The variable overhead rate variance for July is:Multiple ChoiceOOO$213 F$216 F$216 U$213 U Valera Corporation makes a product with the following standards for labor and variable overhead:Direct laborVariable overheadStandard Quantity Standard Price or Standard Cost Peror Hours0.4 hours0.4 hoursRate$21.00 per hour.$ 6.00 per hourUnit$8.40$2.40The company budgeted for production of 5,300 units in July, but actual production was 5,400 units. The company used 2,130 direct labor-hours toproduce this output. The actual variable overhead rate was $6.10 per hour. The company applies variable overhead on the basis of direct labor-hours.The variable overhead rate variance for July is:

The variance is the difference between the actual and standard cost of production data. The variance…

Answered: de Corporation makes a product with the…

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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Milar Corporation makes a product with the following standard costs Standard Quantity Standard Price on or Hours 6.5 pounds Direct materials Direct labor Nariable overhead Rate. $ 6.00 per pound $25.00 per hour $11.50 per hour 0.8 hours 0.8 hours In January the company produced 3,360 units using 13.440 pounds of the direct material and 2.808 direct labor-hours, During the month, the company purchased 16,900 pounds of the direct material at a cost of $14,200. The actual direct labor cost was S69,795 and the actual Varlable overhead cost Was $30,940. The company applies variable overhead on the basis of direct iabor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for January is Multiple Choice $405 F $405 U Windows Update S2.595U Countdown to goodnes... We're all set to do the restart you scheduled. Mc Graw Hill Prev 24 of 36 Nexflm Type here to search |耳 59 F Mostly cloudy 8:34 AM 10/21/2021 DELL F1 F2 F3 F4 F5 F6 F7…
Doogan Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Rate Direct materials Direct labor Variable overhead 9.0 grams e.4 hours $ 3.60 per gram $36.00 per hour $ 8.60 per hour e.4 hours The company produced 6,800 units in January using 40.910 grams of direct material and 2.540 direct labor-hours. During the month, the company purchased 46,000 grams of the direct material at $3.30 per gram. The actual direct labor rate was $35.30 per hour and the actual varlable overhead rate was $8.40 per hour. The company applies varlable overhead on the basis of direct labor-hours. The direct materials purchases varlance is computed when the materials are purchased. The varlable overhead rate varlance for January is:
A company makes a product with the following standard costs: Standard Quantity or Hours Standard Cost Per Standard Price or Rate Unit Direct materials 7.6 ounces $4.00 per ounce $30.40 $5.00 $ 4.50 Direct labor 0.5 hours $ 10.00 per hour Variable overhead 0.5 hours $ 9.00 per hour 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 3,000 units 3,100 units 16,300 ounces 17,400 ounces 510 hours $ 45,000 $ 13,000 $3,500 The company applles varlable overhead on the basls of direct labor-hours. The labor rate varlance for June Is: - ఆడిం Multiple Choice $7.900 F $7,900 U $1,337 U
Gail Cleaners produces a commercial cleaning compound known as Carpex. The direct materials and direct labour standards for one unit of Carpex follow: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 4.10 kilograms $ 2.20 per kilogram $ 9.02 Direct labour 0.42 hour $ 8.00 per hour a 3.36 Variable overhead 0.42 hour $ 1.30 per hour 0.55 The budgeted fixed overhead cost is $14, 619 per month. The denominator activity level of the allocation base is 1,596 direct labour - hours. During the most recent month, the following activity was recorded: a. 9, 100 kilograms of material were purchased at a cost of $2.22 per kilogram. b. All of the material purchased was used to produce 3,800 units of Zoom. c. A total of 790 hours of direct labour time was recorded at a total labour cost of 9,243. d. The variable overhead cost was $1,580, and the fixed overhead cost was $31, 713.
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 6 pounds at $8 per pound Direct labor: 4 hours at $17 per hour Variable overhead: 4 hours at $4 per hour Total standard cost per unit $ 48 68 16 $132 The planning budget for March was based on producing and selling 19,000 units. However, during March the company actually produced and sold 24,000 units and incurred the following costs: a. Purchased 160,000 pounds of raw materials at a cost of $7.20 per pound. All of this material was used in production. b. Direct laborers worked 72,000 hours at a rate of $18 per hour. c. Total variable manufacturing overhead for the month was $336,960. Foundational 10-1 Required: 1. What raw materials cost would be included in the company's planning budget for March?
