ACC 206 Class Notes Ashford

Apr 18th, 2015
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Week 5 AssignmentACC 206 P 23-28AReq. 1Although not required, it is helpful to begin the variance computations by organizing the data:Direct materials:Actual price??????????????? $0.17 / lb.Standard price?????????????... $0.25 / lb.Actual quantity?????????..???? 10,000 lbs.Standard quantity (62,900units 0.2 lb./unit) 12,580 lbs.Direct labor:Actual price ($30,300 202,000 min.)????.$0.15 / min.Standard price??????????????..$0.12 / min.Actual quantity??????????????.202,000 mins.Standard quantity (62,900 units 3 mins./unit)188,700 mins.Now we can compute the variances:(continued) P 23-28AReq. 1Price Variances:Price variance=Actual price?Standard priceActual quantityper input unitper input unitof inputDirect materials= ($0.17 per lb. ? $0.25 per lb.)10,000 lbs.price variance=$800 FDirect labor=($0.15 per min. ? $0.12 per min.)202,000 minutesprice variance=$6,060 UEfficiency Variances:Efficiency=Actual quantity?Standard quantityStandard pricevariance of input of input per input unitDirect materials= (10,000 lbs. - 12,580 lbs.)$0.25 per lb.efficiency variance=$645 FDirect labor= (202,000 mins. - 188,700 mins.)$0.12 per minuteefficiency variance=$1,596 U(continued) P 23-28AReq. 2Journal EntryDATEACCOUNTS AND EX

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