During the period, Shalom Company produced 8,000 units and applied overhead based on the direct labor hours.The standard cost card showed the following information:Standard Direct labor hours per unitActual Direct labor hoursStandard Fixed overhead per DLHStandard Variable overhead per DLHBudgeted variable overhead325,000P1.90P2.20P48,000P51,000P55,000P57,500Actual Variable overhead costBudgeted fixed overheadActual Fixed overhead costDetermine the variances based on the information above. Indicate as favorable or unfavorable.Format should be: 8,000 F or 8,000 UFNo need to indicate if the amount is positive or negative.Amounts must be in whole numbers. Example: 88,000 or (88,000)Unit costs be in whole numbers. Example: 88Format of percentages: 88%Words must be in capital letters.What is the variable overhead efficiency variance?

Name: During the period, Shalom Company produced 8,000 units and applied ov
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: During the period, Shalom Company produced 8,000 units and applied overhead based on the direct labor hours.The standard cost card showed the following information:Standard Direct labor hours per unitActual Direct labor hoursStandard Fixed overhead

The variance analysis is referred to as a process of compression between the budgeted and the actual…

Business

Accounting

During the period, Shalom Company produced 8,000 units and applied overhead based on the direct labor hours. The standard cost card showed the following information: Standard Direct labor hours per unit Actual Direct labor hours Standard Fixed overhead per DLH Standard Variable overhead per DLH Budgeted variable overhead Actual Variable overhead cost Budgeted fixed overhead 3 25,000 P1.90 P2.20 Amounts must be in whole numbers. Example: 88,000 or (88,000) Unit costs be in whole numbers. Example: 88 P48,000 P51,000 P55,000 P57,500 Actual Fixed overhead cost Determine the variances based on the information above. Indicate as favorable or unfavorable. Format should be: 8,000 F or 8,000 UF No need to indicate if the amount is positive or negative. Format of percentages: 88% Words must be in capital letters. What is the variable overhead efficiency variance?

During the period, Shalom Company produced 8,000 units and applied overhead based on the direct labor hours. The standard cost card showed the following information: Standard Direct labor hours per unit Actual Direct labor hours Standard Fixed overhead per DLH Standard Variable overhead per DLH Budgeted variable overhead Actual Variable overhead cost Budgeted fixed overhead 3 25,000 P1.90 P2.20 Amounts must be in whole numbers. Example: 88,000 or (88,000) Unit costs be in whole numbers. Example: 88 P48,000 P51,000 P55,000 P57,500 Actual Fixed overhead cost Determine the variances based on the information above. Indicate as favorable or unfavorable. Format should be: 8,000 F or 8,000 UF No need to indicate if the amount is positive or negative. Format of percentages: 88% Words must be in capital letters. What is the variable overhead efficiency variance?

