cost system to account for the costs of its one product. Standards are 4.0 sheets of ½ inch steel at $11 and 14.1 hours of labor at a standard wage rate of $13. During July, Basil Tooling produced 610 units. Materials purchased and ed totaled2,590 sheets at a total cost of $275,490. Payroll totaled $113,410 for 8,820 hours worked. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of variance by lecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).) rice Variance Favorable None Unfavorable Calculate the direct materials quantity variance. (Indicate the effect of variance by selecting "Favorable", "Unfavorable", or" er no effect (i.e., zero variance).) Quantity Variance

cost system to account for the costs of its one product. Standards are 4.0 sheets of ½ inch steel at $11 and 14.1 hours of labor at a standard wage rate of $13. During July, Basil Tooling produced 610 units. Materials purchased and ed totaled2,590 sheets at a total cost of $275,490. Payroll totaled $113,410 for 8,820 hours worked. Calculate the direct materials price variance. (Do not round your intermediate calculations. Indicate the effect of variance by lecting "Favorable", "Unfavorable", or "None" for no effect (i.e., zero variance).) rice Variance Favorable None Unfavorable Calculate the direct materials quantity variance. (Indicate the effect of variance by selecting "Favorable", "Unfavorable", or" er no effect (i.e., zero variance).) Quantity Variance

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Description: SevedBasil Tooling uses a standard cost system to account for the costs of its one product. Standards are 4.0 sheets of ½ inch steel at $11per sheet and 14.1 hours of labor at a standard wage rate of $13. During July, Basil Tooling produced 610 unit

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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47. The following standard data are available for ABC Corp to produce one unit of product X: · Direct materials: 3 yards at 5 per yard · Direct labor: 2 hours at 10 per hour · Budgeted Overhead: 700,000 (includes Budgeted VOH of 500,000) at normal capacity of 10,000 DL hours. The company produced 1,500 units and ending Finished Goods inventory is 100 units. What is the standard cost of goods sold?
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The standard costs and actual costs for factory overhead for the manufacture of 2,800 units of actual production are as follows: Line Item DescriptionValueFixed overhead (based on 10,000 hours)3 hours per unit at $0.71 per hourVariable overhead3 hours per unit at $1.98 per hour Actual Costs Total variable cost, $18,200 Total fixed cost, $8,200 The fixed factory overhead volume variance is Group of answer choices $1,136 unfavorable $909 unfavorable $909 favorable $0
Rand Company produces dry fertilizer. At the beginning of the year, Rand had the following standard cost sheet: Direct materials (8 lbs. @ $1.25) $10.00 Direct labor (0.15 hr. @ $18.00) 2.70 Fixed overhead (0.20 hr. @ $3.00) 0.60 Variable overhead (0.20 hr. @ $1.70) 0.34 Standard cost per unit $13.64 Overhead rates are computed using practical volume, which is 49,000 units. The actual results for the year are as follows: Units produced: 53,000 Direct materials purchased: 408,000 pounds at $1.32 per pound Direct materials used: 406,800 pounds Direct labor: 10,500 hours at $17.95 per hour Fixed overhead: $36,570 Variable overhead: $18,000 MPV=28,560 UNFAV MUV=21,500 FAV LRV=525 FAV LEV=45,900 UNFAV FIXED SPENDING VARIANCE= 7,170 UNFAV FIXED VOLUME VARIANCE= 2,400 FAV VARIABLE SPENDING= 150 UNFAV VARIABLE EFFICIENCY= 4,335 UNFAV Prepare journal entries for the following: The purchase of direct materials The issuance…
ABC, Inc., manufactures a single product. The standard cost sheet for this product reflects the following: Direct material 7 per unit Standard material cost $0.73 per ounce of material In the last quarter, the company manufactured 3,713 units of this product. Below is information related to the preparation of these 3713 units: Total materials used in manufacturing 28590.1 ounces Actual material cost $0.58 per hour REQUIRED: Determine the variation in PRICE of materials. If the variation is favorable the response must be positive (example 100) and if it is unfavorable the response must be negative (example -100). YOU MAY USE TWO DECIMALS IN YOUR ANSWER. Answer:
The Russell Company provides the following standard cost data per unit of product: Direct material (2 gallons @ $3 per gallon) Direct labor (1 hours @ $13 per hour) During the period, the company produced and sold 26,000 units, incurring the following costs: Direct material Direct labor 55,000 gallons @ $ 2.9 per gallon 26,500 hours @ $12.75 per hour $ 6 $13 The direct material price variance was:
The following information is gathered from the labor records of Binamul & Co. Payroll allocation for direct labor is Rs. 1, 31, 600 Time card analysis shows that 9,400 hours were worked on productions lines. Production reports for the period showed that 4,500 units have been completed, each having standard labor time of 2 hours and a standard labor rate of Rs. 15 per hour. Calculate the labor variances.
The standard direct labor cost for producing one unit of product is 4 direct labor hours at a standard rate of pay of $20. Last month, 15000 units were produced and 58500 direct labor hours were actually worked at a total cost of $1050000. The direct labor quantity variance was O $45000 favorable. O $30000 favorable. O $45000 unfavorable. O$30000 unfavorable.
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Elder furnishes the following information for the year: Standard: Material for 70 kgs finished products =100 kg Price of the material=1 per kg Actual: Output =210,000 kg Material used=280,000 kg Cost of material=252,500 Find material usage, price and cost variances.
2. During the month, 1,200 units of Product LTK were produced. Actual direct labor hour required was 600 direct labor hours at an actual cost of P6,060. According to the standard cost card for the product, 0.6 of labor hour should be required for each unit of the product produced. Standard cost is P10 per labor hour. The standards were based on production level of 1,100 units. Compute the following (show your solution): a. Budgeted labor hours b. Budgeted labor cost c. Actual labor rate d. Standard labor hours e. Standard labor cost f. Total labor cost variance g. Rate variance h. Efficiency variance
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