I need this question answer general Accounting A summary of Glendale Company's manufacturing variance report for May 2016 follows:Total Standard Costs (9,200 units) Actual costs (9,200 units) VariancesDirect material$38,640Direct labor193,200Variable overhead 23,460Fixed overhead9,660$264,960$42,630$3,990 U193,12080 F23,230230 F9,660$268,640$3,680 UStandard material cost per unit of product is 0.5 pounds at $8.40 per pound, and standarddirect labor cost is 1.5 hours at $14.00 per hour. The total actual materials cost represents4,900 pounds purchases at $8.70 per pound. Total actual labor cost represents 14,200 hoursat $13.60 per hour. According to standards, variable overhead rate is applied at $1.70 per directlabor hour (based on a normal capacity of 15,000 direct labor hours or 10,000 units of product).Assume that all fixed overhead is applied to work in progress inventory.Calculate the actual cost variable overhead variance and indicate if it is favorable orunfavorable.

Step 1: Define Actual CostThe expenses incurred during the tenure of production. In other words, it…

Answered: A summary of Glendale Company's…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter13: Budgeting And Standard Costs

Section: Chapter Questions

Problem 13.4P: Direct materials and direct labor variance analysis Faucet Industries Inc. manufactures faucets in a...

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Direct materials and direct labor variance analysis Faucet Industries Inc. manufactures faucets in a small manufacturing facility. The faucets are made from zinc. Faucet Industries has 60 employees. Each employee presently provides 36 hours of labor per week. Information about a production week is as follows: Instructions Determine (a) the standard cost per unit for direct materials and direct labor; (h) the price variance, quantity variance, and total direct materials cost variance; and (c) the rate variance, time variance, and total direct labor cost variance.
Direct labor variances The following data relate to labor cost for production of 20,000 cellular telephones: A. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. B. Discuss what might have caused these variances.
Direct materials and direct labor variance analysis Lenni Clothing Co. manufactures clothing in a small manufacturing facility. Manufacturing has 25 employees. Each employee presently provides 40 hours of productive labor per week. Information about a production week is as follows: Instructions Determine (A) the standard cost per unit for direct materials and direct labor; (B) the price variance, quantity variance, and total direct materials cost variance; and (C) the rate variance, time variance, and total direct labor cost variance.
Ellis Companys labor information for September is as follows: A. Compute the standard direct labor rate per hour. B. Compute the direct labor time variance. C. Compute the standard direct labor rate if the direct labor rate variance was $2,712.30 (unfavorable).
At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.
Refer to Cornerstone Exercise 8.13. In March, Nashler Company produced 163,200 units and had the following actual costs: Required: 1. Prepare a performance report for Nashler Company comparing actual costs with the flexible budget for actual units produced. 2. What if Nashler Companys actual direct materials cost were 1,175,040? How would that affect the variance for direct materials? The total cost variance?
Variances, Entries, and Income StatementA summary of Glendale Company's manufacturing variance report for May 2016 follows: Total Standard Costs (9,200 units) Actual Costs (9,200 units) Variances Direct material $45,540 $49,980 $4,440 U Direct labor 213,900 213,000 900 F Variable overhead 44,160 43,840 320 F Fixed overhead 9,660 9,660 - $313,260 $316,480 $3,220 U Standard material cost per unit of product is 0.5 pounds at $9.90 per pound, and standard direct labor cost is 1.5 hours at $15.50 per hour. The total actual materials cost represents 4,900 pounds purchased at $10.20 per pound. Total actual labor cost represents 14,200 hours at $15.00 per hour. According to standards, variable overhead rate is applied at $3.20 per direct labor hour (based on a normal capacity of 15,000 direct labor hours or 10,000 units of product). Assume that all fixed overhead is applied to work in progress inventory. a. Determine the following variances: Do…
For the month of April, compute the variances, indicating whether it is favorable (F) or unfavorable (U) Q.Variable manufacturing overhead efficiency variance
For the month of April, compute the variances, indicating whether it is favorable (F) or unfavorable (U): Q. Direct materials price variance (based on purchases)?
Preparing a standard cost income statement Use the following information to prepare a standard cost income statement for Whitmer Company for 2021. Cost of Goods Sold at standard $ 367,000 Direct Labor Efficiency Variance $ 18,000 F Sales Revenue at standard 550,000 Variable Overhead Efficiency Variance 3,400 U Direct Materials Cost Variance 8,000 U Fixed Overhead Volume Variance 12,000 F Direct Materials Efficiency Variance 2,800 U Selling and Administrative Expenses 77,000 Direct Labor Cost Variance 42,000 U Variable Overhead Cost Variance 700 F Fixed Overhead Cost Variance 1,900 F
Calculate VariancesThe following summary data relate to the operations of Randolph Company for July, during which 4,500 finished units were produced: Standard Units Costs Total Actual Costs Direct material Standard (0.6 lb. @ $13.00/lb.) $7.80 Actual (3,000 lb. @ $13.30/lb.) $39,900 Direct labor Standard (0.8 hr. @ $16.80/hr.) $13.44 Actual (3,800 hrs. @ $16.40/hr.) 62,320 Variable overhead Standard (0.8 hr. @ $11.50/hr.) $9.20 Actual - 46,100 Total $30.44 $148,320 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: Answer Split cost: Answer Standard cost: Answer Materials price Answer Answer Materials efficiency Answer Answer Labor Variances Actual cost: Answer Split cost:…
Variances, Entries, and Income Statement A summary of Martindale Company's manufacturing variance report for May follows: Direct material Direct labor Variable overhead Fixed overhead Total Standard Costs (9,200 units) $38,640 193,200 22,080 9,660 $263,580 Actual Costs (9,200 units) Variances $41,760 $3,120 U 191,760 1,440 F 23,230 1,150 U 9,660 $266,410 $2,830 U Standard materials cost per unit of product is 0.5 pounds at $8.40 per pound, and standard direct labor cost is 1.5 hours at $14.00 per hour. The total actual materials cost represents 4,800 pounds purchased at $8.70 per pound. Total actual labor cost represents 14,100 hours at $13.60 per hour. According to standards, variable overhead rate is applied at $1.60 per direct labor hour (based on a normal capacity of 15,000 direct labor hours or 10,000 units of product). Assume that all fixed overhead is applied to work-in-progress inventory.

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