300:57:46McGrawHillTovar Corporation makes a product with the following standard costs:Standard Quantityor HoursDirect materialsDirect laborVariable overheadMultiple ChoiceThe company reported the following results concerning this product in June.Originally budgeted outputActual outputRaw materials used in productionPurchases of raw materials$2,140 U6.5 ounces0.2 hours0.2 hours$1,820 UStandard Price Standard Costor RotePer Unit$2,140 F$2.00 per ounce$23.00 per hour$6.00 per hour19,380 ounces21,400 ouncesActual direct labor-hours500 hoursActual cost of raw materials purchases$40,660Actual direct labor cost$12,050$3,100Actual variable overhead costThe company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when theThe materials price variance for June is:2,700 units2,800 units$13.00$4.60$1.20Il Proctorio is sharing your screenProuStop sharingHide

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Description: 300:57:46McGrawHillTovar Corporation makes a product with the following standard costs:Standard Quantityor HoursDirect materialsDirect laborVariable overheadMultiple ChoiceThe company reported the following results concerning this product in June.Or

The variance is the difference between the actual and standard cost of production data. The variance…

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46 Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead 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 Standard Quantity or Hours 6.5 ounces 02 hours 02 hours Multiple Choice O $2,140 U $1,820 U Standard Price Standard Cost or Rate $2.00 per ounce Per Unit $23.00 per hour $6.00 per hour $2,140 F The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed The materials price variance for June is: 2,700 units 2.800 units 19.380 ounces 21,400 ounces 500 hours $40,660 $12,050 $3100 $13.00 $4.60 $1.20 Proctorio is sharing your screen Stop sharing

46 Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead 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 Standard Quantity or Hours 6.5 ounces 02 hours 02 hours Multiple Choice O $2,140 U $1,820 U Standard Price Standard Cost or Rate $2.00 per ounce Per Unit $23.00 per hour $6.00 per hour $2,140 F The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed The materials price variance for June is: 2,700 units 2.800 units 19.380 ounces 21,400 ounces 500 hours $40,660 $12,050 $3100 $13.00 $4.60 $1.20 Proctorio is sharing your screen Stop sharing

