Bulluck Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 3.5 grams $ 1.00 per gram $ 11.00 per hour $ 2.00 per hour Direct labor 0.7 hours Variable overhead 0.7 hours The company reported the following results concerning this product in July. Actual output 3,000 units Raw materials used in production 11,370 grams Actual direct labor-hours 1,910 hours 12,100 grams $ 1.20 per gram $ 11.40 per hour $ 2.10 per hour Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate 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 labor rate variance for July is:

Bulluck Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 3.5 grams $ 1.00 per gram $ 11.00 per hour $ 2.00 per hour Direct labor 0.7 hours Variable overhead 0.7 hours The company reported the following results concerning this product in July. Actual output 3,000 units Raw materials used in production 11,370 grams Actual direct labor-hours 1,910 hours 12,100 grams $ 1.20 per gram $ 11.40 per hour $ 2.10 per hour Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate 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 labor rate variance for July is:

Name: Bulluck Corporation makes a product with the following standard costs
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Description: Bulluck Corporation makes a product with the following standard costs:Standard Quantity orHoursStandard Price or Rate$ 1.00 per gram$ 11.00 per hour$ 2.00 per hourDirect materials3.5 gramsDirect labor0.7 hoursVariable overhead0.7 hoursThe company re

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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Bulluck Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 3.5 grams 0.7 hours 0.7 hours The company reported the following results concerning this product in July. Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate Standard Price or Rate $ 1.00 per gram $ 11.00 per hour $ 2.00 per hour The variable overhead rate variance for July is: 3,000 units 11,370 grams 1,910 hours 12,100 grams $ 1.20 per gram $11.40 per hour $ 2.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
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Nevada Corporation makes a product with the following standard costs: Standard Price or Rate Standard Quantity or Hours 6.4 ounces $ 0.4 hours S 0.4 hours $ 3.00 per ounce 13.00 per hour 5.00 per hour The company reported the following results concerning this product in March. Direct materials Direct labor Variable overhead. Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate $ S $ O $3,277 F O $3,390 U O $3,390 F O $3,277 U Standard Cost Per Unit S S S 4,800 units 4,900 units 30,230 ounces 1,910 hours 32,600 ounces 2.90 per ounce 12.40 per hour 4.90 per hour 19.20 5.20 2.00 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 materials quantity variance for March is:
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Amber Company produces iron table and chair sets. During October, Amber's costs were as follows: Actual purchase price Actual direct labor rate $2.70 per pound $7.90 per hour $ 2.50 per pound 1,010,000 pounds 21,000 1,215,000 pounds 14,000 1,040,000 pounds $5,880 F Standard purchase price Standard quantity for sets produced Standard direct labor hours allowed Actual quantity purchased in October Actual direct labor hours Actual quantity used in October Direct labor rate variance Required: 1. Calculate the total cost of purchases for October. 2. Compute the direct materials price variance based on the actual quantity purchased. 3. Calculate the direct materials quantity variance based on the actual quantity used. 4. Compute the standard direct labor rate for October. 5. Compute the direct labor efficiency variance for October. Complete this question by entering your answers in the tabs below.
Miguez Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 4.0 liters 0.7 hours 0.7 hours Standard Price or Rate $ 8.70 per liter $ 39.00 per hour $ 3.70 per hour Standard Cost Per Unit $ 34.80 $ 27.30 $ 2.59 The company budgeted for production of 4,300 units in September, but actual production was 4,200 units. The company used 7,140 liters of direct material and 1,850 direct labor-hours to produce this output. The company purchased 7,500 liters of the direct material at $8.90 per liter. The actual direct labor rate was $41.10 per hour and the actual variable overhead rate was $3.60 per hour. 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 rate variance for September is: Multiple Choice О $294 F О О о $185 U $185 F $294 U
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Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 7.1 ounces 0.2 hours 0.2 hours Standard Price or Rate Standard Cost Per Unit $ 28.40 $ 4.00 per ounce $ 11.00 per hour $ 2.20 $ 4.00 per hour $ 0.80 The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 2,500 units 3,000 units 21,500 ounces Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 22,500 ounces 560 hours $ 45,100 $ 12,500 $ 3,250 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 labor rate variance for June is: Multiple Choice $306 F $6.340 U $306 U $6,340 F
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