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Calculate Variances The following summary data relate to the operations of Randolph Company for July, during which 4,500 finished units were produced: Standard Units Total Actual Costs Costs Direct material Standard (0.6 lb. @ $14.00/lb.). Actual (3,000 lb. @ $14.10/lb.) $8.40 $42,300 Direct labor Standard (0.8 hr. @ $17.80/hr.) $14.24 Actual (3,800 hrs. @ $17.20/hr.) 65,360 Variable overhead Standard (0.8 hr. @ $12.50/hr.) $10.00 Actual 50,100 Total $32.64 $157,760 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: U/F Split cost: Standard cost: Materials price Materials efficiency Labor Variances U/F Actual cost: Split cost: Standard cost: Labor rate Labor efficiency Variable Overhead Variances U/F Actual cost: Split cost: Standard cost: Variable overhead spending Variable overhead efficiency

Calculate Variances The following summary data relate to the operations of Randolph Company for July, during which 4,500 finished units were produced: Standard Units Total Actual Costs Costs Direct material Standard (0.6 lb. @ $14.00/lb.). Actual (3,000 lb. @ $14.10/lb.) $8.40 $42,300 Direct labor Standard (0.8 hr. @ $17.80/hr.) $14.24 Actual (3,800 hrs. @ $17.20/hr.) 65,360 Variable overhead Standard (0.8 hr. @ $12.50/hr.) $10.00 Actual 50,100 Total $32.64 $157,760 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: U/F Split cost: Standard cost: Materials price Materials efficiency Labor Variances U/F Actual cost: Split cost: Standard cost: Labor rate Labor efficiency Variable Overhead Variances U/F Actual cost: Split cost: Standard cost: Variable overhead spending Variable overhead efficiency

FINANCIAL ACCOUNTING
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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Calculate Variances The following summary data relate to the operations of Randolph Company for July, during which 4,500 finished units were produced: Standard Units Total Actual Costs Costs Direct material Standard (0.6 lb. @ $14.00/lb.). Actual (3,000 lb. @ $14.10/lb.) $8.40 $42,300 Direct labor Standard (0.8 hr. @ $17.80/hr.) $14.24 Actual (3,800 hrs. @ $17.20/hr.) 65,360 Variable overhead Standard (0.8 hr. @ $12.50/hr.) $10.00 Actual 50,100 Total $32.64 $157,760 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: U/F Split cost: Standard cost: Materials price Materials efficiency Labor Variances U/F Actual cost: Split cost: Standard cost: Labor rate Labor efficiency Variable Overhead Variances U/F Actual cost: Split cost: Standard cost: Variable overhead spending Variable overhead efficiency
Transcribed Image Text:Calculate Variances The following summary data relate to the operations of Randolph Company for July, during which 4,500 finished units were produced: Standard Units Total Actual Costs Costs Direct material Standard (0.6 lb. @ $14.00/lb.). Actual (3,000 lb. @ $14.10/lb.) $8.40 $42,300 Direct labor Standard (0.8 hr. @ $17.80/hr.) $14.24 Actual (3,800 hrs. @ $17.20/hr.) 65,360 Variable overhead Standard (0.8 hr. @ $12.50/hr.) $10.00 Actual 50,100 Total $32.64 $157,760 Determine the following variances: Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable. Materials Variances Actual cost: U/F Split cost: Standard cost: Materials price Materials efficiency Labor Variances U/F Actual cost: Split cost: Standard cost: Labor rate Labor efficiency Variable Overhead Variances U/F Actual cost: Split cost: Standard cost: Variable overhead spending Variable overhead efficiency
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