A manufactured product has the following information for June. Standard 5 lbs. e $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $11 per hr. Actual Direct materials 44,500 lbs. e $7.10 per lb. 17,400 hrs. @ $16.50 per hr. $200,200 ৪, ৪0০ Direct labor Overhead Units manufactured Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate

A manufactured product has the following information for June. Standard 5 lbs. e $7 per lb. 2 hrs. @ $16 per hr. 2 hrs. @ $11 per hr. Actual Direct materials 44,500 lbs. e $7.10 per lb. 17,400 hrs. @ $16.50 per hr. $200,200 ৪, ৪0০ Direct labor Overhead Units manufactured Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate

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Description: Required information[The following information applies to the questions displayed below.]A manufactured product has the following information for June.Standard5 lbs. @ $7 per lb.2 hrs. @ $16 per hr.2 hrs. @ $11 per hr.ActualDirect materials44,500 lb

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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Compute all material and labor variances correctly Rogen Corporation manufactures a single product. The standard cost per unit of product is shown below. $7.00 Direct materials-1 pound plastic at $7.00 per pound Direct labor-1.0 hours at $11.65 per hour 11.65 7.00 7.00 $32.65 Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit The predetermined manufacturing overhead rate is $14.00 per direct labor hour ($14.00 1.0). It was computed from a master manufacturing overhead budget based on normal production of 5,300 direct labor hours (5,300 units) for the month. The master budget showed total variable costs of $37,100 ($7.00 per hour) and total fixed overhead costs of $37,100 ($7.00 per hour). Actual costs for October in producing 4.600 units were as follows. Direct materials (4.770 pounds) Direct labor (4,440 hours) Variable overhead Fixed overhead Total manufacturing costs $33.867 52.614 48.942 17,258 $152.681 The purchasing department buys the…
A manufactured product has the following information for June. Standard Actual Direct materials 7 lbs. @ $9 per lb. 55,000 lbs. @ $9.10 per lb. Direct labor 2 hrs. @ $15 per hr. 15,200 hrs. @ $15.50 per hr. Overhead 2 hrs. @ $12 per hr. $ 192,300 Units manufactured 7,800 Compute the direct materials price variance and the direct materials quantity variance. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Round "Cost per unit" answers
Subject: Cost Accounting
A company reports the following information for its direct labor. Actual hours of direct labor used Actual rate of direct labor per hour Standard rate of direct labor per hour Standard hours of direct labor for units produced AH = Actual Hours SH Standard Hours AR = Actual Rate SR Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Actual Cost $ 0 $ 74,000 $15 $14 75, 200 0 0 $ 0 Standard Cost
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Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $13 per DLH (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. Actual Results 43,700 pounds @ $8.20 per pound 21,400 hours @ $16.60 per hour $ 287,500 7,200 units
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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
A manufactured product has the following Information for June. Standard Quantity and Cost 7 pounds @ $7 per pound 2 DLH @ $16 per DLH 2 DLH@ $12 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no varlance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH - Standard Hours = AR = Actual Rate SR = Standard Rate Actual Results 58,600 pounds @ $7.20 per pound 16,300 hours @ $16.50 per hour $ 205,500 8,300 units Actual Cost Standard Cost
Use the following data to find the direct labor efficiency variance. Direct labor standard (4.5 hrs.@ $6/hr.) Actual hours worked per unit Actual units produced Actual rate per hour O $4,200 unfavorable $16,800 unfavorable O $16,800 favorable $12,600 favorable O $3,150 favorable Question 24 $27per finished unit 4.0 hrs 4,200 units $6.25 Which of the following is an example of a performance measure of the customer persp in a balanced scorecard? 3
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