Undergraduate

In: Business and Management

Submitted By tcgara
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ACCT 2242 Summer 2014 Assignment #6 due Tuesday August 19th by Midnight
Note: Optional Assignment Best 5 of 6 Assignments will count
Question 1 (28 points) Last year, Bandana Corp produced and sold 10,500 bandanas. Each bandana has a standard requiring 2 feet of material at a budgeted cost of $1.50 per foot and 30 minutes of sewing time at a cost of $0.30 per minute. The bandanas sell for $ 14.75. Actual costs for the production of 10,500 bandanas were $33,880 for materials (22,000 feet @ $1.54 per foot) and $92,800 for labour (320,000 minutes @ $0.29 per minute). Required: a. Compute Bandana’s direct material efficiency/usage variance. Indicate whether this variance is Favorable (F) or Unfavorable (U). Compute Bandana’s direct material price variance. Indicate whether this variance is Favorable (F) or Unfavorable (U). Compute Bandana’s direct labour efficiency variance. Indicate whether this variance is Favorable (F) or Unfavorable (U). Compute Bandana’s direct labour price/rate variance. Indicate whether this variance is Favorable (F) or Unfavorable (U).

b.

c.

d.

Question 2 (32 points)
John Fleming, chief administrator for a district hospital, is concerned about costs for tests in the hospital’s lab. Mr. Fleming has asked you to evaluate costs in the hospital’s lab for the past month. The following information is available: Basically, two types of tests are performed in the lab—blood tests and smears. During the past month, 1,800 blood tests and 2,400 smears were performed in the lab. Small glass plates are used in both types of tests. During the past month, the hospital purchased 12,000 plates at a cost of $28,200. This cost is net of a 6% quantity discount. Some 1,500 of these plates were still on hand unused at the end of the month; there were no plates on hand at the beginning of the month. During the past month, 1,150 hours of labour time were…...

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