Question : 131. Ruby Company produces a chair that requires 5 yds. of : 1251676

131. Ruby Company produces a chair that requires 5 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 43,600 yards at a cost of $7.55 per yard. Determine the (a) price variance, (b) quantity variance, and (c) cost variance.

132. Ruby Company produces a chair that requires 5 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 43,700 yards at a cost of $7.30 per yard. Determine the (a) price variance, (b) quantity variance, and (c) cost variance.

133. Ruby Company produces a chair that requires 5 yds. of material per unit. The standard price of one yard of material is $7.60. During the month, 8,500 chairs were manufactured, using 40,000 yards at a cost of $7.50. Determine the (a) price variance, (b) quantity variance, and (c) cost variance.

134. Japan Company produces lamps that require 2.25 standard hours per unit at an hourly rate of $15.00 per hour. If 7,700 units required 19,250 hours at an hourly rate of $14.90 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance?

135. Tippi Company produces lamps that require 2.25 standard hours per unit at an hourly rate of $15.00 per hour. If 7,700 units required 17,550 hours at an hourly rate of $15.20 per hour, what is the direct labor (a) rate variance, (b) time variance, and (c) cost variance?

136. Trumpet Company produced 8,600 units of product that required 3.25 standard hours per unit. The standard variable overhead cost per unit is $4.00 per hour. The actual variance factory overhead was $111,000. Determine the variable factory overhead controllable variance.

137. The Trumpet Company produced 8,600 units of a product that required 3.25 standard hours per unit. The standard fixed overhead cost per unit is $1.20 per hour at 29,000 hours, which is 100% of normal capacity. Determine the fixed factory overhead volume variance.

138. Oak Company produces a chair that requires 6 yds. of material per unit. The standard price of one yard of material is $7.50. During the month, 8,500 chairs were manufactured, using 48,875 yards. Journalize the entry to record the standard direct materials used in production.

139. Prepare an income statement for the year ended December 31, 2012, through gross profit for Aframe Company using the following information. Assume Aframe Company sold 8,600 units at $125 per unit. (Note: Normal production is 9,000 units) 

Standard: 5 yards per unit @ $6.30 per yardActual yards used: 43,240 yards @ $6.25 per yard

Standard: 2.25 hours per unit @ $15.00Actual hours worked: 19,100 @ $14.90 per hour

Standard: Variable overhead $1.05 per unit

Standard: Fixed overhead $211,500                (budgeted and actual amount)              Actual total factory overhead $235,500

Aframe CompanyIncome Statement Through Gross ProfitFor the Year Ended December 31, 2012

140. If a company records inventory purchases at standard cost and also records purchase price variances, prepare the  journal entry for a purchase of 5,000 widgets that were bought at $8.00 and have a standard cost of $8.15.