A 1 Standard Cost Card- Toy Robot 2 3 4 Direct labour 5 Production overhead 6 Standard contribution 7 Actual and budgeted activity levels in units 8 Sales 9 Production 10 Actual sales revenue and variable costs 11 Sales 12 Direct material (purchased and used) 13 Direct labour (150,000 hours) 14 Variable production overhead 15 Variances 16 Total direct materials variances 17 Direct labour rate variances 18 Direct labour efficiency variances 19 Total variable production overhead variances Selling price Direct material A (C9*C4)- B13+ B=B13-(C9*C4)+ C = (C9*C4)- (150,000*8)+ D=(150,000-(C9*6))*8 B 1 material per unit 6 hours @ $8 per hour Budget S S 25,000 25,000 3,066,880 532,800 1,221,000 614,000 C $ per robot Actual (b) Calculate the following for month 1:0 (i) Sales volume variance and state whether it is favourable or adverse; 120 22428 12,800 Adverse 21,000 Adverse 48,000 Favourable 10,000 Favourable 20 25,600 26,000 Required:+ (a) Which formula will correctly calculate the direct labour efficiency variance in cell B18?+

A 1 Standard Cost Card- Toy Robot 2 3 4 Direct labour 5 Production overhead 6 Standard contribution 7 Actual and budgeted activity levels in units 8 Sales 9 Production 10 Actual sales revenue and variable costs 11 Sales 12 Direct material (purchased and used) 13 Direct labour (150,000 hours) 14 Variable production overhead 15 Variances 16 Total direct materials variances 17 Direct labour rate variances 18 Direct labour efficiency variances 19 Total variable production overhead variances Selling price Direct material A (C9C4)- B13+ B=B13-(C9C4)+ C = (C9C4)- (150,0008)+ D=(150,000-(C96))8 B 1 material per unit 6 hours @ $8 per hour Budget S S 25,000 25,000 3,066,880 532,800 1,221,000 614,000 C $ per robot Actual (b) Calculate the following for month 1:0 (i) Sales volume variance and state whether it is favourable or adverse; 120 22428 12,800 Adverse 21,000 Adverse 48,000 Favourable 10,000 Favourable 20 25,600 26,000 Required:+ (a) Which formula will correctly calculate the direct labour efficiency variance in cell B18?+

Name: N+A1 Standard Cost Card- Toy Robot2 Selling price34 Direct labour56+D
Uploaded: 2024-03-20T06:33:06.000Z
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Description: N+A1 Standard Cost Card- Toy Robot2 Selling price34 Direct labour56+Direct materialProduction overheadStandard contribution7 Actual and budgeted activity levels in units8Sales+9 Production10 Actual sales revenue and variable costs11 Sales12 Direct m

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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Direct Material Direct Labor Standard Cost Data per 1 Unit Quantity Price 3 lbs $2.00/lb 2 hrs $4.00/hr Actual Data: Units produced Material purchase & usage Direct Labor Show all computations. 25 100 lbs at $2.20 per lb 30 hrs; total cost $129 a) Compute price variance, quantity variance, direct material variance b) Compute rate variance, efficiency variance, direct labor variance
Calculate the labor efficiency variance: Labor costs: Budgeted costs (per unit) 2.25 hours at € 16.40 per hour based on 350 units. Actual: Units: 310 Hours: 620 Labor cost: € 10, 540 a. €1, 435 favourable b. € 1,271 favourable c. € 899 favourable d. €1, 435 adverse
Data on Gantry Company's direct labor costs are given below: Standard direct labor-hours Actual direct labor-hours Direct labor efficiency variance-favorable Direct labor rate variance-favorable Total direct labor payroll What was Gantry's actual direct labor rate? re to search Multiple Choice $7.80 $3.40 II
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! Required Information [The following information applies to the questions displayed below] Maben Company was started on January 1, Year 1, and experienced the following events during its first year of operation: 1. Acquired $31,000 cash from the issue of common stock. 2. Borrowed $43,000 cash from National Bank. 3. Earned cash revenues of $59,000 for performing services. 4. Pald cash expenses of $50,500. 5. Pald a $2,100 cash dividend to the stockholders. 6. Acquired an additional $31,000 cash from the Issue of common stock. 7. Paid $11,000 cash to reduce the principal balance of the bank note. 8. Paid $50,000 cash to purchase land. 9. Determined that the market value of the land is $70,000. Required: a. Record the preceding transactions in the Horizontal Financial Statements Model. Also, in the Cash Flows column, classify the cash flows as operating activities (OA), Investing activities (IA), or financing activities (FA). If the element is not affected by the event, leave the cell…
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