123456You are provided with the following information=== 2 CARRARA = AEREDirect materialsDirect labor7 Variable manufacturing overhead89 Actual results:10Actual output i11 Actual variable manufacturing overhead cost $121314 Actual direct materials cost15 Actual direct labor cost16pare18 the information above to calculate the variances20211 Use ABS() formula for variances3425202728ActualQuantity29130Inputs41MAActual PriceActualStandard Quantity2.9 pounds0.65 hours0.65 hoursActual Quantity6,550 pounds1,120 hours2,120 units7,260$$Actual QuantityActual Hours$$$Actual Price:3.97 per pound21.35 per hourDirect MaterialsDirect LaborStandard Price4.15 per pound22.00 per hour5.89 per hourStandard PriceStandard RateStandardQuantityStandardHevesHotelPrice

Name: 123456You are provided with the following information=== 2 CARRARA =
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Description: 123456You are provided with the following information=== 2 CARRARA = AEREDirect materialsDirect labor7 Variable manufacturing overhead89 Actual results:10Actual output i11 Actual variable manufacturing overhead cost $121314 Actual direct materials c

Business

Accounting

1 2 3 4 5 Direct materials 6 Direct labor 7 Variable manufacturing overhead 8 9 Actual results: 10 11 ======AAR **** 12 13 You are provided with the following information inputs 16 14 Actual direct materials cost 15 Actual direct labor cost 20 Actual output Actual variable manufacturing overhead cost $ ar pares 18the information above to calculate the variances 1 Use ABS formula for variances 21 Actual Santy Actual Price Actual Rate Standard Quantity 2.9 pounds 0.65 hours 0.65 hours Actual Quantity 6,550 pounds 1,120 hours 2,120 units 7,260 $ $ $ Actual Quantity $ $ Direct Materials Actual Price 3.97 per pound 21.35 per hour Standard Price 4.15 per pound Direct Labor 22.00 per hour 5.89 per hour Standard Price Standard Rate Standard Quantity Standard Hevn Standard Price Apie

1 2 3 4 5 Direct materials 6 Direct labor 7 Variable manufacturing overhead 8 9 Actual results: 10 11 ======AAR **** 12 13 You are provided with the following information inputs 16 14 Actual direct materials cost 15 Actual direct labor cost 20 Actual output Actual variable manufacturing overhead cost $ ar pares 18the information above to calculate the variances 1 Use ABS formula for variances 21 Actual Santy Actual Price Actual Rate Standard Quantity 2.9 pounds 0.65 hours 0.65 hours Actual Quantity 6,550 pounds 1,120 hours 2,120 units 7,260 $ $ $ Actual Quantity $ $ Direct Materials Actual Price 3.97 per pound 21.35 per hour Standard Price 4.15 per pound Direct Labor 22.00 per hour 5.89 per hour Standard Price Standard Rate Standard Quantity Standard Hevn Standard Price Apie

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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variance report LO P1, P2, P3, P4 3 of 4 [The following information applies to the questions displayed below) and overhead Skipped eBook ferences Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds @ $6.00 Direct labor (1.7 hours $13.00 Overhead (1.7 hours $18.50 per hour Standard cost per unit $ 18.00 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials Indirect labor 15.000 Power Maintenance 000 $0.000 Total variable overhead costs 135,000 Fixed overhead costs Depreciation-Building 24.000 1701800 17.000 225.750 13361750 $ 471,750 Depreciation-Machinery Taxes and insurance Supervisory salaries Total fixed overhead costs Total overhead costs The company incurred the…
=t K Sunny Corporation has collected the following data for one of its products: Direct materials standard (3 pounds per unit @ $0.56/lb.) Direct materials flexible budget variance-unfavorable Actual Direct Materials Used (AQU) Actual finished goods produced What is the actual cost of the Direct Materials Used (AQU) per pound? OA. $0.56 OB. $1.36 OC. $1.01 OD. $2.26 $1.68 per finished good $14.000 40,000 pounds 24,000 units
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Material Material Actual Standard Actual Standard Price Usage Total Supplier Price Price Quantity Quantity Var Var Variance Current $7.50 $7.50 25,000 24,240 $0 Alternative #1 $7.35 $7.50 25,500 24,240 $0 Alternative #2 $7.58 $7.50 24,400 24,240 $0 Standard Quantity is 2.02 components Quantity produced is 12,000 You are a plant manager and have been approached by your purchasing manager about swapping out one of your suppliers. The manager has identified a vendor who will supply a key component at a 2% discount to your current supplier. At the same time, the supervisor of the group approaches you to indicate that the current supplier is not consistently meeting tolerances. The supervisor suggests a second vendor who promises better quality. You decide to run three batches, each with a different component. Results are in the table above. Task 1 Calculate the Material Price Variance for each component. Task 2 Calculate the Material Usage Variance for each component. Task 3 Based on the…
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Calculate the value of A. Enter Favourable variances as a positive number and Unfavourable variances as a negative number. 1 2 Units 3 4 Less: Total Variable Costs 5 Direct Materials Revenues 6 Direct Labour 7 Variable Manuf. OH. 8 Total Variable Costs 9 Total Contribution Margin 10 Total Fixed Costs 11 Operating Income $ B Static 120,000 C Actual $ D Flex Budget 80,000 E Flex Budget Variance $70,000 F $20,000 U $20,000 U
--/1 Question 5 View Policies Current Attempt in Progress If the materials price variance is $3900 F and the materials quantity and labor variances are each $3000 U, what is the total materials variance? O $3000 U O $3900 F O $4350 U O $900 F hp 12 f10 fg 144 18 f7 f6 f5 4+
1
Direct Material Direct Labor Standard Cost Data per 1 Unit Quantity Price 3 lbs $2.00/lb 2 hrs $4.00/hr Actual Data: Units produced Material purchase & usage Direct Labor Show all computations. 25 100 lbs at $2.20 per lb 30 hrs; total cost $129 a) Compute price variance, quantity variance, direct material variance b) Compute rate variance, efficiency variance, direct labor variance