C) Standard Costing as a Management Tool.The C.E.O. then states that production reports have shown major differences betweenthe actual costs and what was budgeted to be incurred.You suggest to him that a standard technique be used to identify and analyse thedifferences.The following information about the cost to produce one item is obtainedDirect Materials - 6 pounds at $ 2.50 per poundDirect Labour -3.1 hours @ 12.00 per HourDirect Materials Purchased for the month - 1,600 pounds $ 4,192Direct Labour- 760 Hours250 Units were produced.$ 15.00$37.20$ 8,740You are asked to compute:1) The total Material and Labour Variances.2) The Material Price and Quantity Variance3) The Labour Price and Quantity Variance.

Name: C) Standard Costing as a Management Tool.The C.E.O. then states that
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Description: C) Standard Costing as a Management Tool.The C.E.O. then states that production reports have shown major differences betweenthe actual costs and what was budgeted to be incurred.You suggest to him that a standard technique be used to identify and an

Calculation of material price and quantity variance:: Material price Variance:: Actual…

Business

Accounting

C) Standard Costing as a Management Tool. The CE.O. then states that production reports have shown major differences between the actual costs and what was budgeted to be incurred. You suggest to him that a standard technique be used to identify and analyse the differences. The following information about the cost to produce one item is obtained: $ 15.00 $ 37.20 Direct Materials Purchased for the month – 1,600 pounds $4,192 $ 8,740 Direct Materials - 6 pounds at $2.50 per pound Direct Labour -3.1 hours @ 12.00 per Hour Direct Labour - 760 Hours 250 Units were produced. You are asked to compute: 1) The total Material and Labour Variances. 2) The Material Price and Quantity Variance 3) The Labour Price and Quantity Variance.

C) Standard Costing as a Management Tool. The CE.O. then states that production reports have shown major differences between the actual costs and what was budgeted to be incurred. You suggest to him that a standard technique be used to identify and analyse the differences. The following information about the cost to produce one item is obtained: $ 15.00 $ 37.20 Direct Materials Purchased for the month – 1,600 pounds $4,192 $ 8,740 Direct Materials - 6 pounds at $2.50 per pound Direct Labour -3.1 hours @ 12.00 per Hour Direct Labour - 760 Hours 250 Units were produced. You are asked to compute: 1) The total Material and Labour Variances. 2) The Material Price and Quantity Variance 3) The Labour Price and Quantity 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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Panamint Systems Corporation is estimating activity costs associated with producing disk drives, tapes drives, and wire drives. The indirect labor can be traced to five separate activity pools. The budgeted activity cost and activity base data by product are as follows: Procurement Scheduling Materials handling Product development Production Disk drives Tape drives Wire drives Activity Cost $379,200 245,800 402,900 728,700 1,528,900 Number of Purchase Orders 3,890 1,700 13,000 Activity Base Number of purchase orders Number of production orders Number of moves Number of engineering changes Machine hours c. $148.42 per machine hour O d. $20.4 per machine hour Number of Number Number of of Moves Production Orders 280 155 870 1,330 500 3,600 Engineering Changes 13 3 20 Machine Hours 1,500 8,400 10,700 The activity rate (rounded to the nearest cent) for the production cost pool is O a. $74.2 per machine hour O b. $74.22 per machine hour O Number of Units 2,100 3,900 3,000
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Sub : Accounting Please answer all questions. Please type the solution. Thank You Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Santiago Inc. processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 78,000 units of product were as follows: Line Item Description Standard Costs Actual Costs Direct materials 195,000 lbs. at $5.50 per lb. 193,100 lbs. at $5.40 per lb. Direct labor 19,500 hrs. at $16.80 per hr. 19,950 hrs. at $17.10 per hr. Factory overhead Rates per direct labor hr., based on 100% of normal capacity of 20,350 direct labor hrs.: Factory overhead Variable cost, $2.90 $55,980 variable cost Factory overhead Fixed cost, $4.60 $93,610 fixed cost Each unit requires 0.25 hour of direct labor. Required: a. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost…
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A company has the following information for the month of October. The company applies overhead (OH) costs using standard machine hours as the allocation base. Actual Results Actual variable OH costs Actual fixed OH costs Actual machine hours Actual output Budget (for 1,000 units) Variable OH Fixed OH Budgeted machine hours 1-1 AP $2,500 $4,700 V $1,280 MHS 1,100 units $2,000 $4,400 1,000 MHS Q. What was the company's FMOH volume variance for October? Answer. (Click to select) (Click to select) $440 Favorable $640 Favorable None of the answers are correct $640 Unfavorable $440 Unfavorable
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