#3 Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 6 pounds @ $9 per pound 2 DLH @ $17 per DLH 2 DLH @ $12 per DLH (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Total budgeted (standard) cost (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. Actual Results < Required 1 53,200 17,200 hour 217,000 pounds @ $9.10 per pound hours @ $17.50 per 8,800 units Complete this question by entering your answers in the tabs below. Required Required Required Required 1 3 Compute total budgeted cost for June production. Required 3 >

#3 Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 6 pounds @ $9 per pound 2 DLH @ $17 per DLH 2 DLH @ $12 per DLH (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Total budgeted (standard) cost (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. Actual Results < Required 1 53,200 17,200 hour 217,000 pounds @ $9.10 per pound hours @ $17.50 per 8,800 units Complete this question by entering your answers in the tabs below. Required Required Required Required 1 3 Compute total budgeted cost for June production. Required 3 >

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Description: #3Required information[The following information applies to the questions displayed below.]A manufactured product has the following information for June.Direct materialsDirect laborOverheadUnitsmanufacturedStandard Quantityand Cost6 pounds @ $9 perp

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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The following materials standards have been established for a particular product: Standard quantity per unit: 6.2 feet $ Stand price per foot: 13.60 The following data pertain to operations concerning the product for the last month: Actual materials purchased: 1,000 feet Actual cost of materials purchased: $ 13,300.00 Actual materials used in production: 400 feet Actual output: 60 units What is the materials price variance for the month? What is the materials quantity variance for the month?
Tharaldson Corporation makes a product with the following standard costs: Standard Standard Quantity or Hours Standard Price or Cost Per Rate Unit Direct materials $ 4.00 per ounce $ 11.00 per hour $ 4.00 per hour 7.1 ounces $28.40 Direct labor $ 3.30 $ 1.20 0.3 hours Variable overhead e.3 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 2,500 units 3,000 units 21,500 ounces Purchases of raw materials 22,000 ounces 560 hours Actual direct labor-hours Actual cost of raw materials purchases $ 45,100 $ 12,500 $ 3,250 Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases varlance is computed when the materials are purchase The labor efficiency varlance for June is:
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 ◆ →
A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 45,500 pounds @ $8.20 per pound Direct labor 2 DLH @ $15 per DLH 14,600 hours @ $15.60 per hour Overhead 2 DLH @ $12 per DLH $ 186,100 Units manufactured 7,500 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)AH = Actual HoursSH = Standard HoursAR = Actual RateSR = Standard Rate
Use this information to answer the question that follow. The following data relate to direct materials costs for February: Materials cost per yard: standard, $1.99; actual, $2.04 Standard yards per unit: standard, 4.70 yards; actual, 5.10 yards Units of production: 9,500 Calculate the direct materials quantity variance. a. $7,562.00 favorable b. $7,562.00 unfavorable c. $7,752.00 favorable d. $7,752.00 unfavorable
Amada Company's standard cost system reports this information from its December operations. Standard direct materials cost Direct materials quantity variance Direct materials price variance Actual direct labor cost Direct labor efficiency variance Direct labor rate variance Actual overhead cost Volume variance Controllable variance View transaction list Journal entry worksheet 1 Required: 1. Prepare December 31 journal entries to record the company's costs and variances for the month for (a) direct materials, (b) direct labor, and (c) overhead. Ignore the journal entry to close the variances. 2 3 Record direct materials costs and variances. Date December 31 Note: Enter debits before credits. $ 100,000 General Journal 3,000 U 500 F 90,000 7,000 F 1,200 U 375,000 12,000 U 9,000 U Debit Credit >
Maria Company uses both standards and budgets. For the year, estimated production of Product X is 597,000 units. Total estimated cost for materials and labor are $1,194,000 and $1,671,600respectively.Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2 decimal places, e.g. 1.25.) Materials Labor (a) Standard cost $enter a dollar amount rounded to 2 decimal places $enter a dollar amount rounded to 2 decimal places (b) Budgeted cost $enter a dollar amount $enter a dollar amount
The following labor standards have been established for a particular product: Standard labor hours per unit of output Standard labor rate The following data pertain to operations concerning the product for the last month: Actual hours worked Actual total labor cost Actual output 5,700 hours $ 98,610 4.9 hours $17.20 per hour 1,100 units Required: a. What is the labor rate variance for the month? b. What is the labor efficiency variance for the month? Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.
Tharaldson Corporation makes a product with the following standard costs. Direct materials. Direct labor Variable overhead The variable overhead rate variance for June is: The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost Multiple Choice $1,200 F Standard Quantity or Hours $1,212 U 6.0 ounces 0.3 hours 0.3 hours $ 42,300 $ 13,600 $ 3,700 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. $1,212 F Standard Price or Rate $3.00 per ounce $11.00 per hour $5.00 per hour 3,600 units 3,200 units 21,000 ounces 22,100 ounces 500 hours Standard Cost Per Unit $18.00 $3.30 $ 1.50
Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) Master production budget Direct materials Direct labor Overhead Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead Direct materials Direct labor Variable overhead Fixed overhead 11,040 $ 241,164 204,624 281,967 Price Variance $ 3.96 per liter x 5 liters per unit of output $ 33.60 per hour x 0.50 hour per unit $ 30.30 per direct labor-hour Variable overhead is applied on the basis of direct labor-hours. Required: Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. $ 242,580 (62,200 liters). 182,628 (5,340 hours)…
Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 6.5 ounces 0.2 hours 0.2 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The labor rate variance for June is: Standard Price or Rate $ 2.00 per ounce $23.00 per hour $ 6.00 per hour 2,700 units 2,800 units 19,380 ounces 21,400 ounces 500 hours $ 40,660 $ 12,050 $ 3,100 Standard Cost Per Unit $ 13.00 $ 4.60 $ 1.20 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 following direct materials and direct labor data pertain to the operations of Ivanhoe Company for the month of August. Actual labor rate Actual materials price Standard labor rate Costs Standard materials price Actual hours incurred and used (a) Actual quantity of materials purchased and used Standard hours used Standard quantity of materials used $15 $180 $14.50 $182 Quantities Total materials variance Materials price variance Total labor variance Materials quantity variance $ Compute the total, price, and quantity variances for materials and labor. $ LA $ per hour per ton per hour per ton $ LA ↑ 4,700 hours 1,900 tons 4,760 hours 1,890 tons M < <