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

Direct costs are the expenses that are directly used for the production of goods and services for…

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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Paragraph Question 1: WPC Company's Budget and actual costs per unit are provided below for the most recent period. During this period, 700 units were actually produced. Product Standard Cost Product Actual Cost Materials Metres Unit Price Per Metre Standard $2.00 $10.00 Actual 5.2 $2.20 $11.44 Direct labour Hours Hourly Rate Standard 3 $5.00 $15.00 $17.60 Actual Variable 3.2 $5.50 overhead Hours Hourly Rate $12.00 $3.00 $3.10 Standard $13.02 $42.06 Actual 4.2 Total unit cost $37.00 Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable. 1. Materials price variance 2. Materials quantity variance 3. Direct labour rate variance ns: On DELL F6 F7 F8 F9 F10 F11 F12
Use the information provided to answer the questions. Actual price paid per pound of material $15.00 Total standard pounds for units produced this period 12,600 Pounds of material used 13,300 Direct materials price variance favorable $3,990.00 All material purchased was used in production. Enter all amounts as positive numbers. A. What is the standard price for materials? Standard price paid $ B. What is the direct materials quantity variance? Direct materials quantity variance $ C. What is the total direct materials cost variance? Total direct materials cost variance $ D. If the direct materials price variance was unfavorable, what would be the standard price? Standard price $
8:30 W W M b b ba Bit Fren Use the following information for Short Exercises $21-2 and S21-3. Variable Costing Product Cost X 49 37% Period Cost ||| 0 < : X
Direct Materials Variances The following data relate to the direct materials cost for the production of 1,900 automobile tires: Actual: 54,400 lb. at $1.70 Standard: 53,300 Ib. at $1.65 a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Price variance Unfavorable Quantity variance Unfavorable Total direct materials cost variance Unfavorable b. The direct materials price variance should normally be reported to the Purchasing Department - V. If lower amounts of direct materials had been used because of production efficiencies, the variance would be reported to the Production Supervisor V. If the favorable use of raw materials had been caused by the purchase of higher- quality raw materials, the variance should be reported to the Purchasing Department
Complete the table below for the missing variances. (Click the icon to view the table.) Calculate the variances and identify whether the variance is favorable (F) or unfavorable (U). (b) Total Direct Materials Variance (c) Total Direct Labor Variance (e) Total Variable Overhead Variance
* 00 CH R E. Exercise 16-35 (Algo) Profit Variance Analysis (LO 16-4) Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 116,000 liters at a budgeted price of $195 per liter this year. The standard direct cost sheet for one liter of the preservative follows. Direct materials Direct labor (2 pounds @ $12) (0.5 hours @ $40) $24 Variable overhead is applied based on direct labor hours. The variable overhead rate is $100 per direct-labor hour. The fixed overhead rate (at the master budget level of activity) is $50 per unit. All non-manufacturing costs are fixed and are budgeted at $2 million for the coming year. At the end of the year, the costs analyst reported that the sales activity variance for the year was $606,000 unfavorable. The following is the actual income statement (in thousands of dollars) for the year. Sales revenue Less variable…
Computation of Variable Cost Variances The following information pertains to the standard costs and actual activity for Repine Company for September: Standard cost per unit Direct materials Direct labor Activity for September Materials purchased Material A Material B Materials used Material A Material B Direct labor used Production output 3 units of material A x $8.00 per unit 2 units of material B x $4.00 per unit 2 hours x $15.00 per hour 7,000 units x $7.80 per unit 4,800 units x $4.50 per unit Materials price variance $ Materials quantity variance 6,430 units 3,950 units 4,100 hours x $15.50 per hour 2,000 units There were no beginning direct materials inventories. (a) Determine the materials price and quantity variances. Material A (b) Determine the labor rate and efficiency variances. Labor rate variance $ Labor efficiency variance $ ◆ → $ → Material B ◆ →
Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ $4 per pound) $ 64 Direct labor (3 hours @ $15 per hour) 45 During May the company incurred the following actual costs to produce 8,000 units. Direct materials (131,100 pounds @ $3.80 per pound). Direct labor (27,300 hours @ $15.10 per hour) AR-Actual Rate SR Standard Rate AQ-Actual Quantity SQ = Standard Quantity AP Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 $ 498,180 412,230 Required 2
-1-202310-10876 gnment i (Basic guitar built from veneered wood.) (Bridge and strings attached; guitar tuned and inspected.) Saved Each finished guitar contains seven pounds of veneered wood. In addition, one pound of wood is typically wasted in the production process. The veneered wood used in the guitars has a standard price of $14 per pound. The other parts needed to complete each guitar, such as the bridge and strings, cost $17 per guitar. The labor standards for Springsteen's two production departments are as follows: Construction Department: 5 hours of direct labor at $20 per hour Finishing Department: 3 hours of direct labor at $17 per hour The following pertains to the month of July. 1. There were no beginning or ending work-in-process inventories in either production department. 2. There was no beginning finished-goods inventory. Problem 10-47 Part 2 3. Actual production was 690 guitars, and 490 guitars were sold on account for $495 each. 4. The company purchased 7,900 pounds…
Total Flexible Budget Product Cost Variance (a) Total Direct Total Direct Total Manufacturing Materials Variance Labor Variance Overhead Variance (b) (c) (d) Direct Materials Direct Materials Direct Labor Direct Labor Total Variable Total Fixed Cost Variance Efficiency Variance Cost Variance Efficiency Variance Overhead Variance Overhead Variance $540 F $155 U $180 U $425 F (e) (f) Variable Overhead Variable Overhead Fixed Overhead Cost Variance Efficiency Variance Cost Variance $225 U $575 F $110 F
Variance Analysis for Decision Making Bronfenbrenner Co. uses a standard cost system for its single product in which variable overhead is applied on the basis of direct labor hours. The following information is given: Standard costs per unit: Raw materials (1.5 grams at $16 per gram) ............................ $24.00 Direct labor (0.75 hours at $8 per hour).................................. $6.00 Variable overhead (0.75 hours at $3 per hour)........................ $2.25 Actual experience for current year: Units produced ........................................................................ 22,400 units Purchases of raw materials (21,000 grams at $17 per gram) .. $357,000 Raw materials used.................................................................. 33,400 grams Direct labor (16,750 hours at $8 per hour).............................. $134,000 Variable overhead cost incurred.............................................. $48,575 Required: Compute the following variances for raw…
Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds @ $4.00 per pound) Direct labor (1.8 hours @ $12.00 per hour) $ 12.00 21.60 33.30 Overhead (1.8 hours @ $18.50 per hour) Standard cost per unit $ 66.90 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 $ 15,000 Indirect labor 75,000 Power 15,000 Maintenance 30,000 135,000 Total variable overhead costs Fixed overhead costs Depreciation-Building 24,000 70,000 Depreciation-Machinery Taxes and insurance 16,000 Supervisory salaries 254,500 Total fixed overhead costs 364,500