A manufactured product has the following information for June. Standard Actual 5 lbs. @ $7 per lb. 3 hrs. @ $17 per hr. 3 hrs. @ $12 per hr. 38,900 lbs. @ $7.10 per lb. 22,700 hrs. @ $17.40 per hr. $282,400 7,700 Direct materials Direct labor Overhead Units manufactured Exercise 23-9 Direct materials variances LO P3 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 to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price

A manufactured product has the following information for June. Standard Actual 5 lbs. @ $7 per lb. 3 hrs. @ $17 per hr. 3 hrs. @ $12 per hr. 38,900 lbs. @ $7.10 per lb. 22,700 hrs. @ $17.40 per hr. $282,400 7,700 Direct materials Direct labor Overhead Units manufactured Exercise 23-9 Direct materials variances LO P3 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 to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price

Name: Actual CostStandard CostAQАРAQXSPSQXSPXX$$Direct materials price vari
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Description: Actual CostStandard CostAQАРAQXSPSQXSPXX$$Direct materials price variance$Direct materials quantity variance A manufactured product has the following information for June.StandardActual5 lbs. @ $7 per lb.3 hrs. @ $17 per hr.3 hrs. @ $12 per hr.Direc

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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A manufactured product has the following Information for June. Standard Actual 6 lbs. @ $7 per lb. 3 hrs. @ $15 per hr. 3 hrs. @ $11 per hr. 46, 800 lbs. @ $7.20 per lb. 22,900 hrs. @ $15.50 per hr. $259, 300 7,700 Direct materials Direct labor Overhead Units manufactured Exercise 21-10 Direct labor variances LO P3 Compute the direct labor rate variance and the direct labor efficiency variance. (Indicate the effect of each varlance by selectlng for favorable, unfavorable, and no varlance. Round "Rate per hour" answers to 2 decimal places.) AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Actual Cost Standard Cost
Paragraph Styles Question 1: WPC Company's Budget and actual costs per unit are provided below for the most recent period. During this period, 700 units were actually produced. Product Product Standard Cost Actual Cost Materials Unit Price Per Metre $2.00 $2.20 Metres Standard $10.00 Actual 5.2 $11.44 Direct labour Hours Hourly Rate $50 $5.50 Standard 3. $15.00 Actual 3.2 $17.60 Variable overhead Hours Hourly Rate Standard 4 $3.00 $12.00 $3.10 $13.02 Actual 4.2 Total unit cost $37.00 $42.06 Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable.
Required information Use the following information for the Exercises below. (Algo) [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 Exercise 21-9 (Algo) Direct materials variances LO P3 Standard Quantity and Cost 6 pounds @ $9 per pound 3 DLH @ $17 per DLH 3 DLH @ $11 per DLH AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Actual Results 45,500 pounds @ $9.20 per pound 22,300 hours @ $17.50 per hour $ 254,300 Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) 7,500 units Standard Cost
Direct materials Direct labor Variable overhead 6.5 ounces 0.2 hours 0.2 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 Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost ➡ 2,700 2,800 19,380 21,400 x 500 $ 40,660 $ 12,050 $3,100 The variable overhead Efficiency variance for June is: $360 F $360 U $372 U $372 F $ 2.00 per ounce $23.00 per hour $6.00 per hour The company applies variable overhead on the basis of direct labor-hours. units units ounces ounces hours $ 13.00 $4.60 $1.20
#3 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 @ $9 per pound 2 DLH @ $17 per DLH 2 DLH @ $12 per DLH Total budgeted (standard) cost Actual Results (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.
Exercise 17-15 (Algo) Computing activity rates, overhead allocation, and cost per unit LO P3 Lucern Company reports the following for its overhead cost for the year. Activity Budgeted Cost Budgeted Activity Usage Engineering support $ 34,300 70 design changes Electricity 35,400 3,540 machine hours Setup 58,800 490 setups 1. Compute the activity rate for each activity using activity-based costing.2. The company’s Pro model used these activities to produce 1,200 units during the year: 2 design changes, 130 machine hours, and 10 setups. Allocate overhead cost to the Pro model and compute its overhead cost per unit using activity-based costing.
Actual Results $ 185,100 53,000 pounds @ $7.20 per pound 14,700 hours @ $16.60 per hour 7,500 units A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $7 per pound 2 DLH @ $16 per DLH 2 DLH @ $12 per DLH Standard Cost Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) AQ = Actual Quantity SQ = Standard Quantity AP Actual Price SP=Standard Price Actual Cost 6A $ 0 69 0
Standards: 3 yards of cloth per unit at $1.15 per yard 2 direct labor hours per unit at $10.75 per hour Overhead allocated at $5.00 per direct labor hour Actual: 2,300 yards of cloth were purchased at $1.20 per yard Employees worked 1,700 hours and were paid $10.25 per hour Actual variable overhead was $1,600 Actual fixed overhead was $6,700 Direct materials cost variance $115 U Direct materials efficiency variance 805 F Direct labor cost variance 850 F Direct labor efficiency variance 3,225 F Variable overhead cost variance 1,600 U Variable overhead efficiency variance 1,600 F Fixed overhead cost variance 700 U Fixed overhead volume variance 2,400 F Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit
Exercise 21-7 (Algo) Standard cost per unit, total budgeted cost, and total cost variance LO P2 A manufactured product has the following information for August. Direct materials Direct labor Overhead Units manufactured Total manufacturing costs Standard Quantity and Cost 2 pounds per unit @ $4.00 per pound 0.5 hour per unit @ $28 per DLH $30 per DLH Actual Results 12,600 units $ 460,400 (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for production in August. (3) Compute the total cost variance for August. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the standard cost card showing standard cost per unit. (Round your final answers to 2 decimal places.) Inputs Direct materials Standard quantity or hours pounds x Standard price or rate Standard cost per unit Direct labor Overhead DLH × DLH ×
MC Qu. 10-65 Assume that... Cost standards for one unit of product no. C77: Direct material Direct labor 3 pounds at $2.70 per pound 7 hours at $7.50 per hour Actual results: Units produced 5,900 units Direct material purchased Direct material used 27,000 pounds at $2.90 17,400 pounds at $2.90 41,500 hours at $7.30 Direct labor Assume that the company computes variances at the earliest point in time. The standard hours allowed for the work performed are: Multiple Choice O 40,250. 41,450. 41,300. 41,200. None of the answers is correct. O $ 8.10 52.50 $ 78,300 50,460 302,950
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