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 5 pounds at $9 per pound Direct labor: 3 hours at $14 per hour Variable overhead: 3 hours at $8 per hour Total standard cost per unit $ 45 42 24 $ 111 The planning budget for March was based on producing and selling 28,000 units. However, during March the company actually produced and sold 34,000 units and incurred the following costs: a. Purchased 180,000 pounds of raw materials at a cost of $8.50 per pound. All of this material was used in production. b. Direct laborers worked 69,000 hours at a rate of $15 per hour. c. Total variable manufacturing overhead for the month was $565,110. 13. What variable manufacturing overhead cost would be included in the company's flexible budget for March? Variable manufacturing overhead cost
Tharaldson Corporation makes a product with the following standard costs: Standard Standard Quantity or Hours Standard Price or Cost Per Rate Unit Direct materials $ 4.00 per ounce $ 11.00 per hour $ 4.00 per hour 7.1 ounces $28.40 Direct labor $ 3.30 $ 1.20 0.3 hours Variable overhead e.3 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 2,500 units 3,000 units 21,500 ounces Purchases of raw materials 22,000 ounces 560 hours Actual direct labor-hours Actual cost of raw materials purchases $ 45,100 $ 12,500 $ 3,250 Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases varlance is computed when the materials are purchase The labor efficiency varlance for June is:
Sweet Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.0 ounces $ 3.00 per ounce $ 18.00 Direct labor 0.3 hours $ 11.00 per hour $ 3.30 Variable overhead 0.3 hours $ 9.00 per hour $ 2.70 The company reported the following results concerning this product in April. Originally budgeted output 3,600 units Actual output 3,200 units Raw materials used in production 21,000 ounces Purchases of raw materials 22,100 ounces Actual direct labor-hours 500 hours Actual cost of raw materials purchases $ 42,300 Actual direct labor cost $ 13,600 Actual variable overhead cost $ 3,800 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 variable overhead efficiency variance for April is:
Handerson Corporation makes a product with the following standard costs: Standard Quantity Standard Price or or Hours 8.5 kilos Rate Direct materials $46.00 r kilo $ 20.00 per hour $ 6.00 per hour Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August. Actual output 3,200 units 29,030 kilos 31,600 kilos 1,160 hours $ 195,920 $ 22,736 $ 7,540 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 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is cor purchased. The labor efficiency variance for August is:
Trico Company set the following standard unit costs for its single product. Direct materials (30 Ibs. @ $4 per Ib.) $ 120.00 Direct labor (5 hrs. @ $14 per hr.) 70.00 Factory overhead—Variable (5 hrs. @ $8 per hr.) 40.00 Factory overhead—Fixed (5 hrs. @ $10 per hr.) 50.00 Total standard cost $ 280.00 The predetermined overhead rate is based on a planned operating volume of 80% of the productive capacity of 60,000 units per quarter. The following flexible budget information is available. Operating Levels 70% 80% 90% Production in units 42,000 48,000 54,000 Standard direct labor hours 210,000 240,000 270,000 Budgeted overhead Fixed factory overhead $ 2,400,000 $ 2,400,000 $ 2,400,000 Variable factory overhead $ 1,680,000 $ 1,920,000 $ 2,160,000 During the current quarter, the company operated at 90% of capacity and produced 54,000 units of product; actual direct labor totaled 265,000 hours. Units…
Required information [The following information applies to the questions displayed below.] Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 4 pounds at $10 per pound Direct labor: 2 hours at $16 per hour Variable overhead: 2 hours at $6 per hour $ 40 32 12 Total standard cost per unit $ 84 The planning budget for March was based on producing and selling 30,000 units. However, during March the company actually produced and sold 34,500 units and incurred the following costs: a. Purchased 150,000 pounds of raw materials at a cost of $9.20 per pound. All of this material was used in production. b. Direct laborers worked 62,000 hours at a rate of $17 per hour. c. Total variable manufacturing overhead for the month was $390,600. 11. What is the labor spending variance for March? (Indicate the effect of each variance by selecting "F" for…
Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 6 pounds at $8 per pound $ 48 Direct labor: 4 hours at $17 per hour 68 Variable overhead: 4 hours at $4 per hour 16 Total standard cost per unit $ 132 The planning budget for March was based on producing and selling 19,000 units. However, during March the company actually produced and sold 24,000 units and incurred the following costs: Purchased 160,000 pounds of raw materials at a cost of $7.20 per pound. All of this material was used in production. Direct laborers worked 72,000 hours at a rate of $18 per hour. Total variable manufacturing overhead for the month was $336,960. 1. What raw materials cost would be included in the company’s planning budget for March? 2. What raw materials cost would be included in the company’s flexible budget for March? 3. What is the…

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