At the beginning of April, Winslow Toy Company budgeted 10,000 toy action figures to be manufactured in April at standard directmaterials and direct labor costs as follows:Direct materialsDirect laborTotal$15,0007,200$22,200The standard materials price is $0.50 per pound. The standard direct labor rate is $12.00 per hour. At the end of April, the actual directmaterials and direct labor costs were as follows:Actual direct materialsActual direct laborTotal$13,9006,700$20,600There were no direct materials price or direct labor rate variances for April. In addition, assume no changes in the direct materialsinventory balances in April. Winslow Toy Company actually produced 9,000 units during April.Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal placesand round your answers to the nearest dollar, if required. Enter a favorable variance as a negative number using a minus sign andan unfavorable variance as a positive number.Direct materials quantity varianceDirect labor time variancexUnfavorablexUnfavorable

Direct Materials Quantity Variance = (direct material / company budgeted *actually produced )-…

Answered: At the beginning of April, Winslow Toy…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Direct Materials and Direct Labor Veriances At the beginning of June, Bezco Toy Company budgeted 10,000 toy action figures to be manufactured in June et standard direct moterials and direct labor costs as follows: Direct materials $14,000 Direct labor 7,800 Total $21,800 The standard materials price is $0.40 per pound. The standard direct labor rate is s13.00 per hour. At the end of June, the actual direct materlals and direct labor costs were as follows: Actual direct materials $13,300 Actual direct labor 7,400 Total $20,700 There were no direct materiols price or direct labor rate varionces for June. In addition, assume no changes in the direct materials inventory balances in June. Bezco Toy Company actually produced 9,200 units during June. Determine the direct moteriois quantity and direct labor time variances. Round your per unit computations to two decimal places and round your answers to the nearest dollar, If required. Enter a favorabie variance as a negative number using a…
The production budget for Manner Company shows units to produce as follows: July, 650; August, 710; and September, 570. Each unit produced requires one hour of direct labor. The direct labor rate is budgeted at $17 per hour in July and August, but is budgeted to be $17.75 per hour in September. Prepare a direct labor budget for the months July, August, and September. Units to produce Direct labor hours needed Cost of direct labor MANNER COMPANY Direct Labor Budget July 650 August 710 September 570 units hs
At the beginning of April, Winslow Toy Company budgeted 19,000 toy action figures to be manufactured in April at standard direct materials and direct labor costs as follows: Line Item Description Amount Direct materials $23,750 Direct labor 9,880 Total $33,630 The standard materials price is $0.50 per pound. The standard direct labor rate is $13.00 per hour. At the end of April, the actual direct materials and direct labor costs were as follows: Line Item Description Amount Actual direct materials $21,800 Actual direct labor 9,100 Total $30,900 There were no direct materials price or direct labor rate variances for April. In addition, assume no changes in the direct materials inventory balances in April. Winslow Toy Company actually produced 16,900 units during April. Determine the direct materials quantity and direct labor time variances. Round your per unit computations to two decimal places and round your answers to the nearest dollar, if required. Enter a…
Black Company expects to produce 2,100 finished goods units in January and 2,010 finished goods units in February. Black budgets 7 direct labor hours per finished good unit. Direct labor costs averages $11 per hour. Black's budgeted cost of Direct Labor for February is O $124,300 O $142,630 O $154,770 O $139,200 O $161,420
Sweet Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.0 ounces $ 3.00 per ounce $ 18.00 Direct labor 0.3 hours $ 11.00 per hour $ 3.30 Variable overhead 0.3 hours $ 9.00 per hour $ 2.70 The company reported the following results concerning this product in April. Originally budgeted output 3,600 units Actual output 3,200 units Raw materials used in production 21,000 ounces Purchases of raw materials 22,100 ounces Actual direct labor-hours 500 hours Actual cost of raw materials purchases $ 42,300 Actual direct labor cost $ 13,600 Actual variable overhead cost $ 3,800 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for April is:
The production budget for Manner Company shows units to produce as follows: July, 700; August, 760; and September, 620. Each unit produced requires one hour of direct labor. The direct labor rate is budgeted at $17 per hour in July and August, but is budgeted to be $17.75 per hour in September. Prepare a direct labor budget for the months July, August, and September. Units to produce Direct labor hours needed Cost of direct labor MANNER COMPANY Direct Labor Budget July 700 August 760 September 620 units
Apple manufacturing company produces a single standard product. The standard overhead cost budgets are K 100,000 for this month is 20,000 direct labour hours based on the production budget. The standard cost card for the product is as follows: Materials Direct Labour Factory overhead K 100.00 5 pieces @ K 10.00 = K 50.00 5 hours @ K 5.00 = K 25.00 5 hour @ K 5.00 = K 25.00 The following transactions occurred during the month of March 2007. (a) Direct materials purchased 3,000 pieces @ K 9.00. (b) Direct maerials requisition 1,900 pieces. (c) Actual direct labour costs 2,100 hours @ K 5.25 (d) Production completed during March 420 units. Required: Calculate the materials and labour variances.
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