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 @ $12.00 per hour)$ 12.0021.6033.30Overhead (1.8 hours @ $18.50 per hour)Standard cost per unit$ 66.90The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of thefactory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month atthe 75% capacity level.Overhead Budget (75% Capacity)Variable overhead costsIndirect materials$ 15,000Indirect labor75,000Power15,000Maintenance30,000135,000Total variable overhead costsFixed overhead costsDepreciation-Building24,00070,000Depreciation-MachineryTaxes and insurance16,000Supervisory salaries254,500Total fixed overhead costs364,500 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 @ $12.00 per hour)$ 12.0021.6033.30Overhead (1.8 hours @ $18.50 per hour)Standard cost per unit$ 66.90The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory'scapacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacitylevel.Overhead Budget (75% Capacity)Variable overhead costsIndirect materials$ 15,000Indirect labor75,000Power15,000Maintenance30,000135,000Total variable overhead costsFixed overhead costs24,000Depreciation-BuildingDepreciation-MachineryTaxes and insurance70,00016,000Supervisory salaries.254,500Total fixed overhead costs364,500Total overhead costs$ 499,500The company incurred the following actual costs when it operated at 75% of capacity in October.Direct materials (46,000 pounds @ $4.20 per pound)Direct labor (19,000 hours @ $12.10 per hour)$ 193,200229,900Overhead costsIndirect materials.$ 41,700Indirect labor176,600Power17,250Maintenance34,500Depreciation-Building24,00094,500Depreciation-MachineryTaxes and insuranceSupervisory salaries14,400254,500657,450Total costs$ 1,080,550 3. Compute the direct labor variance, including its rate and efficiency variances. (Indicate the effect of each variance by selectingfavorable, unfavorable, or no variance. Round "Rate per hour" answers to two decimal places.)Actual Cost$0$000$Standard Cost

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Description: 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 hou

The variance arises when the actual performance is not as per the targeted performance. The same…

Business

Accounting

3. Compute the direct labor variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to two decimal places.) Actual Cost $ 0 $ 0 0 0 $ Standard Cost

3. Compute the direct labor variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to two decimal places.) Actual Cost $ 0 $ 0 0 0 $ Standard Cost

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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$6.00 per hour. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Variance Amount Favorable/Unfavorable Controllable variance Volume variance Total factory overhead cost variance %24 %24 %24
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2. Acme Inc. has the following information available: Actual price paid for material Standard price for material Actual quantity purchased and used in production Standard quantity for units produced Actual labor rate per hour Standard labor rate per hour Actual hours Standard hours for units produced A. Compute the material price and quantity, and the labor rate and B. C. D. E. unfavorable variances. $1.00 $0.90 100 90 15 $ $ 16 200 220 efficiency variances. Describe the possible causes for this combination of favorable and
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If the materials price variance is $3300 F and the materials quantity and labor variances are each $1800 U, what is the total materials variance? a.$3300 F b. $1800 U c. $1500 F d. $4050 U
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1.3 REQUIRED Use the information provided below to calculate the following variances. Each answer must indicate whether the variance is favourable or unfavourable. 1.3.1 Material quantity variance 1.3.2 Labour rate variance 1.3.3 Variable manufacturing overheads efficiency variance INFORMATION The standard variable costs per unit (with a standard quantity of 25 000 units), set by Kidman Manufacturers, for Product M are as follows: Materials Labour Variable overhead 4 kg at R10 per kg 2 hours at R20 per hour 2 hours at R12 per hour The actual costs for October 2022 are as follows: Materials Materials Labour Variable overhead 100 000 kg were purchased for R980 000 78 000 kg were used to produce 20 000 units of Product M 41 000 labour hours at R19.60 per hour R500 200 incurred
Curiumber Enterprises is considering manufacturing a new product. It projects the cost of direct materials and rent for a range or output as follows. Output in Units 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 Rent Cost 11.000 $5,290 5,290 8,464 8,464 8,464 8,464. 8,464 8.464 10.580 10,000 10,580 10.580 Direct Materials $4,200 7,200 7,200 9,600. 12,000 14,400 16.800 19,200 30.999 37,030 46.552
Favorable or Unfavorable? Please assist.
3. Compute the direct labor variance, including its rate and efficiency variances. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to two decimal places.) The drop down options under "actual cost" "standard cost" and the middle box for the first row are: actual rate, standard rate The drop down options for the left bottom 3 rows are: total variable overhead cost variance, variable overhead efficiency variance, variable overhead spending variance, volume variance, direct material variance, Direct labor efficiency variance, direct labor rate variance, direct materials price variance, direct materials quantity variance. the drop down options for the right yellow 3 columns are: favorable, unfavorable, no variance please use the exact format as shown in photos. Thank you !
Using the information provided will this produce a favorable or unfavorable Variable Overhead Efficiency Variance? Percent of capacity Direct labor hours Units of output Variable overhead Fixed overhead Total overhead The standard for hours is 2,000. 100% 2,500 1,000 $7,000 $ 6,000 $13,000