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 yearfollowsDirect materials (plastic).Direct laborVariable manufacturing overhead (based on direct labor hours)Fixed manufacturing overhead ($289,288 004,000 units)Parker Plastic had the following actual results for the past year:Number of units produced and soldNumber of square feet of plastic used:Cost of plastic purchased and usedNumber of labor hours workedDirect labor costVariable overhead costFixed overhead cost1,200,00011,100,000$ 9,990,000Vanable Overhead Rate VarianceVariable Overhead Efficiency VarianceVariable Overhead Spending Variance302,000$ 3,110,600$496,000$ 359,000Standard Quantity9 square foot0.25 hour0.25 hourStandard Price (Rate)$0.92 per square foot$10.40 per hour$ 1.60 per hourRequired:Calculate Parker Plastic's variable overhead rate and efficiency variances and its over- or underapplied variable overhead.Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" forunfavorable, and "None" for no effect (i.e., zero variance).StandardCos58200

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Description: 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 yearfollowsDirect materials (plastic).Direct laborVariable manufactur

The variance is the difference between the standard and actual cost data. The variance can be…

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Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($289,208 904,000 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 Exed overhead cost. 1,200,000 11,100,000 $ 9,990,000 $ 302,000 3,110,600 $ 495,000 $ 359,000 IS Standard Quantity 9 square foot 0.25 hour 0.25 hour Standard Price (Rate) $ 0.92 per square foot $10.40 per hour $ 1.60 per hour Standard Cos 58 2 0

Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office follows: Direct materials (plastic) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($289,208 904,000 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 Exed overhead cost. 1,200,000 11,100,000 $ 9,990,000 $ 302,000 3,110,600 $ 495,000 $ 359,000 IS Standard Quantity 9 square foot 0.25 hour 0.25 hour Standard Price (Rate) $ 0.92 per square foot $10.40 per hour $ 1.60 per hour Standard Cos 58 2 0

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
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