During January 200A, Liquigan, Inc. produced 1,000 units of Product A with costs as follows: Materials Labor P 6,000 3,300 2,500 1,500 P13.300 Selling and administrative costs incurred during the month were: Variable factory overhead Fored factory overhead Total manufacturing costs Variable seiling and administrative Fixed selling and administrative P3,000 그000 PS.000 Selling price per unit P20.00 Liquigan, Inc. Uses the JIT system. It does not keep inventories in stock. COSTING Seatwork What amount should be considered product cest for extemal reporting purposes? a P13.30 b PI8.30 C P11.80 d. P14.80 What is the product cost per unit urder variable costing? 2. a. P13.30 b. PIB.30 C P1.60 d. P14.80 What is the variable cost per unit for purposes of computing the contribution margin? P13.30 * PI8.30 C. PI1.80

During January 200A, Liquigan, Inc. produced 1,000 units of Product A with costs as follows: Materials Labor P 6,000 3,300 2,500 1,500 P13.300 Selling and administrative costs incurred during the month were: Variable factory overhead Fored factory overhead Total manufacturing costs Variable seiling and administrative Fixed selling and administrative P3,000 그000 PS.000 Selling price per unit P20.00 Liquigan, Inc. Uses the JIT system. It does not keep inventories in stock. COSTING Seatwork What amount should be considered product cest for extemal reporting purposes? a P13.30 b PI8.30 C P11.80 d. P14.80 What is the product cost per unit urder variable costing? 2. a. P13.30 b. PIB.30 C P1.60 d. P14.80 What is the variable cost per unit for purposes of computing the contribution margin? P13.30 * PI8.30 C. PI1.80

Name: VARIABLE COSTINGSeatworkDuring January 200A, Liquigan, Inc. produced
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: VARIABLE COSTINGSeatworkDuring January 200A, Liquigan, Inc. produced 1,000 units ofProduct A with costs as follows:MaterialsLaborVariable factory overheadFbred factory overheadTotal manufacturing costsP 6,0003,3002,5001,500P13.300Selling and adminis

