Homework Help is Here – Start Your Trial Now!
Business
Accounting
Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year Mollows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead (5901,000 1,060,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,160,000 13.340,000 $9,738,200 865.000 $8,866,250 $1,001,250 $892,000 Standard Quantity 12 square foot 0.75 hour 0.75 hour Standard Price (Bate) $ 0.75 per square foot $10.45 per hour $ 1.15 per hour Required: Calculate Parker Plastic's fixed overhead spending and volume variances and its over- or underapplied fixed overhead. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "Nane" for no effect Standard Unit Coat $9.00 7.99 0.06 0.85

Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year Mollows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead (5901,000 1,060,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,160,000 13.340,000 $9,738,200 865.000 $8,866,250 $1,001,250 $892,000 Standard Quantity 12 square foot 0.75 hour 0.75 hour Standard Price (Bate) $ 0.75 per square foot $10.45 per hour $ 1.15 per hour Required: Calculate Parker Plastic's fixed overhead spending and volume variances and its over- or underapplied fixed overhead. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "Nane" for no effect Standard Unit Coat $9.00 7.99 0.06 0.85

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter9: Standard Costing: A Functional-based Control Approach
Section: Chapter Questions
Problem 33P: Business Specialty, Inc., manufactures two staplers: small and regular. The standard quantities of...
See similar textbooks
icon
Related questions
Topic Video
Question

Please do not give solution in image format thanku 

Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Yixed manufacturing overhead ($901,000 1,060,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used i Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,160,000 13,340,000 $9,738,200 Fixad Overhead Spending Variance Fixed Overhead Volume Varianco Over-or Underapplied Fixed Overhead 865.000 $8,866,250 $1,001,250 $ 892,000 Standard Quantity 12 equare foot 0.75 hour 0.75 hour Standard Price (Rate) $ 0.75 per square foot $10.65 per hour $ 1.15 per hour Required: Calculate Parker Plastic's fixed overhead spending and volume variances and its over-or underapplied fixed overhead. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Standard Unit Coat $9.00 7.99 0.86 0.85
Transcribed Image Text:Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its standard cost information for last year follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Yixed manufacturing overhead ($901,000 1,060,000 units) Parker Plastic had the following actual results for the past year: Number of units produced and sold Number of square feet of plastic used i Cost of plastic purchased and used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost 1,160,000 13,340,000 $9,738,200 Fixad Overhead Spending Variance Fixed Overhead Volume Varianco Over-or Underapplied Fixed Overhead 865.000 $8,866,250 $1,001,250 $ 892,000 Standard Quantity 12 equare foot 0.75 hour 0.75 hour Standard Price (Rate) $ 0.75 per square foot $10.65 per hour $ 1.15 per hour Required: Calculate Parker Plastic's fixed overhead spending and volume variances and its over-or underapplied fixed overhead. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Standard Unit Coat $9.00 7.99 0.86 0.85
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Performance measurements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
SEE MORE TEXTBOOKS