Question Details

[answered] Maple Products, Ltd., manufactures a super-strong hockey st


Maple Products, Ltd., manufactures a super-strong hockey stick. The standard cost of one hockey stick is:


?

? Standard Quantity
or Hours
Standard Price
or Rate
Standard
Cost
??Direct materials ??? ?? feet $ 3.00 per foot $ ?
??Direct labor ?????2 hours ? ? per hour ? ?
??Variable manufacturing overhead ?????? hours $ 1.30 per hour ? ?
? ? ? ? ?

?

?

??Total standard cost ? ? ? ? $ 27.00 ?
? ? ? ? ?

?

?

?


?

Last year, 8,000 hockey sticks were produced and sold. Selected cost data relating to last year?s operations follow:


?

? ? Dr. ? Cr.
??Accounts payable?direct materials purchased (60,000 feet) ? ? $ 174,000 ???
??Wages payable (? hours) ? ? $ 79,200*???
??Work in process?direct materials $ 115,200???? ? ?
??Labor rate variance ? ? $ 3,300????
??Variable overhead efficiency variance $ 650???? ? ??

?


?

The following additional information is available for last year?s operations:

a.

No materials were on hand at the start of last year. Some of the materials purchased during the year were still on hand in the warehouse at the end of the year.

b.

The variable manufacturing overhead rate is based on direct labor-hours. Total actual variable
manufacturing overhead cost for last year was $19,800.

c.

Actual direct materials usage for last year exceeded the standard by 0.2 feet per stick.


?

Required:
1.

For direct materials:


?

a.

Compute the price and quantity variances for last year.?(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

? ?

????????? ???
?

b.

Prepare journal entries to record all activities relating to direct materials for last year.?(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

? ?

????? ??????

?

2.

For direct labor:

?

a.

Using the rate variance given above, calculate the standard hourly wage rate and compute the efficiency variance for last year.?(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

? ?

?????? ??????

?

b.

Prepare a journal entry to record activity relating to direct labor for last year.?(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

? ?

?????? ??????

?

3.

Compute the variable overhead rate and efficiency variances for last year.?(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

? ?

??????

?

5.

Prepare a standard cost card for one hockey stick.(Round your answers to 2 decimal places.)

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Sep 18, 2020

PRICE: $15

Solution~0001013502.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy from our tutoring website www.aceyourhomework.com (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Sep 18, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN YOUR SET DEADLINE.

Order Now