Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $ 2.00 per ounce. $10.00 per hour $4.00 per hour Direct materials 5.9 ounces Direct labor 0.8 hours Variable overhead 0.8 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours. Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 3,700 units 3,300 units 20,000 dances 22,000 ounces 5,500 hours $ 42,400 $ 13,700 $ 3,850 Standard Cost Per Unit $ 11.80 $8.00 $.3.20 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased

Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $ 2.00 per ounce. $10.00 per hour $4.00 per hour Direct materials 5.9 ounces Direct labor 0.8 hours Variable overhead 0.8 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours. Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 3,700 units 3,300 units 20,000 dances 22,000 ounces 5,500 hours $ 42,400 $ 13,700 $ 3,850 Standard Cost Per Unit $ 11.80 $8.00 $.3.20 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased

Name: Tharaldson Corporation makes a product with the following standard co
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Description: Tharaldson Corporation makes a product with the following standard costs:StandardQuantity orHoursDirect materialsDirect laborVariable overheadThe company reported the following results concerning this product in June.Originally budgeted outputActual

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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Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) Master production budget Direct materials Direct labor Overhead Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead 10,500 $ 237,600 201,600 267,000 $ 3.96 per liter x 5 liters per unit of output $ 33.60 per hour x 0.5 hour per unit $ 28.50 per direct labor-hour $ 207,480 (53,200 liters) 176,472 (5,160 hours) 272,000 (58% is variable) Variable overhead is applied on the basis of direct labor-hours Required: Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variance- Note: Do not round intermediate calculations. Indicate the effect of each veriance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.
A company makes wine glasses for which the following standards have Standard Price Expected Per Unit of Input $2 per ounce $8 per hour Production of 400 glasses was expected in July, but 440 were actually made. Direct materials purchased and used were 2,100 ounces at an actual price of $2.30 per ounce. Direct labor cost for the month was $5,310, and the actual pay per hour was $9.00. been developed: Direct Materials Direct Labor Standard Inputs Expected For Each Unit of Output 5 ounces 1.5 hours Calculate: a) The direct materials variances b) The direct labor variances
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Eliezrie Corporation makes a product with the following standard costs: Standard Quanity or Hours Standard Price or Rate Standard Cost per unit Direct Materials 6.5 kilos $1 per kilo $6.50 Direct Labor 0.3 hours $10 per hour $3.00 Variable Overhead 0.3 hours $4 per hour $1.20 In January the company's budgeted production was 7,400 units but the actual production was 7,500 units. The company used 45,580 kilos of the direct material and 2,030 direct labor-hours to produce this output. During the month, the company purchased 48,500 kilos of the direct material at a cost of $53,350. The actual direct labor cost was $18,473 and the actual variable overhead cost was $7,714.The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials price variance for January is: Select one: a. $4,875 F b. $4,875 U c. $4,850 U d. $4,850 F
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A company has two products A and B. The budgeted fixed manufacturing overhead is $10,000. It is expected to work in full capacity. It plans to use cost-based pricing by using the absorption method. Assume the company can produce and sell 1,000 units Product A and 1,000 units Product B. Product A Product B Direct Labor $1 $3 Direct Materials $3 $2 Variable Manufacturing Overhead $2 $1 Budgeted labor hours used for each unit product 1 4 Budgeted machine hours used for each unit product 3 1 Sale Demand 1000units 1000units Required ROI Rate 10% 5% Required Investment $5000 $30000 Fixed Selling Expenses $2000 $4000 Unit Variable Selling Expenses $1 $2 If allocating fixed manufacturing overhead based on machine hour basis, calculate the sale price of products A and B and budgeted profit of products A and B.
A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 45,500 pounds @ $8.20 per pound Direct labor 2 DLH @ $15 per DLH 14,600 hours @ $15.60 per hour Overhead 2 DLH @ $12 per DLH $ 186,100 Units manufactured 7,500 units (1) Prepare the standard cost card showing standard cost per unit.(2) Compute total budgeted cost for June production.(3) Compute total actual cost for June production.(4) Compute total cost variance for June.
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Spree Party Lights overhead expenses are: Indirect material, pounds per unit 0.30 Indirect material, cost per pound $2 Indirect labor hours 1 Indirect labor rate per hour $16.50 Variable maintenance per unit $0.70 Variable utilities per unit $0.10 Supervisor salaries $11,000 Maintenance salaries $10,000 Insurance $3,000 Depreciation $1,400 Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,400, 3,100, and 2,600, respectively. Spree Party Lights Manufacturing Overhead Budget For the Quarter Ending January - March January February March Units to Produce fill in the blank 1 fill in the blank 2 fill in the blank 3 Variable Costs Indirect Material $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 Indirect Labor fill in the blank 9 fill in the blank 10 fill in the blank 11 Maintenance fill in the blank 13 fill in the blank 14 fill in the blank 15 Utilities…
Bulluck Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 3.5 grams 0.7 hours 0.7 hours The company reported the following results concerning this product in July. Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate Standard Price or Rate $ 1.00 per gram $ 11.00 per hour $ 2.00 per hour The variable overhead rate variance for July is: 3,000 units 11,370 grams 1,910 hours 12,100 grams $ 1.20 per gram $11.40 per hour $ 2.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
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