8.Hithlum Inc. uses a standard cost system. Overhead cost information for product SK for the month of May is as follows: Total overhead cost incurred P12,600 Fixed overhead budgeted P 3,300 Total standard overhead rate per direct labor hour P 4.00 Variable overhead rate per direct labor hours P 3.00 Standard hours allowed for actual production

8.Hithlum Inc. uses a standard cost system. Overhead cost information for product SK for the month of May is as follows: Total overhead cost incurred P12,600 Fixed overhead budgeted P 3,300 Total standard overhead rate per direct labor hour P 4.00 Variable overhead rate per direct labor hours P 3.00 Standard hours allowed for actual production

Name: 8.Hithlum Inc. uses a standard costsystem. Overhead cost informationf
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Description: 8.Hithlum Inc. uses a standard costsystem. Overhead cost informationfor product SK for the month of Mayis as follows: Total overhead costincurred P12,600 Fixed overheadbudgeted P 3,300 Total standardoverhead rate per direct labor hour P4.00 Variable

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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Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours 5.6 ounces 0.3 hours 0.3 hours 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 Multiple Choice O O 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 labor efficiency variance for June is: O O $6,600 F $6,600 U Standard Price or Rate $ 3.00 per ounce $ 10.00 per hour $7.00 per hour $8,800 F $8,800 U 4,000 units 4,000 units 22,000 ounces 22,700 ounces 540 hours $ 42,700 $ 14,000 $ 4,000 Standard Cos Per Unit $ 16.80 $ 3.00 $ 2.10
Crash Bang, Co. uses a standard cost system and provides the following information:Standards: Static budget variable overhead $5,590.00. Static budget fixed overhead $22,180.00. Static budget direct labor hours 565 hours. Static budget number of units 20,200 units. Static budget direct labor hours 0.016 hours per unit. Crash Bang, Co. allocates manufacturing overhead to production based on standard direct labor hours. Crash Bang, Co. reported the following actual results for 2020:Actual: Number of units produced 21,000. Actual variable overhead $5,220.00 Actual fixed overhead $24,370.00. Actual direct labor hours 482. (Round your answers to two decimal places when needed and use rounded answers for all future calculations).1. Compute the variable overhead allocation rates. Budgeted VOH ? Budgeted allocation base = Standard VOH allocation rate = 2. Calculate the variable overhead cost and efficiency variances. (AC ? SC) ? AQ =…
Nevada Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate 3.00 per ounce 6.4 ounces 0.4 hours 0.4 hours $ $ 13.00 per hour S 5.00 per hour The company reported the following results concerning this product in March. Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Direct materials Direct labor Variable overhead Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate O $3,136 F O $3,260 F S S S O $3,136 U O $3,260 U Standard Cost Per Unit S S S 4,800 units 4,900 units 30,230 ounces 1,910 hours. 32,600 ounces 2.90 per ounce 12.40 per hour 4.90 per hour 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 materials price variance for March is: 19.20 5.20 2.00
Talon Company In June, Talon Company made 4,500 units of its product. Talon uses a standard cost system and applies overhead cost based on direct labor hours. Standard: DLH per unit 2.50 Variable overhead per DLH $1.75 Fixed overhead per DLH $3.10 Budgeted variable overhead $21,875 Budgeted fixed overhead $38,750 Actual: Direct labor hours 10,000 Variable overhead $26,250 Fixed overhead $38,000 Refer to Talon Company. Using the four-variance approach, what is the variable overhead spending variance? Group of answer choices $4,375.00 U $4,375.00 F $8,750.00 U $6,562.50 Rapid Manufacturing Company uses a standard cost system. In March the company produced 2,100 units of product TY768. They have the following is information available: Standard: Material 2 pounds per unit @ $5.80 per pound Labor 3 direct labor hours per unit @ $10.00 per hour Actual: Material 4,250…
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Dinesh bhai
Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Standard Standard Standard Quantity Rate Unit Cost Variable manufacturing 0.6 $0.80 $0.48 overhead During August, LLL had the following actual results: Units produced and sold 25,500 $ 9,490 16,000 Actual variable overhead Actual direct labor hours Lamp Light Limited (LLL) calculates a fixed overhead rate based on budgeted fixed overhead of $41,125 and budgeted production of 23,500 units. Actual results were as follows: Number of units produced 25,500 and sold Actual fixed overhead $ 39,125 Required: 1. Calculate the fixed overhead rate based on budgeted production for LLL. 2. Calculate the fixed overhead spending variance for LLL. 3. Calculate the fixed overhead volume variance for LLL. 4. Calculate the over- or underapplied fixed overhead for LLL. Complete this question by entering your answers in the tabs below. Req 1…
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Marj Co. uses a standard cost system and has the following standard variable costs. Direct Materials P6.00 per meter Direct Labor ? Variable Factory Overhead P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. During the month of February, 5,000 units were produced and sold to customers. The following are the selected production data for the month: Materials Used Direct Labor Variable FOH Standard Cost Allowed $84,000 $52,500 $21,000 Actual Cost Incurred $75,000 ? $18,000 Materials Quantity Variance $6,000 U Actual Direct Labor Hours 7,500 hours Standard FOH rate per direct labor hour 3.00/hr. Standard Price per Meter 6.00 per meter The difference between the standard and actual cost per unit produced is P0.15 favorable. Requirements: 1. Standard Quantity per Unit 2. Material Price Variance
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