Brookman Company manufactures shirts. During June, Brookman made 1,400 shirts and gathered the following additional data:(Click on the icon to view the data.)Read the requirements.7. Calculate the direct materials cost variance.Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U).( Actual CostStandard CostActual Quantity = Direct Materials Cost Variance(24174Requirements15Calculate the following variances:7. Direct materials cost variance8. Direct materials efficiency variance9. Total direct materials variancePrint) x) x2,37010. Direct labor cost variance11. Direct labor efficiency variance12. Total direct labor varianceDoneChoose from any list or enter any number in the input fields and then click Check Answer.Xi Data TableDirect materials cost standardDirect materials efficiency standardActual amount of fabric purchased and usedActual cost of fabric purchased and usedDirect labor cost standardDirect labor efficiency standardActual amount of direct labor hoursActual cost of direct laborPrintDone$10.00 per yard of fabric1.80 yards per shirt2,370 yards$24,174$15.00 per DLHr7.00 DLHr per shirt9,910 DLHr$146,668X

Name: Brookman Company manufactures shirts. During June, Brookman made 1,40
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Description: Brookman Company manufactures shirts. During June, Brookman made 1,400 shirts and gathered the following additional data:(Click on the icon to view the data.)Read the requirements.7. Calculate the direct materials cost variance.Select the formula, t

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Brookman Company manufactures shirts. During June, Brookman made 1,400 shirts and gathered the following additional data: (Click on the icon to view the data.) Read the requirements. 7. Calculate the direct materials cost variance. Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U). Actual Cost Standard Cost ) x Actual Quantity Direct Materials Cost Variance 24174 ) 2,370 ( Requirements 15 Calculate the following variances: 7. Direct materials cost variance 8. Direct materials efficiency variance 9. Total direct materials variance Print = 10. Direct labor cost variance 11. Direct labor efficiency variance 12. Total direct labor variance Done - X i Data Table Direct materials cost standard Direct materials efficiency standard Actual amount of fabric purchased and used Actual cost of fabric purchased and used Direct labor cost standard Direct labor efficiency standard Actual amount of direct labor hours. Actual cost of direct labor $10.00 per yard of fabric 1.80 yards per shirt 2,370 yards $24,174 $15.00 per DLHr 7.00 DLHr per shirt 9,910 DLHr $146,668 X

Brookman Company manufactures shirts. During June, Brookman made 1,400 shirts and gathered the following additional data: (Click on the icon to view the data.) Read the requirements. 7. Calculate the direct materials cost variance. Select the formula, then enter the amounts and compute the cost variance for direct materials and identify whether the variance is favorable (F) or unfavorable (U). Actual Cost Standard Cost ) x Actual Quantity Direct Materials Cost Variance 24174 ) 2,370 ( Requirements 15 Calculate the following variances: 7. Direct materials cost variance 8. Direct materials efficiency variance 9. Total direct materials variance Print = 10. Direct labor cost variance 11. Direct labor efficiency variance 12. Total direct labor variance Done - X i Data Table Direct materials cost standard Direct materials efficiency standard Actual amount of fabric purchased and used Actual cost of fabric purchased and used Direct labor cost standard Direct labor efficiency standard Actual amount of direct labor hours. Actual cost of direct labor $10.00 per yard of fabric 1.80 yards per shirt 2,370 yards $24,174 $15.00 per DLHr 7.00 DLHr per shirt 9,910 DLHr $146,668 X

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5PA: Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but...

