3. Factory Overhead Budget Sunny Side Company shows the following data regarding its factory overhead: ● ● Flexible Budget Formula: FOH = 20,000 + 1 X Standard: 1 unit of product requires 4 labor hours Normal Capacity: 2,500 units Budgeted Hours: A) Fixed Overhead (FFOH) B) Variable Overhead (VFOH) C) Total Budgeted Overhead D) REQUIRED: where: X number of labor hours hours Fixed Overhead Rate (FR) Variable Overhead Rate (VR) Standard Overhead Rate (SR) 1. Compute for the missing amounts. 2. What is the budgeted FOH if adjusted based on 7,500 actual hours (BAAH)? 3. What is the budgeted FOH if adjusted based on 8,000 standard hours (BASH)? E) F) G

3. Factory Overhead Budget Sunny Side Company shows the following data regarding its factory overhead: ● ● Flexible Budget Formula: FOH = 20,000 + 1 X Standard: 1 unit of product requires 4 labor hours Normal Capacity: 2,500 units Budgeted Hours: A) Fixed Overhead (FFOH) B) Variable Overhead (VFOH) C) Total Budgeted Overhead D) REQUIRED: where: X number of labor hours hours Fixed Overhead Rate (FR) Variable Overhead Rate (VR) Standard Overhead Rate (SR) 1. Compute for the missing amounts. 2. What is the budgeted FOH if adjusted based on 7,500 actual hours (BAAH)? 3. What is the budgeted FOH if adjusted based on 8,000 standard hours (BASH)? E) F) G

Name: 3. Factory Overhead BudgetSunny Side Company shows the following data
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Description: 3. Factory Overhead BudgetSunny Side Company shows the following data regarding its factory overhead:Flexible Budget Formula: FOH = 20,000 + 1 X where: X - number of labor hoursStandard: 1 unit of product requires 4 labor hoursNormal Capacity: 2,500

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 Illustrative Corporation recorded the following budgeted and actual information relating to fixed overhead costs for its Z-Line of products Standard fixed overhead per direct labor hour Standard direct labor hours per unit Budgeted production Budgeted fixed overhead costs $3 0.75 3,400 $7.650.00 Actual production in units Actual fixed overhead costs incurred What is Illustrative's fixed manufacturing overhead volume variance? A. $2.025.00 favorable OB. $4.950.00 favorable OC. $2,025.00 unfavorable D. $4.950.00 unfavorable 4,300 $2.700.00
Spree Party Lights overhead expenses are: Indirect material, pounds per unit Indirect material, cost per pound Indirect labor hours Indirect labor rate per hour Variable maintenance per unit Variable utilities per unit Supervisor salaries Maintenance salaries Insurance Depreciation Units to Produce Variable Costs Indirect Material Indirect Labor Maintenance Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,400, 3,100, and 2,800, respectively. Spree Party Lights Manufacturing Overhead Budget For the Quarter Ending January - March January February 2,400 3,100 Utilities Total Variable Manufacturing Costs Fixed Costs 0.30 Supervisory Salaries Maintenance Salaries Insurance Depreciation Total Fixed Manufacturing Coats Total Manufacturing Overhead $2 $16.50 $0.75 $0.20 $11,000 $9,000 $3,000 $1,600 1,440 30,500 1.1900 11,000 5,000 3,000 1,500 24,600 67,020 1,860 51,150 620 53,955 11,000 9,000 3,000 1,000 24,400 10,355 March 2,1800…
< Multiple Versus Single Overhead Rates, Activity Drivers Deoro Company has identified the following overhead activities, costs, and activity drivers for the coming year: Expected Cost Activity Driver Activity Capacity Number of setups Number of orders Activity Setting up equipment Ordering costs Machine costs Receiving Receiving hours Deoro produces two models of dishwashers with the following expected prime costs and activity demands: Direct materials Direct labor Units completed Direct labor hours Number of setups Number of orders Machine hours Receiving hours $464,550 Required: 336,300 747,000 424,200 Model A Machine hours $604,000 498,000 17,000 5,800 410 Model B $804,000 456,000 8,700 1,500 6,200 23,500 3,800 The company's normal activity is 7,300 direct labor hours. 160 11,500 18,000 6,300 570 17,700 41,500 10,100 1. Determine the unit cost for each model using direct labor hours to apply overhead. Round intermediate calculations and final answers to nearest cent.
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Coe Parts applies fixed overhead at the rate of $6.82 per unit. Budgeted fixed overhead was $198,600. This month 28,240 units were produced, and actual fixed overhead was $193,490. Required: a. What are the fixed overhead price and production volume variances for Coe Parts? b. What was budgeted production for the month? Complete this question by entering your answers in the tabs below. Required A Required B Jhm What are the fixed over ad price and production volume variances for Coe Parts? Note: 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. Do not round your intermediate calculations. Round your final answers to the nearest dollar. Fixed overhead price variance Fixed overhead production volume variance Required A Required B >
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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:
Zeke's Bikes uses a standard cost system and provides the following information: Standards: Static budget variable overhead $5,110.00. Static budget fixed overhead $20,400.00. Static budget direct labor hours 360 hours. Static budget number of units 25,100 units. Static budget direct labor hours 0.035 hours per unit. Actual: Number of units produced 23,000. Actual variable overhead $5,080.00 Actual fixed overhead $23,600.00. Actual direct labor hours 520. (Round your answers to two decimal places when needed and use rounded answers for all future calculations).
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Required information [The following information applies to the questions displayed below.] Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 4 pounds at $10 per pound Direct labor: 2 hours at $16 per hour Variable overhead: 2 hours at $6 per hour $ 40 32 12 Total standard cost per unit $ 84 The planning budget for March was based on producing and selling 30,000 units. However, during March the company actually produced and sold 34,500 units and incurred the following costs: a. Purchased 150,000 pounds of raw materials at a cost of $9.20 per pound. All of this material was used in production. b. Direct laborers worked 62,000 hours at a rate of $17 per hour. c. Total variable manufacturing overhead for the month was $390,600. 11. What is the labor spending variance for March? (Indicate the effect of each variance by selecting "F" for…
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