The following direct materials and direct labor data pertain to the operations of Sandhill Company for the month of August.CostsActual labor rateActual materials priceStandard labor rateStandard materials price$13$120$12.50$124Quantitiesper hourper tonper hourper tonActual hours incurred and usedActual quantity of materials purchased and usedStandard hours usedStandard quantity of materials used4,900 hours2,000 tons4,960 hours1,990 tons (a)Compute the total, price, and quantity variances for materials and labor.Total materials varianceMaterials price varianceMaterials quantity varianceTotal labor varianceLabor price varianceLabor quantity variance$#

Name: The following direct materials and direct labor data pertain to the o
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Description: The following direct materials and direct labor data pertain to the operations of Sandhill Company for the month of August.CostsActual labor rateActual materials priceStandard labor rateStandard materials price$13$120$12.50$124Quantitiesper hourper

Business

Accounting

(a) Compute the total, price, and quantity variances for materials and labor. Total materials variance Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance $ $ $ $

(a) Compute the total, price, and quantity variances for materials and labor. Total materials variance Materials price variance Materials quantity variance Total labor variance Labor price variance Labor quantity variance $ $ $ $

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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Manufacturing Overhead Variance is: O a. A product cost and is expensed when the jobs are sent to customers O b. A product cost and is expensed in the period incurred O c. A period cost and is expensed when the jobs are sent to customers O d. A period cost and is expensed in the period incurred
1. Why are standard cost systems used? 2. How are standards set for material, labor, and overhead? 3. How is variance analysis used for control and performance evaluation?
Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $4.40 per pound) Direct labor (6 hours @ $14 per hour) Variable overhead (6 hours @ $8 per hour) Fixed overhead (6 hours @ $11 per hour) $ 132.00 84.00 48.00 66.00 $ 330.00 Standard cost per unit Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% of the company's capacity of 50,000 units per quarter. The following additional information is available. Production (in units) Standard direct labor hours (6 DLH per unit) Budgeted overhead (flexible budget) Fixed overhead Variable overhead Operating Levels 70% 80% 90% 35,000 210,000 40,000 240,000 45,000 270,000 $ 2,640,000 $ 1,680,000 $ 2,640,000 $ 2,640,000 $ 1,920,000 $ 2,160,000 During the current quarter, the company operated at 90% of capacity and produced 45,000 units; actual direct labor totaled 266,000 hours. Units produced were assigned the following…
What is the variation in the use of materials at actual price and standard materials at standard price? Select one: Material quantity variance Material mix variance Material yield variance Material price variance In determining the standard factory overhead rate, which level of capacity is used? Select one: Maximum capacity Expected actual capacity Practical capacity Normal capacity One way of analyzing the fixed factory overhead variance is breaking it down into Select one: Efficiency and capacity variances Spending and volume variance Efficiency and volume variance Spending and budget variance Setting standards Select one: Should be done to make them as tight as possible Is largely a matter of calculating rates and quantities Has important behavioral implications Is done only for manufacturing activities A major drawback to setting standards based on historical results is that such standards Select one: Are usually not well received by workers Are harder to…
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Which one of the following best describes the direct material price variance? O a. The difference between the standard quantity of material used at the standard cost per unit and the actual quantity of material used at the standard direct material cost per unit O b. The difference between the budgeted material cost and direct material cost according to the unflexed budget O c. The difference between the actual direct material cost and direct material cost according to the flexed budget O d. The difference between the actual cost of the material used and the actual quantity of material used at the standard direct material cost per unit O e. The difference between the actual cost of the material used and the standard quantity of material used at the actual direct material cost per unit
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Which of the following is a correct equation to calculate the fixed overhead production-volume variance? a. budgeted fixed overhead costs − fixed overhead costs allocated for actual output b. static budget amount − flexible budget amount c. actual costs incurred − fixed overhead costs allocated for actual output d. flexible budget amount − actual costs incurred
Material, Labor, and Variable Overhead Variances The following summarized manufacturing data relate to Steffan Corporation's April operations, during which 2,000 finished units of product were produced. Normal monthly capacity is 1,100 direct labor hours. Direct material Standard (2 lb. @ $9.50/lb.) Actual (4,200 lb. @ $10.20/lb.) Direct labor Standard (0.5 hr. @ $24/hr.) Actual (970 hrs. @ $23.40/hr.) Variable overhead Standard (0.5 hr. @ $6/hr.) Actual Total Actual cost: Split cost: Standard Units Costs $ $ $19 $12 $3 $34 Total Actual Costs $42,840 22,698 Assume that the 4,200 lb. of materials purchased were all used in producing the 2,000 completed units. Determine the materials price and efficiency variances, labor rate and efficiency variances, and variable overhead spending and efficiency variances. Materials Variances 6,200 $71,738
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Complete the standard cost variance analysis
а. Standard Cost per Unit for Direct Materials and Direct Labor b. Direct Materials Price Variance Wrong Direct Materials Quantity Variance Wrong Total Direct Materials Cost Variance Wrong с. Direct Labor Rate Variance Wrong Direct Labor (Time) Efficiency Variance Wrong Total Direct Labor Cost Variance Wrong