Direct materials Direct labor Variable manufacturing overhead (Based on DL hours) Fixed manufacturing overhead ($250,000/100,000 units) Actual results for the year: Number of units produced and sold Number of pounds of clay used Cost of Clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($250,000/100,000 units) Actual ( units) $ Standard. Quantity 1.5 lbs. 1.5 hrs. 1.5 hrs. $ 267,300 2,025,000 200,000 270,000 2,762,300 Standard Price (Rate) $1.60 per lb. $12.00 per hr. $1.20 per hr. Spending Variance Standard Unit Cost $ $ $ $ $ 2.40 18.00 1.80 2.50 24.70 110,000 178,200 $ 267,300 150,000 $ 2,025,000 $ 200,000 $ 270,000 For U Flexible units) Master ( units)
Direct materials Direct labor Variable manufacturing overhead (Based on DL hours) Fixed manufacturing overhead ($250,000/100,000 units) Actual results for the year: Number of units produced and sold Number of pounds of clay used Cost of Clay Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead ($250,000/100,000 units) Actual ( units) $ Standard. Quantity 1.5 lbs. 1.5 hrs. 1.5 hrs. $ 267,300 2,025,000 200,000 270,000 2,762,300 Standard Price (Rate) $1.60 per lb. $12.00 per hr. $1.20 per hr. Spending Variance Standard Unit Cost $ $ $ $ $ 2.40 18.00 1.80 2.50 24.70 110,000 178,200 $ 267,300 150,000 $ 2,025,000 $ 200,000 $ 270,000 For U Flexible units) Master ( units)
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
Would appreciate a really good explanation of all of the steps on how to fill this out :) Thanks
Transcribed Image Text:Direct materials
Direct labor
Variable manufacturing overhead (Based on DL hours)
Fixed manufacturing overhead ($250,000/100,000 units)
Actual results for the year:
Number of units produced and sold
Number of pounds of clay used
Cost of Clay
Number of labor hours worked
Direct labor cost
Variable overhead cost
Fixed overhead cost
Direct materials
Direct labor
Variable manufacturing overhead
Fixed manufacturing overhead ($250,000/ 100,000 units)
Actual (
units)
$
Standard
Quantity
1.5 lbs.
1.5 hrs.
1.5 hrs.
$
267,300
2,025,000
200,000
270,000
2,762,300
Standard Price
(Rate)
$1.60 per lb.
$12.00 per hr.
$1.20 per hr.
Spending
Variance
Standard
Unit Cost
$
$
$
$
$
2.40
18.00
1.80
2.50
24.70
110,000
178,200
267,300
150,000
$ 2,025,000
$
$
$
200,000
270,000
For U
Flexible
units)
Master
units)
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