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Coronado Irrigation, Inc. is known throughout the world for its H2O-X high-capacity water pump, used in irrigation systems. The pump's standard cost is as follows. The company's predetermined fixed overhead rate is based on an expected capacity of 100,000 direct labor hours per month. Standard Standard Standard Price Quantity Cost Direct materials $5 per pound 14 pounds $70 Direct labor $10 per DLH 4 DLH 40 Variable overhead $7 per DLH 4 DLH 28 Fixed overhead $4 per DLH 4 DLH 16 $154

Coronado Irrigation, Inc. is known throughout the world for its H2O-X high-capacity water pump, used in irrigation systems. The pump's standard cost is as follows. The company's predetermined fixed overhead rate is based on an expected capacity of 100,000 direct labor hours per month. Standard Standard Standard Price Quantity Cost Direct materials $5 per pound 14 pounds $70 Direct labor $10 per DLH 4 DLH 40 Variable overhead $7 per DLH 4 DLH 28 Fixed overhead $4 per DLH 4 DLH 16 $154

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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Coronado Irrigation, Inc. is known throughout the world for its H2O-X high-capacity water pump, used in irrigation systems. The pump's standard cost is as follows. The company's predetermined fixed overhead rate is based on an expected capacity of 100,000 direct labor hours per month. Standard Standard Standard Price Quantity Cost Direct materials $5 per pound 14 pounds $70 Direct labor $10 per DLH 4 DLH 40 Variable overhead $7 per DLH 4 DLH 28 Fixed overhead $4 per DLH 4 DLH 16 $154
Transcribed Image Text:Coronado Irrigation, Inc. is known throughout the world for its H2O-X high-capacity water pump, used in irrigation systems. The pump's standard cost is as follows. The company's predetermined fixed overhead rate is based on an expected capacity of 100,000 direct labor hours per month. Standard Standard Standard Price Quantity Cost Direct materials $5 per pound 14 pounds $70 Direct labor $10 per DLH 4 DLH 40 Variable overhead $7 per DLH 4 DLH 28 Fixed overhead $4 per DLH 4 DLH 16 $154
the month was $791,600 for budget. The company used 356,360 pounds of material during September. The direct labor payrolli 95,200 direct labor hours. Variable overhead costs were $652,100; fixed overhead costs were $363,200. The company's purchasing agent signed a new supply contract that resulted in purchases of 474,400 pounds of direct materials at a total price of $2,182,240. Calculate Coronado' direct materials, direct labor, and overhead variances for September. (Round per unit values to 2 decimal places, e.g. 52.75 and fınal answers to 0 decimal places, e.g. 5,725. If variance is zero, select "Not Applicable" and enter O for the amounts.) 2$ Direct materials price variance Not Applicable 2$ Unfavorable Direct materials quantity variance Favorable $ Direct labor rate variance $ Direct labor efficiency variance $4 Variable overhead spending variance 2$ Variable overhead efficiency variance 2$ Fixed overhead spending variance
Transcribed Image Text:the month was $791,600 for budget. The company used 356,360 pounds of material during September. The direct labor payrolli 95,200 direct labor hours. Variable overhead costs were $652,100; fixed overhead costs were $363,200. The company's purchasing agent signed a new supply contract that resulted in purchases of 474,400 pounds of direct materials at a total price of $2,182,240. Calculate Coronado' direct materials, direct labor, and overhead variances for September. (Round per unit values to 2 decimal places, e.g. 52.75 and fınal answers to 0 decimal places, e.g. 5,725. If variance is zero, select "Not Applicable" and enter O for the amounts.) 2$ Direct materials price variance Not Applicable 2$ Unfavorable Direct materials quantity variance Favorable $ Direct labor rate variance $ Direct labor efficiency variance $4 Variable overhead spending variance 2$ Variable overhead efficiency variance 2$ Fixed overhead spending variance
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