Exercise 10-30 Reconstructing Standard-Cost Information from Partial Data (LO 10-1, 10-3) Part of your company's accounting database was destroyed when Godzilla attacked the city. You have been able to gather the ollowing data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during he period was used in production. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance). Round "Standard Quantity per Unit of Output for Direct Material" to 2 decimal places.) Answer is not complete. Direct Labor Direct Material Standard price or rate per unit of input 20 O per hour hours per per Ib 8 Standard quantity per unit of output 4 O Ibs per unit Actual quantity used per unit of output Actual price or rate per unit of input unit hours per hour units 30 Ibs per unit 7 per lb units 3.5 21 Actual output 10,000 10,000 F Direct-material price variance Direct-material quantity variance $ 30,000 $ 20,000 $ 10,000 Total direct-material variance F Direct-labor rate variance Direct-labor efficiency variance 35,000 $ 100,000 F F Total direct-labor variance 65,000

Exercise 10-30 Reconstructing Standard-Cost Information from Partial Data (LO 10-1, 10-3) Part of your company's accounting database was destroyed when Godzilla attacked the city. You have been able to gather the ollowing data from your files. Reconstruct the remaining information using the available data. All of the raw material purchased during he period was used in production. (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance). Round "Standard Quantity per Unit of Output for Direct Material" to 2 decimal places.) Answer is not complete. Direct Labor Direct Material Standard price or rate per unit of input 20 O per hour hours per per Ib 8 Standard quantity per unit of output 4 O Ibs per unit Actual quantity used per unit of output Actual price or rate per unit of input unit hours per hour units 30 Ibs per unit 7 per lb units 3.5 21 Actual output 10,000 10,000 F Direct-material price variance Direct-material quantity variance $ 30,000 $ 20,000 $ 10,000 Total direct-material variance F Direct-labor rate variance Direct-labor efficiency variance 35,000 $ 100,000 F F Total direct-labor variance 65,000

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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1 Book References Problem 9-18 (Algo) Activity and Spending Variances (LO9-1, LO9-2, LO9-3) You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs" You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: Utilities Maintenance Supplies Indirect labor Depreciation Cost Formula $16,500 $0.12 per nachine-hour $30,000+ 81.40 per machine-hour 50.70 per machine-hour $94,100 $1.70 per machine-hour $67,800 Actual Cost in March $ 21,180 $ 66,200 $ 16,600 $ 135,800 $ 69,500 During March, the company worked 22,000 machine-hours and produced…
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