12)A favorable lahoe rate variance is created whenA) actual units produced exceed standard hours allowed.Batual wages paid are less than amounts that should have been paid for themumiber of heours workedC)actual units prodced exceed budgeted production levelsD) actual labor hours worked esceed standard hours allowedEactual hours worked are less than standard hours allowed.

Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

2A favonble labor ate vaniance created when A) actal units prodced esceed standard hours alowed Bactual wapes peid are lees than amounts that should have been paid for the mumber ef hours worked actual umits prodced esceed budgeted production levels D) actal laber hours worked exceed standand hours allowed Eactual hours worked are less than standard hours allowed

2A favonble labor ate vaniance created when A) actal units prodced esceed standard hours alowed Bactual wapes peid are lees than amounts that should have been paid for the mumber ef hours worked actual umits prodced esceed budgeted production levels D) actal laber hours worked exceed standand hours allowed Eactual hours worked are less than standard hours allowed

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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Fey Company's organization chart includes the president; the vice president of production; three assembly plants-Dallas, Atlanta, and Tucson; and two departments within each plant-Machining and Finishing. Budget and actual manufacturing cost data for July 2020 are as follows. Finishing Department-Dallas: direct materials $41,310 actual, $44,510 budget; direct labor $83,850 actual, $82,510 budget; manufacturing overhead $50,800 actual, $50,110 budget. Machining Department-Dallas: total manufacturing costs $224,690 actual, $217,360 budget. Atlanta Plant: total manufacturing costs $423,380 actual, $423,790 budget. Tucson Plant: total manufacturing costs $495,240 actual, $497,130 budget. The Dallas plant manager's office costs were $96,350 actual and $93,480 budget. The vice president of production's office costs were $135,560 actual and $133,440 budget. Office costs are not allocated to departments and plants.
Wade Company expects to produce 6,000 units of product IOA during the current year. Budgeted variable manufacturing costs per unit are direct materials $5, direct labour $12, and overhead $18. Monthly budgeted fixed manufacturing overhead costs are $8,300 for depreciation and $4,000 for supervision. In the current month, Wade produced 6,500 units and incurred the following costs: direct materials $30,270, direct labour $74,000, variable overhead $127,656, depreciation $8,300, and supervision $4,224. Prepare a static budget report. (List variable costs before fixed costs.)
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INA TOLOWING ASTIMATAS that are relate to the operation menanments is as Thin Required information Number of employees Number of customers Number of billable hours Total overhead cost Multiple Choice O O O $37,200 $292,200 The Company uses the step method for cost allocation as the administrative service department also provides services to the machine maintenance department. Assume that costs are allocated between service departments based on the # of employees. Using the information provided, what is the total amount of machine maintenance cost that will be allocated to the operating departments? Note: Round your intermediate calculations to the nearest whole dollar. $92,000 properties 40 125 $124,000 3,000 $ 455,000 properties 20 160 2,000 $ 374,000 Maintenance 15 n/a n/a n/a Total 75 285 5,000 $ 829,000
Overallocated manufacturing overhead results when A. actual overhead is less than expected. OB. estimated overhead is less than actual overhead. OC. actual overhead is less than allocated overhead. OD. production is less than last year.