A company makes a product with the following standard costs: Standard Quantity or Standard Cost Per Hours Standard Price or Rate Unit $ 4.00 per ounce $ 10.00 per hour $ 9.00 per hour $ 30.40 $ 5.00 $ 4.50 Direct materials 7.6 ounces Direct labor 0.5 hours Variable overhead 0.5 hours 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 3,000 units 3,100 units 16,300 ounces 17,400 ounces Actual direct labor-hours 510 hours $ 45,000 $ 13,000 $ 3,500 Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies varlable overhead on the basis of direct labor-hours. The labor rate varlance for June Is: Multiple Choice $7,900 F $7.900 U $1,337 U

A company makes a product with the following standard costs: Standard Quantity or Standard Cost Per Hours Standard Price or Rate Unit $ 4.00 per ounce $ 10.00 per hour $ 9.00 per hour $ 30.40 $ 5.00 $ 4.50 Direct materials 7.6 ounces Direct labor 0.5 hours Variable overhead 0.5 hours 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 3,000 units 3,100 units 16,300 ounces 17,400 ounces Actual direct labor-hours 510 hours $ 45,000 $ 13,000 $ 3,500 Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies varlable overhead on the basis of direct labor-hours. The labor rate varlance for June Is: Multiple Choice $7,900 F $7.900 U $1,337 U

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 following standard costs were used for one of its products: Standard Cost per Unit Fixed overhead Total 9 hours @ $13 per hour $ 117 Overhead is applied to products on the basis of standard direct labor hours for actual production. The following information is available regarding the company's operations for the period: Actual units produced Total actual direct labor hours Actual fixed manufacturing overhead incurred Budgeted fixed manufacturing overhead for the period Budgeted units for the period Required: Calculate the fixed overhead variances. Use your answer to answer the following questions. 1,200 units 8,500 hours $110,000 $122,850 1,050 units
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Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) Master production budget Direct materials Direct labor Overhead Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead 10,500 $ 237,600 201,600 267,000 $ 3.96 per liter x 5 liters per unit of output $ 33.60 per hour x 0.5 hour per unit $ 28.50 per direct labor-hour $ 207,480 (53,200 liters) 176,472 (5,160 hours) 272,000 (58% is variable) Variable overhead is applied on the basis of direct labor-hours Required: Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variance- Note: Do not round intermediate calculations. Indicate the effect of each veriance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.
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A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 45,500 pounds @ $8.20 per pound Direct labor 2 DLH @ $15 per DLH 14,600 hours @ $15.60 per hour Overhead 2 DLH @ $12 per DLH $ 186,100 Units manufactured 7,500 units (1) Prepare the standard cost card showing standard cost per unit.(2) Compute total budgeted cost for June production.(3) Compute total actual cost for June production.(4) Compute total cost variance for June.
Douglas Inc. has provided the following data concerning one of the products in its standard cost system. Standard Quantity or Hours per Unit of Output 0.70 hours Inputs Direct labor Standard Price or Rate $20.40 per hour The company has reported the following actual results for the product for January: Actual output 5,100 units 3,380 hours. Actual direct labor-hours Actual direct labor cost The labor efficiency variance for the month is closest to: O $3,876 U O $4.199 F O $4,199 U O $3,876 F $ 74,698
Miguez Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 2.3 liters $ 7.00 per liter $ 16.10 Direct labor 0.7 hours $ 22.00 per hour $ 15.40 Variable overhead 0.7 hours $ 2.00 per hour $ 1.40 The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 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 labor rate variance for September is: Multiple Choice $3,675 F $3,528 U $3,528 F $3,675 U
Harris Manufacturing produces white sauce. It uses units as the cost driver for overhead. The following information was provided concerning its standard cost system for 2020: Budgeted and Standard Data Actual Data Material 1/4 lb. @ $14 per pound Produced 6,100 units Labor 1.4 hrs. @ $16 per hour Materials purchased 1,600 lbs. for $13.70/pound Total fixed overhead $84,000 Materials used 1,520 lbs. Variable overhead $6.50 per unit Labor worked 8,740 hrs. at $15.90/hour Production 6,000 units Total overhead $122,000 How much is the flexible budget for overhead for 2020? $122,000 $123,000 $127,100 $124,300 $123,650
Robinwood Fixtures manufactures two products, K4 and X7. The company prepares its master budget on the basis of standard costs. The following data are for September: Standards Direct materials Direct labor Variable overhead (per direct labor- $ 22.60 hour) Fixed overhead (per month) Expected activity (direct labor-hours) Actual resulta Direct material (purchased and used) Direct labor Variable overhead Fixed overhead Units produced (actual) pounds at 0.75 $9.40 per pound hours at 1.25 $27.40 per hour K4 $ 418,080 17,420 pounds at 11,000 $8.80 per pound hours at 14,870 $27.70 per hour $ 359,060 $ 393,740 12,340 units X7 pound at 1 $10.00 per pound 1.50 $24.40 $ 494,970 23,570 hours at $30 per hour pounds at 14,270 $10.30 per pound hours at 22,370 $34.00 per hour $ 471,212 $ 491,960 14,570 units Required: a. Prepare a variance analysis for each variable cost for each product. b. Prepare a fixed overhead variance analysis for each product. Note: For all requirements, Do not round…