Corp developed (budgeted) standard costs for DM and DL. In 2015, it estimated the following standard costs for one of his major products, the 30-gallon heavy-duty plastic container. Budgeted quantity 0.30 pounds 0.20 hours Direct materials Direct labor Pays Budgeted price $20 per pound $12 per hour During July, it produced and sold 3,000 containers using 1,000 pounds of DM at an average cost per pound of $19 and 625 DLH at an average wage of $11.75 per hour. 4)July's direct material flexible-budget variance is how much 5)The direct material price variance during July is how much 6)The direct material efficiency variance during July is how much

Corp developed (budgeted) standard costs for DM and DL. In 2015, it estimated the following standard costs for one of his major products, the 30-gallon heavy-duty plastic container. Budgeted quantity 0.30 pounds 0.20 hours Direct materials Direct labor Pays Budgeted price $20 per pound $12 per hour During July, it produced and sold 3,000 containers using 1,000 pounds of DM at an average cost per pound of $19 and 625 DLH at an average wage of $11.75 per hour. 4)July's direct material flexible-budget variance is how much 5)The direct material price variance during July is how much 6)The direct material efficiency variance during July is how much

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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Garden Yeti manufactures garden sculptures. Each sculpture requires 8 pounds of direct materials at a cost of $2 per pound and 0.4 direct labor hour at a rate of $18 per hour. Variable overhead is budgeted at a rate of $3 per direct labor hour. Budgeted fixed overhead is $4,500 per month. The company's policy is to maintain direct materials Inventory equal to 30% of the next month's direct materials requirement. At the end of February the company had 7,440 pounds of direct materials In Inventory. The company's production budget reports the following. Production Budget Units to produce (1) Prepare direct materials budgets for March and April. (2) Prepare direct labor budgets for March and April. (3) Prepare factory overhead budgets for March and April. Required 1 Required 2 April March 3,100 4,400 Complete this question by entering your answers in the tabs below. Direct labor hours needed Budgeted variable overhead May 4,600 Prepare factory overhead budgets for March and April. GARDEN…
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Swifty Corp. supplies its customers with high-quality canvas tents. These canvas tents sell for $170 each, with the following DM and DL usage and price expectations. Direct materials Direct labor Variable-MOH Fixed-MOH (a) Throughout the year, Swifty used 3,780 DL hours in the process of making 3,500 tents. The company had originally planned to produce and sell 3,200 tents with budgeted fixed-MOH cost of $17,600. Its actual fixed-MOH costs amounted to $17,086 for the year. (b) 10 square yards per unit 1.1 DL hours per unit 1.1 DL hours per unit 1.1 DL hours per unit Your answer is correct. Determine Swifty's fixed-MOH price and volume variances. Also identify whether the company's fixed-MOH costs were under-or overapplied, and by how much. Fixed-MOH price variance Fixed-MOH Fixed-MOH volume variance $ (2) $ (3) @ $6/square yard @ $16/DL hour @ $2.80/DL hour No. Account Titles and Explanation (1) @ $5/DL hour 514 1650 2164 Favorable Record the journal entries to accompany the following…
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Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic disc has the following manufacturing costs: Direct materials $1.65 Direct labor 0.60 Variable overhead 0.80 Fixed overhead 1.90 Total unit cost $4.95 For the coming year, Play-Disc expects to make 330,000 plastic discs, and to sell 311,000 of them. Budgeted beginning inventory in units is 16,000 with unit cost of $4.95. (There are no beginning or ending inventories of work in process.) Required: Question Content Area 1. Prepare an ending finished goods inventory budget for Play-Disc for the coming year. If required, round your answers to the nearest cent. Play-DiscEnding Finished Goods Inventory BudgetFor the Coming Year Unit costs: $- Select - - Select - Overhead: - Select - - Select - Total cost per unit $fill in the blank 04d2fcfb606b005_9 Total ending inventory cost $fill in the blank 04d2fcfb606b005_10 Question Content Area 2. What…
Buckingham Star Company Ltd has a single production process for which the following have been estimated: £ Material receipts and inspection cost 31,200 Power cost 39,000 Material handling cost 27,300 Three products, Alpha, Beta, and Gamma are produced by workers, who perform a number of operations on material blanks using hand-held electrically powered drills. The workers have a wage rate of £4 per hour. The following budgeted information has been obtained for the period ending 31 December 2018 Alpha Beta Gamma Production quantity (units) 4000 3000 1600 Batches of material Data per product unit 20 10 32 Direct material (square metres) 8 12 6 Direct material (£) 10 6 12 Direct labour (minutes) 48 40 120 Number of power drill operations 12 6 4 Overhead costs for material receipt and inspection, process power…
possible Heavy Products, Inc. developed standard costs for direct material and direct labor. In 2017, All estimated the following standard costs for one of their major products, the 10- gallon plastic container. Budgeted quantity. 0.1 pounds Budgeted price $100 per pound $20 per hour Direct materials Direct labor 0.1 hours During June, Heavy Products produced and sold 20,000 containers using 2,500 pounds of direct materials at an average cost per pound of $106 and 2,000 direct manufacturing labor - hours at an average wage of $101.00 per hour. The direct manufacturing labor efficiency variance during June is A. $162,000 favorable O B. $1,620,000 unfavorable OC. $0 M OD. $20,200 unfavorable http He In20 gallo Missim https:// Heav In 2017, 10minus 1 answer Missing: 0
The Schuyler Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labour: Direct materials: 10 lb. at $4.50 per lb. $45.00 Direct manufacturing labour: 0.5 hours at $30 per hour 15.00 The number of finished units budgeted for January 2020 was 10,000; 9,850 units were actually produced. Actual results in January 2020 were as follows: Direct materials: 98,055 lb. used Direct manufacturing labour: 4,900 hours $154,350 Assume that there was no beginning inventory of either direct materials or finished units. During the month, materials purchased amounted to 100,000 lb., at a total cost of $465,000. Input price variances are isolated upon purchase. Input-efficiency variances are isolated at the time of usage. Compute the January 2020 price and efficiency variances of direct materials and direct manufacturing labour. Prepare journal…
Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic disc has the following manufacturing costs: Direct materials $1.65 Direct labor 0.50 Variable overhead 0.75 Fixed overhead 1.90 Total unit cost $4.80 For the coming year, Play-Disc expects to make 380,000 plastic discs, and to sell 369,000 of them. Budgeted beginning inventory in units is 20,000 with unit cost of $4.80. (There are no beginning or ending inventories of work in process.) Required: 1. Prepare an ending finished goods inventory budget for Play-Disc for the coming year. If required, round your answers to the nearest cent. Play-DiscEnding Finished Goods Inventory BudgetFor the Coming Year Unit costs: Direct materials $______ Direct labor _____ Overhead: _____ Budgeted variable overhead ______ Budgeted fixed overhead ______ Total cost per unit $______ Total ending inventory cost $_____ 2. What if sales increased to 379,000 discs? How would that…