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

Use the following information to answer items #31-#34:Standard Company has developed standard manufacturing overhead costs based on a capacity of 180,000 direct labor-hours (DLHS) as follows: Standard overhead costs per unit: Variable portion (2 DLH @ P3.00/DLH Fixed portion (2 DLH @ P5.00/DLH 10.00 The following data pertain to operations in April: Actual Output P 6.00 80,000 units Actual direct labor cost P 644.000 Actual direct labor hours worked 165,000 DLHS P 518,000 P 860,000 Variable overhead cost incurred Fixed overhead cost incurred 31. The variable overhead spending variance for April was:
Integrity Company uses standard costing for each specialized product. The following information is available: Standards: Material- 3.0 feet per unit @ P42.00 per foot Labor- 2.5 hours per unit @ P75.00 per hour Actual: Production- 2,750 units produced during the month Material- 8,700 feet used; 9,000 feet purchased @ P45.00 per foot Labor- 7,000 direct labor hours @ P79.00 per hour How much is the amount of direct materials debited to Work in Process Inventory?
Godiva company has two products, A and B. The company uses activity-based costing to allocate overhead costs of $100,000. Data relating to the company's activity pools for the current year are given below: Cost Pool Total cost in Total Number of Activity Measures Used Cost Pool Product A Product B Total Activity 1 $42,000 100 200 300 Activity 2 $10,000 20 5 25 Activity 3 $48,000 3,000 3,000 6,000 Compute the activity rate (allocation rate) for Activity 2: $500 $2,000 $400 $140
The following are standard costs related to a product of Jacobs, SRL: Inputs: Unit of Input Units per item Price or rate Direct Materials: square feet 80 $22/square foot Direct Labor: direct labor hours 24 $38/direct labor hour Variable Overhead: direct labor hours $49/direct labor hour The company applies variable overhead on the basis of direct labor hours. In April, the following results were reported: Actual output: 506 items Raw Materials used: 45,684 square feet Raw Material purchased: 42,335 square feet Actual direct labor hours: 14,168 hours Actual cost of raw materials purchased: $973,705 Actual direct labor cost: $609,224 Actual variable overhead cost: $665,896 The direct material purchases variance is computed when the materials are purchased. Determine each of the following variances and whether they are favorable or unfavorable: Part 1: Direct Material quantity variance: 114,488 Unfavorable 114,488 Favorable 83,145 Favorable 83, 145…
Haresh
Emma Corporation uses an overhead absorption rate of $3·50 per machine hour, based on 32,000 budgeted machine hours for the period. During the same period the actual total overhead expenditure amounted to $108,875 and 30,000 machine hours were recorded on actual production. By how much was the total overhead under or over absorbed for the period? a. Under absorbed by $3,875b. Under absorbed by $7,000c. Over absorbed by $3,875d. Over absorbed by $7,000
Assume the following: • The variable portion of the predetermined overhead rate is $1.50 per direct labor-hour. • The standard labor-hours allowed per unit of finished goods is 3 hours. • The variable overhead efficiency variance is $1,500 F. • The company produced 15,000 units of finished goods during the period. What is the actual quantity of direct labor-hours worked during the period? Multiple Choice о о O O 44,000 hours 44,500 hours 43,500 hours 43,000 hours
Multiple versus Single Kates, Activity Deoro Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Activity Driver Activity Capacity Setting up equipment $490,440 Number of setups 610 Ordering costs 313,500 Number of orders Machine costs 917,700 Machine hours Receiving 382,200 Receiving hours Deoro produces two models of dishwashers with the following expected prime costs and activity demands: Model A Model B $610,000 451,000 15,500 6,400 360 Direct materials Direct labor Units completed Direct labor hours Number of setups Number of orders Machine hours Receiving hours 5,400 24,900 2,700 $766,000 499,000 7,000 2,300 250 11,100 18,800 7,100 16,500 43,700 9,800
The following standard data are available for ABC Corp to produce one unit of product X: · Direct materials: 3 yards at 5 per yard · Direct labor: 2 hours at 10 per hour · Budgeted Overhead: 700,000 (includes Budgeted VOH of 500,000) at normal capacity of 10,000 DL hours. The company produced 1,500 units and ending Finished Goods inventory is 100 units. What is the standard cost of goods sold?
Steeler Towel Company estimates its overhead to be $483,000. It expects to have 138,000 direct labor hours costing $4,830,000 in labor and utilizing 11,500 machine hours. Calculate the predetermined overhead rate using: Round your answers to two decimal places. A. Direct labor hours $fill in the blank 1 per direct labor hour B. Direct labor dollars $fill in the blank 2 per direct labor dollar C. Machine hours $fill in the blank 3 per machine hour
The following data obtained from XYZ Corporation represent the total overhead cost and the overhead working hours for the past ten weeks: Period Working-Hours Overhead Costs 1 100 12000 2 60 22000 3 20 10000 4 100 33000 5 80 20000 6 60 16000 7 40 14000 8 120 40000 9 80 22000 10 40 11000 Required 1- Plot the relationship between Working-Hours and overhead Costs 2- Use the high-low method to compute the cost function, relating working-hours and overhead costs 3- What is the increase in maintenance costs for each…
Wildhorse Company accumulated the following standard cost data concerning product I-Tal. Direct materials per unit: 2.50 pounds at $4.40 per pound Direct labor per unit: 0.40 hours at $16.00 per hour Manufacturing overhead: Allocated based on direct labor hours at a predetermined rate of $20.00 per direct labor hour Compute the standard cost of one unit of product I-Tal. (Round answer to two decimal places (e.g., 2.75).) Standard cost $