Caldwell Industries manufactures a product with a standard direct labor cost of 1.8 hours at $18.50 per hour. During August, 2,320 units were produced using 4,275 hours at $15.75 per hour. The labor quantity variance was $
Q: What's the solution
A:
Q: Please provide correct answer
A: Step 1: Definition of Operating Cash Flow (OCF)Operating Cash Flow (OCF) represents the amount of…
Q: activity variance for detergent costs is?
A: Step 1: Definition of Activity VarianceActivity Variance measures the difference between the…
Q: What is your firm's cash conversion cycle ?
A: The Cash Conversion Cycle (CCC) is calculated using the formula:CCC = DIO + DSO - DPOWhere:Days…
Q: Frick Company uses a job order cost system and applies overhead based on estimated rates. The…
A: To determine the correct answer, follow these steps: Calculate the Overhead Application Rate:The…
Q: compute the predetermined overhead rate under traditional costing.
A: Step 1: Definition of Predetermined Overhead RatePredetermined Overhead Rate (POHR) is a rate used…
Q: Don't want wrong answer to this cost accounting question
A: Step 1: Definition of Base Rate & Revenue CalculationConcept of Base Rate:The base rate is a…
Q: What is net income for the year on these financial accounting question?
A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) is a financial ratio that measures a…
Q: Hi experts provide solution this accounting question
A: Step 1: Define Commercial Substance in Exchange TransactionsAn exchange has commercial substance if…
Q: Don't use ai given answer general accounting question
A: Step 1:The term FOB Chicago refers to the FOB shipping point, under this, the buyer is held liable…
Q: provide correct answer of this General accounting question
A: Step 1: Define Beginning Cash BalanceThe beginning cash balance refers to the amount of cash a…
Q: How much is total overhead cost .
A: Step 1: Calculation of Variable Overhead RateVariable Overhead = $300,000 (at 60,000 labor…
Q: Do fast answer of this general accounting question
A: Step 1: IntroductionOperating leverage refers to the degree to which a company's operating income is…
Q: What is variable cost per unit
A: Concept of High-Low MethodThe High-Low Method is a cost accounting technique used to estimate the…
Q: A manufacturer incurred the following costs to produce one unit of a product: • Direct Material: Rs.…
A: Step 1: Definition of Contribution Margin per UnitContribution Margin per Unit is the amount…
Q: BatCo makes metal baseball bats. Each bat requires 1.00 kg of aluminum at $24 per kg and 0.30 direct…
A: Step 1: Definition of Standard Cost CardA standard cost card is a detailed record that summarizes…
Q: What was the last year margin ?
A: Explanation of Sales:Sales refer to the total revenue generated by a company from selling its goods…
Q: I want answer
A: % increase in 2020 = ((COGS 2020 - COGS 2019) / COGS 2019) x 100%% increase in 2020 = ((1,350,000 -…
Q: An asset's book value is $19,000 on December 31, Year 5. The asset has been depreciated at an annual…
A: Gain/(Loss) on sale = Proceeds from sale of asset - Asset's book valueGain/(Loss) on sale = 16,000 -…
Q: What is the annual operating cash flow for this financial accounting question?
A: Step 1: Define Annual Operating Cash FlowThe annual operating cash flow (OCF) represents the net…
Q: Using the weighted average process costing method?
A: Explanation of Equivalent Units for Conversion Costs:The Equivalent Units for Conversion Costs…
Q: Total number of equipment units for materials during June?
A: Explanation of Equivalent Units for Materials:The Equivalent Units for Materials represent the…
Q: Accounting solution
A: Step 1: Definition of Days' Sales UncollectedDays' Sales Uncollected, also known as Days Sales…
Q: Check Carefully and provide answer.
A: To calculate Return on Assets (ROA):Net Income = Sales x Profit Margin = $18,400,000 x 5.2%=…
Q: General Account Questions Answer Want
A: c.Standard = $8 per unitBudgeted = $400,000 per year The word "standard cost" describes the…
Q: General accounting question
A: Step 1: Define Dividends Received Deduction (DRD)The Dividends Received Deduction (DRD) allows…
Q: Solve this accounting problem
A: Explanation of Price-to-Earnings (P/E) Ratio:The Price-to-Earnings (P/E) Ratio is a financial metric…
Q: Not average for the year?