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Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but require different amounts. Standard materials for both are shown. At the beginning of the month, Edve Co. bought 25,000 feet of rubber for $6.875. The company made 3,000 large O rings and 4,000 small O rings. The company used 14,500 feet of rubber. A. What are the direct materials price variance, the direct materials quantity variance, and the total direct materials cost variance? B. If they bought 10,000 connectors costing $310, what would the direct materials price variance be for the connectors? C. If there was an unfavorable direct materials price variance of $125, how much did they pay per toot for the rubber?
Recompute the variances from the second Acme Inc. exercise using $0.0725 as the standard cost of the material and $14 as the standard labor cost per hour. How has your explanation of the variances changed?
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Reddy Corporation has collected the following data for the month or June: What is the variable overhead efficiency variance?
HeadsetHeadset manufactures headphone cases. During September 20182018, the company produced and sold 108 comma 000108,000 cases and recorded the following cost data: LOADING... (Click the icon to view the cost data.) Read the requirements LOADING... . Requirement 1. Compute the cost and efficiency variances for direct materials and direct labor. Begin with the cost variances. Select the required formulas, compute the cost variances for direct materials and direct labor, and identify whether each variance is favorable (F) or unfavorable (U).(Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity.) Formula Variance Direct materials cost variance = = Direct labor cost variance = = Next compute the efficiency variances. Select the required formulas, compute the efficiency variances for direct materials and…
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Gorman Company produced 13,000 book bags in June, and actual amounts were as follows: (Click the icon to view the actual amounts.) Gorman's standards were as follows: (Click the icon to view the standards.) Requirement 1. Compute cost and efficiency variances for direct materials, direct labor, and variable overhead. Requirements 1. 2. Compute cost and efficiency variances for direct materials, direct labor, and variable overhead. Compute the cost and volume variances for fixed overhead. Select the formulas to calculate direct materials cost and efficiency variances, then enter the variance amounts and the total. (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standard cost; SQ = standard quantity. Label ea avorable (F) or unfavorable (U). Enter a "0" for any zero balances. For any $0 variances, leave the Favorable (F)/Unfavorable (U) input blank.) Direct materials cost variance Direct materials efficiency variance = Data table Formula Total…
Best, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) variable overhead, $3,800; actual fixed overhead, $3, 500; actual direct labor hours, 1,400. Read the requirements. Data table Requirement 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. Begin with the variable overhead cost and efficiency variances. Select the required formulas, compute the variable overhead cost and favorable (F) or unfavorable (U). (Abbreviations used: AC = actual cost; AQ = actual quantity; FOH = fixed overhead; SC = standardco \table [[,, Formula,Variance], [VOH cost variance, = , 1 = , ], [VOH efficiency variance, =,1 =, 0
The following information relates to Longman, Inc.'s overhead costs for the month: 1(Click the icon to view the information.) Requirements 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable. Requirement 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. Begin by selecting the formulas needed to compute the variable overhead (VOH) and fixed overhead (FOH) variances, and then compute each variance amount. (Actual cost - Standard cost) × Actual hours = VOH cost variance (Actual hours - Standard hours allowed) × Standard cost = VOH efficiency variance Actual overhead - Budgeted overhead =…
The following information relates to Longman, Inc.'s overhead costs for the month: 1(Click the icon to view the information.) Requirements 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable. Requirement 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. Begin by selecting the formulas needed to compute the variable overhead (VOH) and fixed overhead (FOH) variances, and then compute each variance amount. (Actual cost - Standard cost) × Actual hours = VOH cost variance (Actual hours - Standard hours allowed) × Standard cost = VOH efficiency variance Actual overhead - Budgeted overhead =…
Fortes Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Standard Quantity or Hours per Unit of Output 8.5 ounces 0.6 hours 0.6 hours. Inputs Direct materials Direct labor Variable manufacturing overhead The company has reported the following actual results for the product for April: 6,100 units 55,050 ounces Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost $ 303,010 51,860 ounces 3,360 hours Standard Price or Rate $6.60 per ounce $24.80 per hour $ 4.90 per hour $ 86,810 $ 15,717 Required: a. Compute the materials price variance for April. b. Compute the materials quantity variance for April. c. Compute the labor rate variance for April. d. Compute the labor efficiency variance for April. e. Compute the…
[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 AQ - Actual Quantity SQ Standard Quantity AP = Actual Price SP = Standard Price Standard Quantity and Cost 7 pounds @ $7 per pound 2 DLH@ $16 per DLH 2 DLH @ $12 per DLH Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each varlance by selecting favorable, unfavorable, or no varlance. Round "Cost per unit" answers to 2 decimal places.) Actual Cost Actual Results 58,600 pounds @ $7.20 per pound 16,300 hours@ $16.50 per hour $ 205,500 8,300 units Standard Cost