aw Products, Inc. developed standard costs for direct material and direct labor. In 2017, All estimated the following standard costs for one of their major products, the 10-gallon plastic container. Budgeted price $80 per pound Budgeted quantity Direct materials 0.6 pounds Direct labor 0.15 hours $30 per hour During June, Heavy Products produced and sold 16,000 containers using 2,500 pounds of direct materials al average cost per pound of $83 and 2,400 direct manufacturing labor-hours at an average wage of $80.50 per hour The direct manufacturing labor efficiency variance during June is OA SO OB. $28,980 unfavorable OC. $121 200 favorable OD. S808,000 unfavorable

aw Products, Inc. developed standard costs for direct material and direct labor. In 2017, All estimated the following standard costs for one of their major products, the 10-gallon plastic container. Budgeted price $80 per pound Budgeted quantity Direct materials 0.6 pounds Direct labor 0.15 hours $30 per hour During June, Heavy Products produced and sold 16,000 containers using 2,500 pounds of direct materials al average cost per pound of $83 and 2,400 direct manufacturing labor-hours at an average wage of $80.50 per hour The direct manufacturing labor efficiency variance during June is OA SO OB. $28,980 unfavorable OC. $121 200 favorable OD. S808,000 unfavorable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

ABC Pillow produces and sells animal pillow for $80.00 per unit. In the first month of operation, 3,000 units were produced and 2,250 units were sold. Actual fixed costs are the same as the amount budgeted for the month. Other information for the month includes: Variable manufacturing costs Variable marketing costs Fixed manufacturing costs Administrative expenses, all fixed $12,000 per month Ending inventories: Direct materials $38 per unit $ 2 per unit $60,000 per month -0- WIP -0- Finished goods 750 units 11) What is gross margin when using absorption costing? A) $95,000 B) $109,500 C) $154,500 D) $49,500
please explain thanks
Lean Accounting Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods. Style Omega has a materials cost per unit of $16. The budgeted conversion cost for the year is $308,000 for 2,200 production hours. A unit of Style Omega requires 18 minutes of cell production time. The following transactions took place during June: Materials were acquired to assemble 620 Style Omega units for June. Conversion costs were applied to 620 Style Omega units of production. 600 units of Style Omega were completed in June. 580 units of Style Omega were sold in June for $100 per unit. a. Determine the budgeted cell conversion cost per hour.$fill in the blank 1b6fdf054f9e011_1 per hour b. Determine the budgeted cell conversion cost per unit.$fill in the blank 1b6fdf054f9e011_2 per unit c. Journalize the summary transactions (1)–(4) for June. If an amount box does not require an entry, leave it blank. 1. ? ? ? ? 2. ? ? ? ? 3. ? ?…
Lean Accounting Westgate Inc. uses a lean manufacturing strategy to manufacture DVR (digital video recorder) players. The company manufactures DVR players through a single product cell. The budgeted conversion cost for the year is $706,200 for 2,140 production hours. Each unit requires 12 minutes of cell process time. During March, 960 DVR players were manufacture the cell. The materials cost per unit is $66. The following summary transactions took place during March: 1. Materials were purchased for March production. 2. Conversion costs were applied to production. 3.960 DVR players were assembled and placed in finished goods. 4.910 DVR players were sold for $234 per unit. a. Determine the budgeted cell conversion cost per hour. If required, round to the nearest dollar. per hour b. Determine the budgeted cell conversion cost per unit. If required, round to the nearest dollar. per unit
Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for esch deportment. The planning budget and flexible budget for the Production Department are based on the following formulas, where q is the number of labor-hours worked in a month: Cost Formulas Direct labor Indirect labor Utilitics Supplies Equipment depreciation Factory rent Ргopсrty tакеs Factory adninistration $15.88g $8, 280 + $1.68g $6,400 + $e.seg $1,180 + $e.48g $23,0ee + $3.78g $8,400 $2,100 $11,700 + $1.9eg The Production Department planned to work 8,000 lebor-hours in March; however, it octually worked 8,400 lobor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March $134,738 $ 19,860 $ 14,578 $ 4,988 $ 54, 88e $ 8,700 $ 2,100 $ 26,470 Direct labor Indirect labor lities Supplies Equipment depreciation Factory rent Property taxes Factory administration Required: 1. Prepare the Production…
possible Heavy Products, Inc. developed standard costs for direct material and direct labor. In 2017, All estimated the following standard costs for one of their major products, the 10- gallon plastic container. Budgeted quantity. 0.1 pounds Budgeted price $100 per pound $20 per hour Direct materials Direct labor 0.1 hours During June, Heavy Products produced and sold 20,000 containers using 2,500 pounds of direct materials at an average cost per pound of $106 and 2,000 direct manufacturing labor - hours at an average wage of $101.00 per hour. The direct manufacturing labor efficiency variance during June is A. $162,000 favorable O B. $1,620,000 unfavorable OC. $0 M OD. $20,200 unfavorable http He In20 gallo Missim https:// Heav In 2017, 10minus 1 answer Missing: 0
The total factory overhead for Landen Company is budgeted for the year at $675,000. Landen manufactures two drapery products: sheer curtains and insulated curtains. These products each require 6 direct labor hours (dlh) to manufacture. Each product is budgeted for 7,500 units of production for the year. What would the factory overhead allocated per unit for insulated curtains using the single plantwide factory overhead rate be? a.$15.00 b.$270.00 c.$45.00 d.$90.00
King Whiz manufactures premium food processors. The following are some manufacturing overhead data for King Whiz for the year ended December 31, 2017: Manufacturing Overhead Actual Results Flexible Budget Allocated Amount Variable $41,861 $74,646 $74,646 Fixed 350,225 349,200 376,300 Budgeted number of output units: 600 Planned allocation rate: 3 machine-hours per unit Actual number of machine-hours used: 1,021 Static-budget variable manufacturing overhead costs: $70,200 Compute the following quantities (you should be able to do so in the prescribed order): 1. Budgeted number of machine-hours planned 2. Budgeted fixed manufacturing overhead costs per machine-hour 3. Budgeted variable manufacturing overhead costs per machine-hour 4. Budgeted number of machine-hours allowed for actual output produced 5. Actual number of output units 6. Actual number of machine-hours used per output unit
Subject: Acounting