A: Step 1: Definition of Accounts Receivable Days OutstandingThe accounts receivable days outstanding…
Q: A manufacturer purchases a machine for $30,000 with a salvage value of $5,000. The estimated useful…
A: Step 1: Definition of Depreciation Expense (Straight-Line Method)Depreciation expense refers to the…
Q: What is the budgeted manufacturing cost per unit for this accounting question?
A: Step 1: Define Budgeted Manufacturing Cost Per UnitThe budgeted manufacturing cost per unit is the…
Q: what is correct answer?
A: To determine the profit (or loss) from processing cocoa butter into refined cocoa butter, we use the…
Q: answer ?? : General accounting question
A: Step 1: Define Direct Materials Quantity VarianceThe Direct Materials Quantity Variance measures the…
Q: Correct answer
A: Concept of Sales RevenueSales revenue refers to the total income a company earns from selling goods…
Q: Financial Accounting Question need help with this accounting question
A: Step 1: Return on Assets (ROA)Return on Assets (ROA) measures how efficiently a company utilizes its…
Q: Overapplied or under applied
A: Step 1: Understanding the given dataEstimated Manufacturing Overhead = $310,000Estimated Direct…
Q: Correct answer
A: The magnitude of operating leverage (MOL) measures how a company's operating income responds to…
Q: McArthur Corp., which began business at the start of the current year, had the following data:…
A: Step 1: Definition of Gross Margin in Absorption Costing (Detailed Explanation)Gross Margin (also…
Q: Determine the total manufacturing costs incurred during the fiscal year 2023 for this accounting…
A: Step 1: Definition of Total Manufacturing CostsTotal Manufacturing Costs refer to the sum of all…
Q: Compute the manufacturing overhead rate for the year
A: Step 1: Define Manufacturing Overhead RateThe manufacturing overhead rate is a predetermined rate…
Q: What is the total asset turnover of this accounting question?
A: Step 1: Definition of Total Asset TurnoverTotal Asset Turnover is a financial ratio that measures…
Q: Direct materials:3200, Direct labor:1100
A: Explanation of Job Costing: Job costing is an accounting method that tracks and accumulates…
Q: Give me Answer
A: Concept of Total Manufacturing CostsTotal manufacturing costs represent the total expenses incurred…
Q: what is the asset turnover ratio?
A: Step 1: Definition of Asset Turnover RatioThe asset turnover ratio is a financial metric that…
Q: NO AI ANSWER
A: Calculate the Dollar MarkupMarkup is in terms of selling price, henc Dollar Markup = Selling Price *…
Q: The following standards for variable overhead have been established for a company that makes only…
A: A. Variable Overhead Rate Variance The Variable Overhead Rate Variance measures the difference…
Q: The Phelan Company had 15,000 units in beginning work in process, 50% complete. 25,000 units were…
A: Step 1: Definition of Equivalent Units for Material CostsEquivalent units for material costs…
Q: I want to correct answer general accounting question
A: The lower of cost or market (LCM) rule states that inventory should be recorded at the lower of…
Q: General accounting question
A: Step 1: Define Lower-of-Cost-or-Net-Realizable-Value (LCNRV)The…
Q: general accounting
A: Step 1: Definition of Overhead Application in a Job Order Cost SystemIn a job order cost system,…
Q: A company manufactures two products, Product X and Product Y. Annual production and sales are 2,000…
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate (POHR) is a rate…
Provide answer
Step by step
Solved in 2 steps
- Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid $32 per hour for labor, for a total of $718,848. The standard hours per unit are 6.4, and the standard labor wage rate is $38.40 per hour. A. What are the actual hours worked? B. What are the standard hours for the units made? C. What is the direct labor rate variance for April? D. What Is the direct labor time variance for April? E. What is the total direct labor variance for April?At the beginning of the year, Lopez Company had the following standard cost sheet for one of its chemical products: Lopez computes its overhead rates using practical volume, which is 80,000 units. The actual results for the year are as follows: (a) Units produced: 79,600; (b) Direct labor: 158,900 hours at 18.10; (c) FOH: 831,000; and (d) VOH: 112,400. Required: 1. Compute the variable overhead spending and efficiency variances. 2. Compute the fixed overhead spending and volume variances.Fitzgerald Company manufactures sewing machines, and they produced 2,500 this past month. The standard variable manufacturing overhead (M0H) rate used by the company is $6.75 per machine hour. Each sewing machine requires 13.5 machine hours. Actual machine hours used last month were 33,500, and the actual variable MOH rate last month was $7.00. Calculate the variable overhead rate variance and the variable overhead efficiency variance.
