Cost standards for one unit of product no. C77: Direct material 3 pounds at $2.50 per pound $7.50 Direct labor 5 hours at $7.50 per hour 37.50 Actual results: Units produced 8,100 units Direct material purchased 26,600 pounds at $71,820 $2.70 Direct material used 24,000 pounds at $2.70 64,800 Direct labor 41,100 hours at 57.30 300,030 46. Assume that the company computes variances at the earliest point in time. The direct-material quantity variance is: None of these. $5,750F. $5,750U. $750U. $750F. 47. Assume that the company computes variances at the earliest point in time. The direct-material price variance is: $5,320F. None of these. $5,120F. $5,120U. $5,320U. 48. Assume that the comoany computes variances at the earliest point in time. The direct-labor rate variance is: $7,794F. $8,220U. None of these. $7,794F. $8.220F.

Cost standards for one unit of product no. C77: Direct material 3 pounds at $2.50 per pound $7.50 Direct labor 5 hours at $7.50 per hour 37.50 Actual results: Units produced 8,100 units Direct material purchased 26,600 pounds at $71,820 $2.70 Direct material used 24,000 pounds at $2.70 64,800 Direct labor 41,100 hours at 57.30 300,030 46. Assume that the company computes variances at the earliest point in time. The direct-material quantity variance is: None of these. $5,750F. $5,750U. $750U. $750F. 47. Assume that the company computes variances at the earliest point in time. The direct-material price variance is: $5,320F. None of these. $5,120F. $5,120U. $5,320U. 48. Assume that the comoany computes variances at the earliest point in time. The direct-labor rate variance is: $7,794F. $8,220U. None of these. $7,794F. $8.220F.

Name: Cost standards for one unit of product no. C77:Direct material 3 poun
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Cost standards for one unit of product no. C77:Direct material 3 pounds at $2.50 per pound$7.50Direct labor 5 hours at $7.50 per hour37.50Actual results:Units produced a8,100 unitsDirect material purchased 26,600 pounds at$71,820$2.70Direct material

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

None
A5
PROBLEMS P14-1 Geneva Corporation uses a standard cost system and produces a single product with standard costs as follows: Direct materials 5 pounds at P10.00 P50.00 2 hours at P40.00 Direct labor Variable overhead 80.00 60.00 2 hours at P30.00 Fixed overhead Total unit cost 2 hours at P15.00 30.00 P220.00 There were no beginning inventories. During the month 1,800 units were manufactured and 1,500 units were sold at a sales price of P500.00 each. Overhead rates are based on 2,000 units per month or 4,000 standard direct labor hours. Overhead is applied on the basis of direct labor hours. Actual results for the month were as follows: . Direct materials purchased 9,500 pounds at P10.50 9,200 pounds 3,700 hours at P40.80 P110,000 P65,000 Direct materials used Direct labor used Variable overhead cost incurred Fixed overhead cost incurred Required: 1. Calculate the following and indicate if each variance is favorable or unfavorable. a. Material price variance based on quantity purchased…
A5
None
< Prev A company uses the following standard costs to produce a single unit of output. Direct materials Direct Manufacturing pounds at $0.70 per pound- 0.4 hour at $8.00 per hour labor $ 5.60 $ 3.20 $ 1.96 overhead 53 0.4 hour at $4.90 per hour - During the latest month, the company purchased and used 77,000 pounds of direct materials ata price of $0.90 per pound to produce 10,000 units of output Direct le month totaled $29,100 based on 3,880 direct labor hours worked. Variable manufacturing overhead costs incurred totaled $15 600 and fixed manufacturing overhee $10,000. Based on this information, the direct materials price variace for the month was: Multiple Choice $2,000 favorable $15,400 unfavorable $5,600 unfavorable $6,400 unfavorable Ne $5,600 favorable 23 of 25
Standard Standard Price Standard Quantity 15 sq. ft. (Rate) $ 5 per sq. ft. $15 per hr. Unit Cost Direct materials (fiberglass) $ 75.00 Direct labor 10 hrs. 150.00 Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24, 000 + 300 units) 10 hrs. $ 6 per hr. 60.00 80.00 Rip Tide has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass used Cost of fiberglass used Number of labor hours worked 329 5,090 $27,995 3,230 $50,711 $14,090 $25,450 Direct labor cost Variable overhead cost Fixed overhead cost Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide. 2. Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide. 4. Calculate the fixed overhead spending (budget) and volume variances for Rip Tide.
6 part 2
15
ssment Tool iFrame A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $15 per DLH 3 DLH @ $12 per DLH Actual Results 59,200 pounds @ $8.10 per pound 24,900 hours @ $15.50 per hour $ 308,700 8,400 units Exercise 23-8 (Algo) Standard cost per unit, total budgeted and actual costs, and total cost variance LO P2 (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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total $ 0
Max Company has developed the following standards for one of its products: Direct materials 15 pounds ´ £16 per poundDirect labour 4 hours ´ £24 per hourVariable overhead 4 hours ´ £14 per hour The following activities occurred during the month of October: Materials purchased 10,000 pounds costing £170,000Materials used 7,200 poundsUnits produced 500 unitsDirect labour 2,300 hours at £23.60 per hourActual variable overhead £30,000 The company records materials price variances at the time of purchase. Refer to Figure 17-1. Max's variable standard cost per unit would be
do not give Solution in image formet