10 lbs. @ $4 per lbs.Whispering Winds Manufacturing provided the following information about its standard costing system for 2022:MaterialsStandard DataActual DataProduced4,170 unitsLabor3 hrs. @ $21 per hr.Materials purchased51,780 lbs. for $222,654Budgeted production3,670 unitsMaterials used42,700 lbs.Labor worked11,510 hrs. costing $230,200

At the time of Production only 41500 lbs material has been used from the purchesed quantity so…

Answered: 10 lbs. @ $4 per lbs. Whispering Winds…

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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Activity Rates and Product Costs using Activity-Based Costing Lonsdale Inc. manufactures entry and dining room lighting fixtures. Five activities are used in manufacturing the fixtures. These activities and their associated budgeted activity costs and activity bases are as follows: Budgeted Activity Activity Cost Activity Base Casting $215,160 Machine hours Assembly 189,550 Direct labor hours Inspecting 30,520 Number of inspections Setup 39,730 Number of setups Materials handling 36,960 Number of loads Corporate records were obtained to estimate the amount of activity to be used by the two products. The estimated activity-base usage quantities and units produced follow: Activity Base Entry Dining Total Machine hours 5,180 4,600 9,780 Direct labor hours 4,460 6,690 11,150 Number of inspections 1,660 520 2,180 Number of setups 230 60 290 Number of loads 700 180 880 Units produced 10,400 5,200 15,600 a. Determine the activity rate for each activity. If required, round the rate to the…
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Actual 49, 200 lbs. @ $7.10 per lb. 16,000 hrs. @ $16.50 per hr. $183,400 Direct materials 6 lbs. @ $7 per lb. Direct labor 2 hrs. @ $16 per hr. Overhead Units manufactured 2 hrs. @ $11 per hr. 8,100 (1) Compute the standard cost per unit. (2) Compute the total cost variance for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the total cost variance for June. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Total cost variance
A company's standard cost system requires 7,000 direct labor hours per month jg. qtler taproduce 3,500 units of handbags. The management has set 2 standard of using 4.3 yards of direct materials per unit of handbag. Information regarding standard costs is mentioned below: Particulars Total standard direct materials cost Total standard direct labor cost Total standard variable manufacturing overhead (based on direct labor-hours) Amount $54,250 $42,000 $18,200 During November, the company produced 3,600 wits of handbags using 6 960 direct labor hours. Actual cots recordad isthe month of Novemb are ss allows:
Sweet Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.0 ounces $ 3.00 per ounce $ 18.00 Direct labor 0.3 hours $ 11.00 per hour $ 3.30 Variable overhead 0.3 hours $ 9.00 per hour $ 2.70 The company reported the following results concerning this product in April. Originally budgeted output 3,600 units Actual output 3,200 units Raw materials used in production 21,000 ounces Purchases of raw materials 22,100 ounces Actual direct labor-hours 500 hours Actual cost of raw materials purchases $ 42,300 Actual direct labor cost $ 13,600 Actual variable overhead cost $ 3,800 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for April is:
Test and Pack Department 120,000 Total $306,000 The direct labor information for the production of 7,500 units of each product is as follows: Assembly Department Test and Pack Department Blender 750 dlh 2,250 dlh Toaster oven 2,250 750 Total 3,000 dlh 3,000 dlh Four Finger Appliance used direct labor hours to allocate production department factory overhead to products. If required, round all per unit answers to the nearest cent. a. Determine the two production department factory overhead rates. Assembly Department per direct labor hour Test and Pack Department per direct labor hour b. Determine the total factory overhead and the factory overhead per unit allocated to each product. Product Total Factory Overhead Factory Overhead Per Unit Blender Toaster oven
The Ring The Bells, Co. collected the following data regarding production of one of its products. Budgeted units 12,500 units Standard direct labor hours per unit of output 1.2 DL hours per unit Predetermined variable factory overhead rate $2.50 Per DL hour Predetermined fixed factory overhead rate $1.75 Per DL hour Actual finished units produced 11,800 units Actual direct labor hours 13,900 hrs. Actual variable overhead costs incurred $ 37,530 Actual fixed overhead costs incurred $ 28,500 Compute the variable overhead cost variance. a. $2,780U b. $30F c. $30U d. $2,130U e. $2,130F
2. Blue Hose Company employees a standard cost system for product costing. The standard cost of the product is the following: Raw Materials 2 lbs per unit at $6 per lbLabor 4 hours per unit at $12 per hour Actual direct material cost was $418,000 for 76,000 lbs of material used to manufacture 30,400 units in November. All materials purchased were used in November. Workers were paid $1,510,000 for 125,000 hours of work. Compute the price/rate, quantity/efficiency and flexible spending variances for direct materials and direct labor. Please label all variances. For the price and quantity/efficiency variances, explain what happened and then give a possible explanation as to why it happened. Please Answer With A Step By Step Solution
23: Siding Company manufactures 3 types of siding for homes: Tin, Wood and Vipak The budgeted factory overhead cost is $3,000,000. Overhead is allocated to the three products on the basis of direct labor hours. The products have the following budgeted production volumes and direct labor hours / unit: Expected Volume Direct Labor Hours / Unit Tin 5,000 units 4,000 units 5.0 Wood 3.0 Vival 2,000 units 7.0 Calculate 1: the Single Plantwide Overhead Rate, and 2: The overhead allocated to each product. Round any answers to 2 decimal places. Hint: you will need to calculate the total activity base as it is not given! Rate: Overhead Per Unit: Tin Wood Vival

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