Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) 11,040 Master production budget Direct materials Direct labor Overhead $ 241,164 204,624 281,967 Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead Direct materials Direct labor Variable overhead Fixed overhead $ 3.96 per liter x 5 liters per unit of output $ 33.60 per hour x 0.50 hour per unit $ 30.30 per direct labor-hour 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 variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Price Variance $ 242,580 (62,200 liters) 182,628 (5,340 hours) 290,000 (58% is variable) Efficiency Variance Production Volume Variance

Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) 11,040 Master production budget Direct materials Direct labor Overhead $ 241,164 204,624 281,967 Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead Direct materials Direct labor Variable overhead Fixed overhead $ 3.96 per liter x 5 liters per unit of output $ 33.60 per hour x 0.50 hour per unit $ 30.30 per direct labor-hour 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 variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Price Variance $ 242,580 (62,200 liters) 182,628 (5,340 hours) 290,000 (58% is variable) Efficiency Variance Production Volume 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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Aspen Technologies has the following budget data: Estimated direct labor hours 8,800 Estimated direct labor dollars $68,500 Estimated factory overhead costs $153,700 If factory overhead is to be applied based on direct labor hours, the predetermined overhead rate is a.$17.47 b.$20.96 c.$26.20 d.$13.97
Consider the following data for two products of Vigano Manufacturing. Activity Budgeted Cost Activity Driver Machine setup $ 19,000 (20 machine setups) Parts handling 15,200 (16,000 parts) Quality inspections 22,800 (100 inspections) Total budgeted overhead $ 57,000 Unit Information Product A Product B Units produced 1,900 units 380 units Direct materials cost $ 29 per unit $ 39 per unit Direct labor cost $ 49 per unit $ 59 per unit Direct labor hours 2 per unit 2.50 per unit 1. Using a plantwide overhead rate based on 4,750 direct labor hours, compute the total product cost per unit for each product.2. Consider the following additional information about these two products. If activity-based costing is used to allocate overhead cost, (a) compute overhead activity rates, (b) allocate overhead cost to Product A and Product B and compute overhead cost per unit for each, and (c) compute product cost per unit for each. Actual Activity Usage Product A…
Direct labor hours are estimated as 1,800 in Quarter 1; 1,900 in Quarter 2; 1,700 in Quarter 3; and 2,100 in Quarter 4. Indirect material per hour $1.00 Supervisory salaries $18,000 Indirect labor per hour 1.20 Maintenance Salaries 5,000 Maintenance per hour 0.20 Property taxes and insurance 6,000 Utilities per hour 0.50 Depreciation 3,500 Prepare a manufacturing overhead budget using the above overhead information. blankManufacturing Overhead BudgetFor the Year Ending Dec. 31, 2020 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total Variable Costs $- Select - $- Select - $- Select - $- Select - $- Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - Total Variable Manufacturing Costs $fill in the blank 25 $fill in the blank 26 $fill in the blank 27 $fill in the blank 28 $fill in the blank 29 Fixed Costs…
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The following data relates to Koontz Corporation's operations for the month. 1,000 finished units of product were produced and the normal monthly capacity is 2,200 direct labor hours. Standard Total Unit Actual Costs Costs Direct Material: Standard (2 lb. @ $10/lb.) Actual (2,200 lb. @ $9.80/lb.) Direct Labor: Variable Overhead: Standard (2 hr. @ $20/hr.) Actual (2,400 hrs. @ $20.20/hr.) Total What is the labor rate variance? Standard (0.5 hr. @ $4/hr.) Actual Select one: O O O O b. a. 400 U $400 F C. $480 U d. $480 F e. None of the above $20 $40 $2 $21,560 $48,480 $8,700 $62 $78,740
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Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) 10,920 Master production budget Direct materials. Direct labor $ 240,372 203,952 278,613 Overhead Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead Direct materials Direct labor Variable overhead Fixed overhead $ 3.96 per liter x 5 liters per unit of output $ 33.60 per hour x 0.50 hour per unit $ 29.90 per direct labor-hour 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 variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Price Variance $ 234,780 (60,200 liters) 181,260 (5,300 hours)…
Tat Manufacturing Corporation uses a standard cost system with machine-hours as the activity base for overhead. The following information relates to production for last year. Variable Fixed Total budgeted overhead (at the denominator level of activity) Total applied overhead $ 432,000 $ 684,000 $ 410,400 $ 649,800 $ 456,000 $ 655,500 Total actual overhead The standard machine-hours allowed for the actual output during the year were 7,600. The actual machine-hours incurred were 7,500. 11 What was Taft's variable overhead efficiency variance? A. 2$ 21,600 Favorable B. $ 51,000 Unfavorable 6998 2$ 2$ $ 45,600 Unfavorable С. 5,400 Favorable D. E. None of the above 750 12 Hoover Corporation uses a standard cost system in which it applies manufacturing overhead to units of product on the basis of standard direct labor-hours (DLHS). Hoover's total applied factory overhead was $315,000 last year when the standard DLHS for the actual output were 30,000 hours. The standard variable factory…
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.
Craftmore Machining reports the following budgeted overhead cost and related data for this year. Activity Budgeted Cost Activity Cost Driver Budgeted Activity Usage Assembly $ 399,750 Direct labor hours (DLH) 13,000 Product design 61,500 Engineering hours (EH) 1,230 Electricity 20,500 Machine hours (MH) 10,000 Setup 51,250 Setups 410 Total $ 533,000 Required:1. Compute a single plantwide overhead rate assuming the company allocates overhead cost based on 13,000 direct labor hours.2. Job 31 used 240 direct labor hours and Job 42 used 520 direct labor hours. Allocate overhead cost to each job using the single plantwide overhead rate from part 1.3. Compute an activity rate for each activity using activity-based costing.4. Allocate overhead costs to Job 31 and Job 42 using activity-based costing. Activity Cost Driver Activity Usage Job 31 Job 42 Direct labor hours (DLH) 240 520 Engineering hours (EH) 27 33 Machine hours (MH) 60 60 Setups 5 7