Copland Components manufactures an electronic device for vehicle manufacturing. The current standard cost sheet for a devicefollows:Direct materials, ? ounces at $2.80 per ounceDirect labor, 0.4 hours at ? per hourOverhead, 0.4 hours at ? per hourTotal costs$ ? per device? per device?per device$ 30 per deviceAssume that the following data appeared in Copland's records at the end of the past month:Actual productionActual salesMaterials costs (505,000 ounces)Materials price varianceMaterials efficiency variance96,000 units90,000 units$ ?63,000 U70,000 UDirect labor price varianceDirect labor (37,500 hours)Overapplied overhead (total)There are no materials Inventories.Required:18,750 F918,75025,200a. Prepare a variance analysis for direct materials and direct labor.b. Assume that all production overhead is fixed and that the $25,200 overapplied is the only overhead variance that can be computed.What are the actual and applied overhead amounts?c. Complete the standard cost sheet for a device given below.Answer is not complete.Complete this question by entering your answers in the tabs below.Required ARequired B Required CAssume that all production overhead is fixed and that the $27,000 overapplied is the only overhead variance that can becomputed. What are the actual and applied overhead amounts?ActualAppliedOverhead< Required ARequired C >

Variance analysis :Variance analysis is a financial and managerial accounting technique used to…

Answered: Copland Components manufactures an…

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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A pro-forma cost sheet of a company provides the following particulars: Elements of Cost Amt. Per Unit (Php) Raw Materials 140Direct Labor 60Overheads 70Total Cost 270Profit 30Selling Price. 300 Further particulars available are: Raw materials are in stock on an average for one month. Materials are in process on an average for half a month. Finished goods are in stock on an average for one month. Credit allowed by suppliers is one month – credit allowed to customers is two months. Lag in payment of wages is 1 1/2 weeks. Lag in payment of overhead expenses is one month. One fourth of the output is sold against cash. Cash in hand and at bank is expected to be Php. 50,000. You are required to prepare a statement showing the working capital needed to finance, a level of activity of 2,40,000 units of production. You may assume that production is carried on evenly throughout the year; wages and overhead accrue similarly and a time period of 4 weeks is equivalent to a month. Note: Year = 4 x…
The controller of Hall Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs. Month TotalMaintenance Costs TotalMachine Hours January $2,817 3,734 February 3,201 4,268 March 3,841 6,402 April 4,801 8,429 May 3,414 5,335 June 4,930 8,536 Determine the variable-cost components using the high-low method. (Round variable cost to 2 decimal places e.g. 12.25.) Variable cost per machine hour $ eTextbook and Media Determine the fixed cost components using the high-low method. (Round answer to 0 decimal places e.g. 2,520.) Fixed costs $
Hot'lanta, Inc., which uses the high-low method to analyze cost behavior, has determined that machine hours best explain the company's utilities cost. The company's relevant range of activity varies from a low of 600 machine hours to a high of 1,100 machine hours, with the following data being available for the first six months of the year: Month Utilities Machine Hours January s8700 800 February 8360 720 March 8950 810 April 9360 920 May 9625 950 June 9150 900 1.The variable utilities cost per machine hour is: a) $0.18. b) an amount other than those listed above. C) $4.50. d) $5.00. e) $5.50. 2. The fixed utilities cost per month is: a) an amount other than those listed above. b) $4,760. c) $3,764. d) $5,100. e) $4,400.
The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated: Number of units produced Number of units sold 3,100 2,600 $ 355 Unit sales price Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($201,500÷3,100 units) Total variable selling expenses ($14 per unit sold) Total fixed general and administrative expenses Complete this question by entering your answers in the tabs below. Full Absorption Costing Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the y Answer is not complete. Variable Costing Prepare Crystal Cold's full absorption costing income statement for the year. Crystal Cold Coolers Incorporated Full Absorption Costing Income Statement Sales $ 60 $ 50 923,000 $12 $65 $36,400 $ 65,000
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Calculate and Use Ovrehead Rate During the coming accounting year, Baker Manufacturing, Inc. anticipates the following costs, expenses, and operating data: Direct material (16,000 lb) $80,000 Direct labor (@10/hr) 200,000 Indirect materials 12,000 Indirect labor 22,000 Sales Commissions 34,000 Factory administration 16,000 Nonfactory administrative expenses 20,000 Other manufacturing overhead 80,000 a. Calculate the predetermined manufacturing overhead rate for the coming year for each of the following application bases: (1) direct labor hours, (2) direct labor costs, and (3) machine hours. b. For each item in requirement in requirement a, determine the proper application of manufacuring overhead to Job 63, to which 16 direct labor hours, $150 of direct labor cost, and 40 machine…
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devrat
Wyckam Manufacturing Incorporated has provided the following estimates concerning its manufacturing costs: Cost per Machine- Hour $ 4.25 Direct materials Direct labor Supplies Utilities Depreciation Insurance Fixed Cost per Month $ 36,800 $ 1,400 $ 16,700 $ 12,700 For example, utilities should be $1,400 per month plus $0.05 per machine-hour. The company expects to work 5,000 machine-hours in June. Note that the company's direct labor is a fixed cost. Required: Prepare the company's planning budget for June. Wyckam Manufacturing Incorporated Planning Budget for Manufacturing Costs For the Month Ended June 30 Budgeted machine-hours Direct materials Direct labor Supplies Utilities Depreciation Insurance Total manufacturing cost $ 0.30 $ 0.05 $ $ 36,000 16,000 1,500 1,650 16,700 1,200 73,050
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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.
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