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

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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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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…
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Given the following data, calculate product cost per unit under absorption costing. Direct labor Direct materials Variable overhead Fixed overhead Units produced per year Multiple Choice $28.00 per unit $28.60 per unit $30.00 per unit $30.90 per unit $ 17.00 per unit $ 11.00 per unit $ 0.90 per unit $ 100,000 50,000 units
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
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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?
Course: Accounting for Decision Making and Control The West Point plan of Walkers Electronics Company has the following standards for component C91: Standards: Material 2 units of material B Material Price $10 per unit of B Direct labor 1 hour Wage rate $10 per direct labour hour Variable support cost rate $25 per direct labour hour Actual results for March Used 4,200 units of B, purchased at $9.75 per unit of B Paid for 2,000 direct labour hours at $11 per hour Incurred $48,000 of variable support costs Manufactured 2,000 units of component C91 Required: Determine any (5) five of following variances for March: Total direct material…
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Gail Cleaners produces a commercial cleaning compound known as Carpex. The direct materials and direct labour standards for one unit of Carpex follow: Direct materials Direct labour Variable overhead Standard Quantity or Hours 4.10 kilograms 0.40 hour 0.40 hour Standard Price or Rate $ 2.20 per kilogram $10.00 per hour $ 1.30 per hour Standard Cost $9.02 4.00 0.52 The budgeted fixed overhead cost is $14,614 per month. The denominator activity level of the allocation base is 800 direct labour- hours. Materials price variance Materials quantity variance During the most recent month, the following activity was recorded: a. 9,900 kilograms of material were purchased at a cost of $2.22 per kilogram. b. A total of 850 hours of direct labour time was recorded at a total labour cost of $9,110. c. The variable overhead cost was $1,580, and the fixed overhead cost was $14,704. Assume that the company produced 1,600 units during the month, using 6,600 kilograms of material in the production…