None ExpertNet Systems is a start-up company that makesconnectors for high-speed Internet connections. ExpertNetSystems has budgeted three hours of direct labor perconnector, at a standard cost of $16 per hour. During August,technicians actually worked 195 hours completing 71connectors. All 71 connectors actually produced were sold.ExpertNet paid the technicians $16.80 per hour.What is Expert Net's direct labor cost variance for August?

Step 1: Introduction to the Variance AnalysisVariance analysis helps identify the cause of favorable…

Answered: ExpertNet Systems is a start-up company…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 7PB: Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid...

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Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid $32 per hour for labor, for a total of $718,848. The standard hours per unit are 6.4, and the standard labor wage rate is $38.40 per hour. A. What are the actual hours worked? B. What are the standard hours for the units made? C. What is the direct labor rate variance for April? D. What Is the direct labor time variance for April? E. What is the total direct labor variance for April?
If a factory operates at 100% of capacity one month, 90% of capacity the next month, and 105% of capacity the next month, will a different cost per unit be charged to the work-in-process account each month for factory overhead assuming that a predetermined annual overhead rate is used?
Bobcat uses a traditional cost system and estimates next years overhead will be $800.000, as driven by the estimated 25,000 direct labor hours. It manufactures three products and estimates the following costs: If the labor rate is $30 per hour, what is the per-unit cost of each product?
Colonels uses a traditional cost system and estimates next years overhead will be $480,000, with the estimated cost driver of 240,000 direct labor hours. It manufactures three products and estimates these costs: If the labor rate is $25 per hour, what is the per-unit cost of each product?
Adam Corporation manufactures computer tables and has the following budgeted indirect manufacturing cost information for the next year: If Adam uses the step-down (sequential) method, beginning with the Maintenance Department, to allocate support department costs to production departments, the total overhead (rounded to the nearest dollar) for the Machining Department to allocate to its products would be: a. 407,500. b. 422,750. c. 442,053. d. 445,000.
Fitzgerald Company manufactures sewing machines, and they produced 2,500 this past month. The standard variable manufacturing overhead (M0H) rate used by the company is $6.75 per machine hour. Each sewing machine requires 13.5 machine hours. Actual machine hours used last month were 33,500, and the actual variable MOH rate last month was $7.00. Calculate the variable overhead rate variance and the variable overhead efficiency variance.
Firenza Company manufactures specialty tools to customer order. Budgeted overhead for the coming year is: Previously, Sanjay Bhatt, Firenza Companys controller, had applied overhead on the basis of machine hours. Expected machine hours for the coming year are 50,000. Sanjay has been reading about activity-based costing, and he wonders whether or not it might offer some advantages to his company. He decided that appropriate drivers for overhead activities are purchase orders for purchasing, number of setups for setup cost, engineering hours for engineering cost, and machine hours for other. Budgeted amounts for these drivers are 5,000 purchase orders, 500 setups, and 2,500 engineering hours. Sanjay has been asked to prepare bids for two jobs with the following information: The typical bid price includes a 40 percent markup over full manufacturing cost. Required: 1. Calculate a plantwide rate for Firenza Company based on machine hours. What is the bid price of each job using this rate? 2. Calculate activity rates for the four overhead activities. What is the bid price of each job using these rates? 3. Which bids are more accurate? Why?
Cloud Shoes manufactures recovery sandals and is planning on producing 12.000 units in March and 11,500 in April. Each sandal requires 1.2 yards if material, which costs $3.00 per yard. The companys policy is to have enough material on hand to equal 15% of next months production needs and to maintain a finished goods inventory equal to 20% of the next months production needs. What is the budgeted cost of purchases for March?
Cybernet Systems is a start-up company that makes connectors for high-speed Internet connections. Cybernet Systems has budgeted three hours of direct labor per connector, at a standard cost of $15 per hour. During August, technicians actually worked 200 hours completing 72 connectors. All 72 connectors actually produced were sold. Cybernet paid the technicians $15.80 per hour. What is Cybernet's direct labor cost variance for August? A. $160.00 U B. $80.00 U C. $57.60 U D. $172.80 U
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Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses standards to control its costs. The labor standards that have been set for one Jogging Mate are as follows: Standard Hours Standard Rate per Hour Standard Cost 30 minutes $ 6.20 $ 3.10 During August, 10,370 hours of direct labor time were needed to make 19,600 units of the Jogging Mate. The direct labor cost totaled $63,257 for the month. What is the labor rate variance and the labor efficiency variance? The budgeted variable manufacturing overhead rate is $4.50 per direct labor-hour. During August, the company incurred $55,998 in variable manufacturing overhead cost. Compute the variable overhead rate and efficiency variances for the month.
Becker Bikes manufactures tricycles. The company expects to sell 360 units in May and 490 units in June. Beginning and ending finished goods for May is expected to be 100 and 65 units, respectively. June's ending finished goods is expected to be 75 units. The company's variable overhead is $3.00 per unit produced and its fixed overhead is $3,500 per month. Compute Becker's manufacturing overhead budget for May and June. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Budgeted manufacturing overhead May June

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