E9-13 (Static) Calculating Variable Manufacturing Overhead Variances [LO 9-5]Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours, Information fromLLL's standard cost card follows:Variable manufacturingoverheadStandard StandardRateQuantity0.6$0.80Units produced and soldActual variable overheadActual direct labor hoursDuring August, LLL had the following actual results:25,000$ 9,49016,000StandardUnit Cost$0.48Required:Compute LLL's variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead.(Do not round 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).)Variable overhead rate varianceVariable overhead efficiency varianceVariable overhead spending variance

Name: E9-13 (Static) Calculating Variable Manufacturing Overhead Variances
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Description: E9-13 (Static) Calculating Variable Manufacturing Overhead Variances [LO 9-5]Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours, Information fromLLL's standard cost card follows:Variable

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E9-13 (Static) Calculating Variable Manufacturing Overhead Variances [LO 9-5] Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Variable manufacturing overhead Rate Unit Cost Standard Standard Standard Quantity 0.6 $0.80 $0.48 During August, LLL had the following actual results: Units produced and sold Actual variable overhead Actual direct labor hours 25,000 $ 9,490 16,000 Required: Compute LLL's variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhear

E9-13 (Static) Calculating Variable Manufacturing Overhead Variances [LO 9-5] Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Variable manufacturing overhead Rate Unit Cost Standard Standard Standard Quantity 0.6 $0.80 $0.48 During August, LLL had the following actual results: Units produced and sold Actual variable overhead Actual direct labor hours 25,000 $ 9,490 16,000 Required: Compute LLL's variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhear

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Compute all material and labor variances correctly Rogen Corporation manufactures a single product. The standard cost per unit of product is shown below. $7.00 Direct materials-1 pound plastic at $7.00 per pound Direct labor-1.0 hours at $11.65 per hour 11.65 7.00 7.00 $32.65 Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit The predetermined manufacturing overhead rate is $14.00 per direct labor hour ($14.00 1.0). It was computed from a master manufacturing overhead budget based on normal production of 5,300 direct labor hours (5,300 units) for the month. The master budget showed total variable costs of $37,100 ($7.00 per hour) and total fixed overhead costs of $37,100 ($7.00 per hour). Actual costs for October in producing 4.600 units were as follows. Direct materials (4.770 pounds) Direct labor (4,440 hours) Variable overhead Fixed overhead Total manufacturing costs $33.867 52.614 48.942 17,258 $152.681 The purchasing department buys the…
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Direct materials Direct labor Variable overhead The company reported the following results concerning this product in August. 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 Hours 3.5grams 0.7hours 0.7hours The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for August is: $ Rate $1.00 Per gram $ 11.00 Per hour $ 2.00 Per hour 3,000units 11,370grams 1,910hours 12,100grams 1.20per gram $11.40per hour $ 2.10per hour
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Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Exercise 21-9 (Algo) Direct materials variances LO P3 Standard Quantity and Cost 6 pounds @ $9 per pound 3 DLH @ $17 per DLH 3 DLH @ $11 per DLH AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Actual Results 45,500 pounds @ $9.20 per pound 22,300 hours @ $17.50 per hour $ 254,300 Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) 7,500 units Standard Cost
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Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Variable manufacturing overhead During August, LLL had the following actual results: Units produced and sold Actual variable overhead Actual direct labor hours Standard. Quantity 0.6 Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance 24,900 $ 9,480 15,900 Standard Rate $0.80 Standard Unit Cost $0.48 Required: Compute LLL's variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead. Note: Do not round 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).
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