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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Antuan Company set the following standard costs per unit for its product. Direct materials (4.0 pounds @ $5.00 per pound) Direct labor (1.7 hours @ $12.00 per hour) Overhead (1.7 hours @ $18.50 per hour) $ 20.00 20.40 31.45 Standard cost per unit $ 71.85 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials Indirect labor Power $ 15,000 75,000 15,000 30,000 135,000 Maintenance Total variable overhead costs Fixed overhead costs Depreciation-Building Depreciation-Machinery Taxes and insurance Supervisory salaries Total fixed overhead costs 23,000 71,000 17,000 225, 750 336, 750 $ 471,750 Total overhead costs The company incurred the following actual costs when it operated at 75% of capacity in October. $ 317, 200 248, 000…
Assume the following information appears in the standard cost card for a company that makes only one product: Standar Quantity or Hours Standar Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 16.90 per hour $ 33.80 Variable manufacturing overhead 2 hours $ 3.00 per hour $ 6.00 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. What is the direct labor rate variance?
S Direct materials (cork board) Direct labor Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Price (Rate) $ 2.30 per sq. ft. $10.00 per hr. Standard Unit Cost Standard Quantity 3.00 sq. ft. 1 hrs. $ 6.90 10.00 Variable manufacturing overhead. (based on direct labor hours) Fixed manufacturing overhead ($58,000+145,000 units) 1 hrs. $ 0.55 per hr. 0.55 0.40 Bullseye has the following actual results for the month of September: Number of units produced and sold Number of square feet of corkboard used Cost of corkboard used Number of labor hours worked Direct labor cost 125,000 390,000 $ 936,000 135,000 $1,228,500 Variable overhead cost Fixed overhead cost $ 71,000 $ 53,000 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Bullseye. 2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. 3. Calculate the variable overhead rate, efficiency, and total spending variances for…
Standard Standard Price Standard Quantity 15 sq. ft. (Rate) $ 5 per sq. ft. $15 per hr. Unit Cost Direct materials (fiberglass) $ 75.00 Direct labor 10 hrs. 150.00 Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24, 000 + 300 units) 10 hrs. $ 6 per hr. 60.00 80.00 Rip Tide has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass used Cost of fiberglass used Number of labor hours worked 329 5,090 $27,995 3,230 $50,711 $14,090 $25,450 Direct labor cost Variable overhead cost Fixed overhead cost Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide. 2. Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide. 4. Calculate the fixed overhead spending (budget) and volume variances for Rip Tide.
Urban Company reports the following information regarding its production cost: Units produced Direct labor Direct materials Variable overhead Fixed overhead Compute product cost per unit under variable costing. Multiple Choice O $24.00 $47.46 $54.00 26,000 units $ 19 per unit $ 24 per unit $ 11 per unit $ 116,000 in total $19.00
Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 3.80 per hour $ 7.60 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance?
Handerson Corporation makes a product with the following standard costs: Standard Quantity Standard Price or or Hours 8.5 kilos Rate Direct materials $46.00 r kilo $ 20.00 per hour $ 6.00 per hour Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August. Actual output 3,200 units 29,030 kilos 31,600 kilos 1,160 hours $ 195,920 $ 22,736 $ 7,540 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 company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is cor purchased. The labor efficiency variance for August is:
Dirickson Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Standard Quantity or Inputs Hours per Unit of Output Standard Price or Rate Direct materials 7.6 ounces $ 9.40 per ounce $ 18.00 per hour $ 5.30 per hour Direct labor 0.10 hours Variable manufacturing overhead 0.10 hours The company has reported the following actual results for the product for July: Actual output 7,600 units Raw materials purchased 63,000 ounces Actual cost of raw materials purchased Raw materials used in production $ 541,800 57,750 ounces Actual direct labor-hours 820 hours Actual direct labor cost $ 16,072 $ 4,592 Actual variable overhead cost The raw materials price variance for the month is closest to:
A standard cost card for one unit of a product may look like the following: Direct materials (4 pounds @ $1.25 per pound) $5.00 Direct labor (0.1 DLH @ $18 per hour) 1.80 Variable overhead (0.1 DLH @ $2.00 per hour) 0.20 Fixed overhead (0.1 DLH @ $4.60 per hour) 0.46 Total cost per unit $7.46 The standard cost to produce one unit is $7.46. The standard cost to produce 600 units are $ Of course, this is a simplification as the standard cost does not take fixed and variable costs into account. However, if the firm is producing at or near capacity, then the cost per unit of $7.46 could be multiplied by total units to get total standard cost. The standard cost card gives both unit and cost standards. The direct materials total of $5.00 is based on the use of four pounds of material at $1.25 per pound. Similarly, it should take six minutes (0.1 direct labor hour) to produce one unit. This makes it easy to determine total quantities and cost would be for multiple units. If 400 units were…
Standard Product CostsDeerfield Company manufactures product M in its factory. Production of M requires 2 pounds of material P, costing $8 per pound and 0.5 hour of direct labor costing, $14 per hour. The variable overhead rate is $12 per direct labor hour, and the fixed overhead rate is $16 per direct labor hour. What is the standard product cost for product M? Direct material Answer Direct labor Answer Variable overhead Answer Fixed overhead Answer Standard product cost per unit Answer
Vijay Company reports the following information regarding its production costs. Direct materials Direct labor $ 11.00 per unit 2$ 21.00 per unit Overhead costs for the year Variable overhead Fixed overhead 2$ 11.00 per unit $ 270,000 30,e00 units Units produced Compute its product cost per unit under absorption costing. (Round your answer t Product cost per unit