Direct materials (cork board) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($60,000 = 120,000 units) Bullseye has the following actual results for the month of September: Number of units produced and sold Number of square feet of corkboard purchased and used Cost of corkboard used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Standard Quantity 4.00 square feet 1 hour 1 hour Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Bullseye. 2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Bullseye. Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Standard Price (Rate) $ 2.50 per square feet $ 12.00 per hour $ 0.70 per hour 41,000 U EU U 100,000 410, 000 $ 1,066,000 105,000 $ 1,165,500 $ 73,000 $ 55,000 Calculate the direct materials price, quantity, and total spending variances for Bullseye. Note: Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). $
Direct materials (cork board) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($60,000 = 120,000 units) Bullseye has the following actual results for the month of September: Number of units produced and sold Number of square feet of corkboard purchased and used Cost of corkboard used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Standard Quantity 4.00 square feet 1 hour 1 hour Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Bullseye. 2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Bullseye. Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Standard Price (Rate) $ 2.50 per square feet $ 12.00 per hour $ 0.70 per hour 41,000 U EU U 100,000 410, 000 $ 1,066,000 105,000 $ 1,165,500 $ 73,000 $ 55,000 Calculate the direct materials price, quantity, and total spending variances for Bullseye. Note: Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
Topic Video
Question
Please do not give solution in image format thanku
Transcribed Image Text:tasarkan)
receber
Verslering verbon
crect or hur
Fadli (803,300
120.199
hthewing actforthet of Septembe
umber of was produced wild
bor of foot of cortar parched and sed
case of cor
of Labor
Caract
Val
add
Required
1 Call the detail price, quiety, and to spending verkar for Bu
2 Coke the direct
efecto d
fuc
Competition by entering year aner inte
Comery modd can
deter)
Varble mafing ever had
tract Ja heuri
Fax
(0
4.00
er of
Case re
Songs for the eplewe
her of Labor srb
Darc Jaber
Vacat
kad varbad
feet oferir parchesed and used
Cathe
De
na
dan Querity
4.00
Citater by onfering your answers in the la
(
Buy
31.0 per ref
512.per
140
$1
1
$1,14,
vw boy saking" w
1 Cate the direct materials price, quaerity, and telespending virkar ces for Busey
2 Cika the decl
I
Calculate the variabie ave hea rae, efficiency, and responding vances for Busey.
d
$2.pers for
490,
$1,
165, M
$1,165,50
$72,262
Ce!
4
31.8
and
for Bu
wao ndicate the act of each vanno by asiating for favor," for
1.50
standard
GANT
11.20
12.
Transcribed Image Text:Bullseye Company manufactures dartboards. Its standard cost information follows:
Direct materials (cork board)
Direct labor
Variable manufacturing overhead (based on
direct labor hours)
Fixed manufacturing overhead ($60,000 =
120,000 units)
Bullseye has the following actual results for the month of September:
Number of units produced and sold
Number of square feet of corkboard purchased and used
Cost of corkboard used
Standard Quantity
4.00 square feet
1 hour
1 hour
Complete this question by entering your answers in the tabs below.
Required 1 Required 2 Required 3
Number of labor hours worked
Direct labor cost
Variable overhead cost
Fixed overhead cost
Required:
1. Calculate the direct materials price, quantity, and total spending variances for Bullseye.
2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye.
3. Calculate the variable overhead rate, efficiency, and total spending variances for Bullseye.
Direct Materials Price Variance
Direct Materials Quantity Variance
Direct Materials Spending Variance
Standard Price (Rate)
$ 2.50 per square feet
$12.00 per hour
$ 0.70 per hour
41,000 U
EU
U
100, 000
410, 000
$ 1,066, 000
105,000
$ 1,165,500
$ 73,000
$ 55,000
Calculate the direct materials price, quantity, and total spending variances for Bullseye.
Note: Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for
unfavorable, and "None" for no effect (i.e., zero variance).
$
Standard
Unit
Cost
$
10.00
12.00
0.70
0.50
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education