Please help i will definitely like Direct materialsDirect labor(2 pounds e $5)(0.5 hours e $26)$1013Varlable overhead is applied based on direct labor hours. The variable overhead rate is $30 per direct-labor hour. The fixed overheadrate (at the master budget level of activity) is $15 per unit. All non-manufacturing costs are fixed and are budgeted at $1.3 million for thecoming year.At the end of the year, the costs analyst reported that the sales activity variance for the year was $312.000 unfavorable.The following is the actual income statement (in thousands of dollars) for the year.tesSales revenue$8,838Less variable costsDirect materials9581,1601,430$3, 548$5,290Direct laborVariable overheadTotal variable costsContribution marginLess fixed costsFixed manufacturing overheadNon-manufacturing costs1,0601,240$2, 300$2,990Total fixed costsOperating profitDuring the year, the company purchased 178,000 pounds of material and employed 41,400 hours of direct labor. During the year, the company purchased 178,000 pounds of material and employed 41,400 hours of direct labor.Required:a. Compute the direct material price and efficiency variances.b. Compute the direct labor price and efficiency varlances.c. Compute the variable overhead price and efficiency varlances.(For all requirements, enter your answers in whole dollars. Indicate the effect of each variance by selecting "F" for favorable, or"U" for unfavorable. If there is no effect, do not select either option.)laDirect materialsPrice varianceEfficiency variancebDirect laborPrice varianceEficiency varianceVariable overheadPrice varianceEfficiency vanance

Standard costing is the practice of estimating the expense of a production process. It's a branch of…

Direct materials Direct labor (2 pounds e $5) (0.5 hours e $26) $10 13 Variable overhead is applied based on direct labor hours. The varlable overhead rate is $30 per direct-labor hour. The fixed overhe rate (at the master budget level of activity) is $15 per unit. All non-manufacturing costs are fixed and are budgeted at $1.3 million fo coming year. At the end of the year, the costs analyst reported that the sales activity varlance for the year was $312,000 unfavorable. tes The following is the actual income statement (in thousands of dollars) for the year. Sales revenue Less variable costs $8,838 Direct materials 958 1,160 1,430 $3, 548 $5,290 Direct labor Variable overhead Total variable costs Contribution margin Less fixed costs Fixed manufacturing overhead Non-manufacturing costs Total fixed costs 1,060 1,240 $2, 300 $2,990 Operating profit During the year, the company purchased 178,000 pounds of material and employed 41,400 hours of direct labor.

Direct materials Direct labor (2 pounds e $5) (0.5 hours e $26) $10 13 Variable overhead is applied based on direct labor hours. The varlable overhead rate is $30 per direct-labor hour. The fixed overhe rate (at the master budget level of activity) is $15 per unit. All non-manufacturing costs are fixed and are budgeted at $1.3 million fo coming year. At the end of the year, the costs analyst reported that the sales activity varlance for the year was $312,000 unfavorable. tes The following is the actual income statement (in thousands of dollars) for the year. Sales revenue Less variable costs $8,838 Direct materials 958 1,160 1,430 $3, 548 $5,290 Direct labor Variable overhead Total variable costs Contribution margin Less fixed costs Fixed manufacturing overhead Non-manufacturing costs Total fixed costs 1,060 1,240 $2, 300 $2,990 Operating profit During the year, the company purchased 178,000 pounds of material and employed 41,400 hours of direct labor.

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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