTITY VARIANCES
Actual Material Cost
Standard Material Cost
X
X
X
X
Direct-material
purchase price variance
Actual Actual Actual Standard Standard Standard
Hours Rate Hours Rate Hours Rate
* * * * * *
hours per hours per hours per
used hour used hour allowed hour
* * *
* * * *
Direct-labor Direct-labor
rate variance efficiency variance
* *
2. (b) Finishing Department:
Actual Actual Actual Standard Standard Standard
Hours Rate Hours Rate Hours Rate
* * * * * *
hours per hours per hours per
used hour used hour allowed hour
* * *
* * * *
Direct-labor Direct-labor
rate variance efficiency variance
* *
3. Cost variance report:
Construction Department Finishing Department
Percentage of
Amount Amount Standard Cost
Direct material:
Standard cost, given *– *–
actual output
Direct-material price * * * * *
variance
Direct-material quantity * * * *
variance
Direct-material quantity * * * * *
variance
Direct labor:
Standard cost, given *–*–
actual output
Direct-labor rate * * * * * *
variance
Direct-labor efficiency * * * * * *
variance
Standard Cost
Direct-labor variance
McCartney Company
Cost Variance Report
For the Month of July
Percentage of
Actual Labor Cost
Standard Labor Cost
DIRECT-LABOR RATE AND EFFICIENCY VARIANCES
Direct-labor variance
X
X
X
X
X
X
DIRECT-LABOR RATE AND EFFICIENCY VARIANCES
Actual Labor Cost
Standard Labor Cost
X
X
X
X
X
X
Problem 10-47 Student Name:
Class:
1.
McCartney Company
Standard Cost Schedule: Direct Material
Construction Finishing
Department Department
Standard quantity:
Direct material and parts in finished product:
Veneered wood 7 lbs. – set(s)
Standard price:
Direct material and parts:
Veneered wood 12$ per lb.
Bridge and strings 15$ per set
Standard direct-material cost:
Standard quantity 8 lbs. 1 set(s)
in July
Standard Cost Schedule: Direct Labor
Construction Finishing
Department Department
Standard direct-labor cost:
Standard quantity 6 hrs. 3 hrs.
2. (a) Construction Department
Actual Actual Actual Standard Standard Standard
pounds per pounds per pounds per
used pound used pound allowed pound
Actual Material Cost
Actual XActual
X
X
X
X
Instructor
McGraw-Hill/Irwin
DIRECT-MATERIAL PRICE AND QUANTITY VARIANCES
Actual Material Cost
Standard Material Cost
X
X
X
Actual Actual Actual Standard Standard Standard
Hours Rate Hours Rate Hours Rate
hours per hours per hours per
used hour used hour allowed hour
2. (b) Finishing Department:
Actual Actual Actual Standard Standard Standard
Hours Rate Hours Rate Hours Rate
hours per hours per hours per
used hour used hour allowed hour
3. Cost variance report:
Construction Department Finishing Department
Percentage of
Amount Amount Standard Cost
Direct material:
Standard cost, given $72,000 – $11,250 –
variance
Actual Labor Cost
Standard Labor Cost
DIRECT-LABOR RATE AND EFFICIENCY VARIANCES
X
X
X
X
X
X
DIRECT-LABOR RATE AND EFFICIENCY VARIANCES
Actual Labor Cost
Standard Labor Cost
X
X
X
X
X
X
Percentage of
Standard Cost
McCartney Company
Cost Variance Report
For the Month of July