- Queen Industries uses a standard costing system in the manufacturing of its single product. It requires 2 hours of labor to produce 1 unit of final product. In February, Queen Industries produced 12,000 units. The standard cost for labor allowed for the output was $90,000, and there was an unfavorable direct labor time variance of $5,520. A. What was the standard cost per hour? B. How many actual hours were worked? C. If the workers were paid $3.90 per hour, what was the direct labor rate variance?Business Specialty, Inc., manufactures two staplers: small and regular. The standard quantities of direct labor and direct materials per unit for the year are as follows: The standard price paid per pound of direct materials is 1.60. The standard rate for labor is 8.00. Overhead is applied on the basis of direct labor hours. A plantwide rate is used. Budgeted overhead for the year is as follows: The company expects to work 12,000 direct labor hours during the year; standard overhead rates are computed using this activity level. For every small stapler produced, the company produces two regular staplers. Actual operating data for the year are as follows: a. Units produced: small staplers, 35,000; regular staplers, 70,000. b. Direct materials purchased and used: 56,000 pounds at 1.5513,000 for the small stapler and 43,000 for the regular stapler. There were no beginning or ending direct materials inventories. c. Direct labor: 14,800 hours3,600 hours for the small stapler and 11,200 hours for the regular stapler. Total cost of direct labor: 114,700. d. Variable overhead: 607,500. e. Fixed overhead: 350,000. Required: 1. Prepare a standard cost sheet showing the unit cost for each product. 2. Compute the direct materials price and usage variances for each product. Prepare journal entries to record direct materials activity. 3. Compute the direct labor rate and efficiency variances for each product. Prepare journal entries to record direct labor activity. 4. Compute the variances for fixed and variable overhead. Prepare journal entries to record overhead activity. All variances are closed to Cost of Goods Sold. 5. Assume that you know only the total direct materials used for both products and the total direct labor hours used for both products. Can you compute the total direct materials and direct labor usage variances? Explain.Jameson Company produces paper towels. The company has established the following direct materials and direct labor standards for one case of paper towels: During the first quarter of the year, Jameson produced 45,000 cases of paper towels. The company purchased and used 135,700 pounds of paper pulp at 0.38 per pound. Actual direct labor used was 91,000 hours at 12.10 per hour. Required: 1. Calculate the direct materials price and usage variances. 2. Calculate the direct labor rate and efficiency variances. 3. Prepare the journal entries for the direct materials and direct labor variances. 4. Describe how flexible budgeting variances relate to the direct materials and direct labor variances computed in Requirements 1 and 2.
- Shasta Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 70 employees. Each employee presently provides 38 hours of labor per week. Information about a production week is as follows: Instructions Determine (a) the standard cost per unit for direct materials and direct labor; (b) the direct materials price variance, direct materials quantity variance, and total direct materials cost variance; and (c) the direct labor rate variance, direct labor time variance, and total direct labor cost variance.Escuchar Products, a producer of DVD players, has established a labor standard for its productdirect labor: 2 hrs at 9.65 per hour. During January, Escuchar produced 12,800 DVD players. The actual direct labor used was 25,040 hours at a total cost of 245,392. Required: 1. Compute the labor rate and efficiency variances. 2. Prepare journal entries for all activities relating to labor.USD Inc. has established the following standard cost per unit: Although 10,000 units were budgeted, 12,000 units were produced. The Purchasing department bought 50,000 lb of materials at a cost of $237,500. Actual pounds of materials used were 46,000. Direct labor cost was $287,500 for 25,000 hours worked. Required: Make journal entries to record the materials transactions, assuming that the materials price variance was recorded at the time of purchase. Make journal entries to record the labor variances.
- Boarders estimates overhead will utilize 160,000 machine hours and cost $80,000. It takes 4 machine hours per unit, direct material cost of $5 per unit, and direct labor of $5 per unit. What is the cost of each unit produced?April Industries employs a standard costing system in the manufacturing of its sole product, a park bench. They purchased 60,000 feet of raw material for $300,000, and it takes S feet of raw materials to produce one park bench. In August, the company produced 10,000 park benches. The standard cost for material output was $100,000, and there was an unfavorable direct materials quantity variance of $6,000. A. What is April Industries standard price for one unit of material? B. What was the total number of units of material used to produce the August output? C. What was the direct materials price variance for August?Caldwell Industries manufactures a product with a standard direct labor cost of 1.8 hours at $18.50 per hour. During August, 2,320 units were produced using 4,275 hours at $15.75 per hour. The labor quantity variance was $__.
