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Ironwood Company manufactures cast-iron barbeque cookware. During a recent windstorm, it lost some of its cost accounting
records. Ironwood has managed to reconstruct portions of its standard cost system database but is still missing a few pieces of
information.
Required:
Use the information in the table to determine the unknown amounts. You may assume that Ironwood does not keep any raw materials
on hand. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero
variance).
Standard amount per pan produced
Standard price
Actual amount used per pan produced
Actual price
Actual number of pans produced and sold
Direct materials price variance
Direct materials quantity variance
Direct materials spending variance
Direct labor rate variance
Direct labor efficiency variance
Direct labor spending variance
$
S
Direct Materials
2.5 lb
4.20 per b
2.4 lb
4.10 per b
2.500 pans
Direct Labor
1.10 hr
$ 16.00 per hr
1.20 hr
$ 15.50 per hr
2.500 pans
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