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Favorable Direct materials price variance Unfavorable Direct materials quantity variance Favorable Direct labor rate variance Direct labor efficiency variance Favorable Not Applicable %24 %24 %24 %24

Favorable Direct materials price variance Unfavorable Direct materials quantity variance Favorable Direct labor rate variance Direct labor efficiency variance Favorable Not Applicable %24 %24 %24 %24

FINANCIAL ACCOUNTING
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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Coronado Irrigation, Inc. is known throughout the world for its H2O-X high-capacity water pump, used in irrigation systems. The pump's standard cost is as follows. The company's predetermined fixed overhead rate is based on an expected capacity of 100,000 direct labor hours per month. Standard Standard Standard Price Quantity Cost Direct materials $5 per pound 14 pounds $70 Direct labor $10 per DLH 4 DLH 40 Variable overhead $7 per DLH 4 DLH 28 Fixed overhead $4 per DLH 4 DLH 16 $154 During the month of September, the company produced 22,430 of the 25,000 pumps that had been scheduled for production in the budget. The company used 356,360 pounds of material during September. The direct labor payroll for the month was $791,6000 for 95,200 direct labor hours. Variable overhead costs were $652,100; fixed overhead costs were $363,200. The company's purchasing agent signed a new supply contract that resulted in purchases of 474,400 pounds of direct materials at a total price of $2,182,240. Calculate Coronado' direct materials, direct labor, and overhead variances for September. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,725. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) F10 F7 F8 吕口 000 F4 F5
Transcribed Image Text:Coronado Irrigation, Inc. is known throughout the world for its H2O-X high-capacity water pump, used in irrigation systems. The pump's standard cost is as follows. The company's predetermined fixed overhead rate is based on an expected capacity of 100,000 direct labor hours per month. Standard Standard Standard Price Quantity Cost Direct materials $5 per pound 14 pounds $70 Direct labor $10 per DLH 4 DLH 40 Variable overhead $7 per DLH 4 DLH 28 Fixed overhead $4 per DLH 4 DLH 16 $154 During the month of September, the company produced 22,430 of the 25,000 pumps that had been scheduled for production in the budget. The company used 356,360 pounds of material during September. The direct labor payroll for the month was $791,6000 for 95,200 direct labor hours. Variable overhead costs were $652,100; fixed overhead costs were $363,200. The company's purchasing agent signed a new supply contract that resulted in purchases of 474,400 pounds of direct materials at a total price of $2,182,240. Calculate Coronado' direct materials, direct labor, and overhead variances for September. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,725. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) F10 F7 F8 吕口 000 F4 F5
During the month of September, the company produced 22,430 of the 25,000 pumps that had been scheduled for production in the budget. The company used 356,360 pounds of material during September. The direct labor payroll for the month was $791,600 for 95,200 direct labor hours. Variable overhead costs were $652,100; fixed overhead costs were $363,200. The company's purchasing agent signed a new supply contract that resulted in purchases of 474,400 pounds of direct materials at a total price of $2,182,240. Calculate Coronado' direct materials, direct labor, and overhead variances for September. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 5,725. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) 2$ Favorable Direct materials price variance 2$ Unfavorable Direct materials quantity variance $4 Favorable Direct labor rate variance 2$ Direct labor efficiency variance Favorable Not Applicable Unfavorable 2$ Variable overhead spending variance $ Variable overhead efficiency variance 2$ 36800 Fixed overhead spending variance eTextbook and Media F9 F7
Transcribed Image Text:During the month of September, the company produced 22,430 of the 25,000 pumps that had been scheduled for production in the budget. The company used 356,360 pounds of material during September. The direct labor payroll for the month was $791,600 for 95,200 direct labor hours. Variable overhead costs were $652,100; fixed overhead costs were $363,200. The company's purchasing agent signed a new supply contract that resulted in purchases of 474,400 pounds of direct materials at a total price of $2,182,240. Calculate Coronado' direct materials, direct labor, and overhead variances for September. (Round per unit values to 2 decimal places, e.g. 52.75 and final answers to O decimal places, e.g. 5,725. If variance is zero, select "Not Applicable" and enter 0 for the amounts.) 2$ Favorable Direct materials price variance 2$ Unfavorable Direct materials quantity variance $4 Favorable Direct labor rate variance 2$ Direct labor efficiency variance Favorable Not Applicable Unfavorable 2$ Variable overhead spending variance $ Variable overhead efficiency variance 2$ 36800 Fixed overhead spending variance eTextbook and Media F9 F7
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