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Bulluck Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 3.5 grams 0.7 hours 0.7 hours The company reported the following results concerning this product in July. Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials purchased Actual direct labor rate Actual variable overhead rate Standard Price or Rate $ 1.00 per gram $ 11.00 per hour $ 2.00 per hour The variable overhead rate variance for July is: 3,000 units 11,370 grams 1,910 hours 12,100 grams $ 1.20 per gram $11.40 per hour $ 2.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.
Marj Co. uses a standard cost system and has the following standard variable costs. Direct Materials P6.00 per meter Direct Labor ? Variable Factory Overhead P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. During the month of February, 5,000 units were produced and sold to customers. The following are the selected production data for the month: Materials Used Direct Labor Variable FOH Standard Cost Allowed $84,000 $52,500 $21,000 Actual Cost Incurred $75,000 ? $18,000 Materials Quantity Variance $6,000 U Actual Direct Labor Hours 7,500 hours Standard FOH rate per direct labor hour 3.00/hr. Standard Price per Meter 6.00 per meter The difference between the standard and actual cost per unit produced is P0.15 favorable. Requirements: 1. Standard Quantity per Unit 2. Material Price Variance
Marj Co. uses a standard cost system and has the following standard variable costs. Direct Materials P6.00 per meter Direct Labor ? Variable Factory Overhead P3.00 per direct labor hour Factory overhead is applied to production based on direct labor hours. During the month of February, 5,000 units were produced and sold to customers. The following are the selected production data for the month: Materials Used Direct Labor Variable FOH Standard Cost Allowed $84,000 $52,500 $21,000 Actual Cost Incurred $75,000 ? $18,000 Materials Quantity Variance $6,000 U Actual Direct Labor Hours 7,500 hours Standard FOH rate per direct labor hour 3.00/hr. Standard Price per Meter 6.00 per meter The difference between the standard and actual cost per unit produced is P0.15 favorable. Requirements: 1. The standard cost per unit of product. 2. The actual cost per unit of product.
Please only answer the total amount of fixed manufacturing overhead.
For the month of January, Vista Corporation produced and sold 12,000 units of a product. Manufacturing and selling costs incurred during January were: Direct material and direct labor 4,800,000 Variable factory overhead 1,080,000 Fixed factory overhead 2,400,000 Variable selling costs 1,200,000 How much is the product’s unit cost under absorption costing ? Group of answer choices P 490 P 500 P510 P 520
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…
Crane Corporation, which uses ASPE, leased equipment it had manufactured at a cost of $146,100 for Oriole, the lessee. The equipment's regular selling price is $186,000. The term of the lease is 15 years, beginning January 1, 2023, with equal rental payments of $27,660 at the beginning of each year. Oriole pays all executory costs directly to third parties. The equipment's fair value at the lease's inception is $186,000. The equipment has a useful life of seven years with no residual value. The lease has an implicit interest rate of 15%, no bargain purchase option, and no transfer of title. Collectibility is reasonably assured, with no additional costs to be incurred by Crane. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Prepare Crane's January 1, 2023 journal entries at the inception of the lease and the entry at December 31, 2023, to record interest. (List all debit entries before credit entries. Credit…
gue Corporation uses a standard cost system. The following information was provided for the period that just ended: Actual price per kilogram $3.00 Actual kilograms of material used 31,000 Actual hourly labor rate $18.20 Actual hours of production 4,900 labor hours Standard price per kilogram $2.80 Standard kilograms per completed unit 6 kilograms Standard hourly labor rate $18.00 Standard time per completed unit 1 hr. Actual total factory overhead $34,900 Actual fixed factory overhead $18,000 Standard fixed factory overhead rate $1.20 per labor hour Standard variable factory overhead rate $3.80 per labor hour Maximum plant capacity 15,000 hours Units completed during the period 5,000 The direct labor cost variance is _____.
Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Price (Rate) Standard Quantity 2.50 sq. ft. 1 hrs. $2.90 per sq. ft. $11.00 per hr. $ 0.40 per hr. Direct materials (cork board) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($68,250+ 195,000 units) Bullseye has the following actual results for the month of September: Number of units produced and sold Number of square feet of corkboard used Cost of corkboard used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost Required 1 Required 2 Required 3. 1 hrs. Complete this question by entering your answers in the tabs below. Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance 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…
What is the unit product cost under variable costing?
Arrow Enterprises uses a standard costing system. The standard cost sheet for product no. 549 follows: Direct materials: 4 units @ $6.50 $26.00 Direct Labor: 8 hours @ $8.50 68 Variable factory overhead: 8 hours @ $7.00 56 Fixed factory overhead: 8 hours @ $25 20 Total standard cost per unit $170,000 The following information pertains to activity for December: 1. Direct materials acquired during the month amounted to 26,350 units at $6.40 per unit. All materials were consumed in operations. 2. Arrow incurred an average wage rate of $8.75 for 51,400 hours of activity. 3. Total overhead incurred amounted to $508,400. Budgeted fixed overhead totals $1.8 million and is spread evenly throughout the year. 4. Actual production amounted to 6,500 completed units. Compute Arrow's direct labor variances.
The following information was collected for the first year of manufacturing for Appliance Apps: Direct Materials per Unit $2.50 Direct Labor per Unit $1.50 Variable Manufacturing Overhead per Unit $0.25 Variable Selling and Administration Expenses $1.75 Units Produced 39,000 Units Sold 35,000 Sales Price $12 Fixed Manufacturing Expenses $117,000 Fixed Selling and Administration Expenses $20,000 Question Content Area Prepare an income statement under variable costing method. Appliance AppsIncome Statement $- Select - - Select - $- Select - - Select - $- Select - - Select - - Select - $- Select - Question Content Area Prepare a reconciliation to the income under the absorption method. Appliance AppsReconciliation $- Select - - Select - $- Select -