Financial Account @ Flapjack Corporation had 7,809 actual direct labor hours at an actual rate of$12.40 per hour. Original production had been budgeted for 1,100 units, butonly 970 units were actually produced. Labor standards were 7.4 hours percompleted unit at a standard rate of $12.79 per hour. The direct labor ratevariance is:a. $3,045.51 unfavorableb. $3,045.51 favorablec. $8,120.12 unfavorabled. $8,120.12 favorable

Step 1: Recall the formulaThe direct labor rate variance is calculated using the formula: Direct…

Answered: Flapjack Corporation had 7,809 actual…

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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If fixed costs are $234,000, the unit selling price is $123, and the unit variable costs are $80, what is the break-even sales (units)? a.5,442 units b.1,902 units c.1,153 units d.2,925 units At the end of the year, overhead applied was $3,728,000. Actual overhead was $3,377,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to a.decrease by $702,000 b.increase by $351,000 c.decrease by $351,000 d.increase by $702,000 Bryce Co. sales are $881,000, variable costs are $460,800, and operating income is $288,000. What is the contribution margin ratio? a.47.7% b.52.3% c.57.5% d.43.4%
The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows: Standard Costs 3 hours per unit at $0.71 per hour 3 hours per unit at $1.90 per hour Fixed overhead (based on 10,000 hours) Variable overhead Actual Costs Total variable cost, $17,800 Total fixed cost, $7,900 The fixed factory overhead volume variance is Oa. So Ob. $1,420 unfavorable Oc. $1,775 unfavorable Od. $1,420 favorable
The annual normal capacity for Saplot company is 36,000 machine hours, with fixed manufacturing overhead budgeted at P16,920 and an estimated variable manufacturing overhead rate of P2.10 per hour. During April, actual production required 2,700 machine hours, with a total overhead of P7,800. What is the over/underapplied FOH? P720 overapplied FOH P720 underapplied FOH P14,790 overapplied FOH P14,790 underapplied FOH
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Williams Company has variable costs of $0.60 per unit of product. In August, the volume of production was 24,000 units and units sold were 20,000. The total production costs incurred were $31,900. What are the fixed costs per month?
Laura Company calculates its predetermined rates using practical volume, which is 288,000 units. The standard cost system allows 2 direct labor hours per unit produced. Overhead is applied using direct labor hours. The total budgeted overhead is P3,168,000, of which P864,000 is fixed overhead. The actual results for the year are as follows: Units produced: 280,000 Direct labor hours 570,000 Direct labor rate P9 Variable overhead P2,320,000 Fixed overhead P872,000 Required: Determine the following: predetermined fixed OH rate per hour predetermined variable OH rate per hour applied fixed OH 7. variable OH efficiency variance fixed OH spending variance fixed OH volume variance variable OH spending variance
The per-unit production costs for a product is as follows: $15 direct materials; $10 direct labour; $5 variable overhead. In addition, there is a $20,000 fixed overhead per week. Period costs are $10 variable selling costs per unit, and $40,000 fixed selling and administrative costs per week. The break-even point for the week was 3,000 units. What was the selling price used? 1) $60 2) $40 3) $20 4) None of the listed choices are correct
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Kenmore Fabrication estimated that direct labor cost for the year would be $654,400. The company also estimated that fixed overhead would be $490,800 and variable overhead would be 35 percent of direct labor cost. Kenmore applies its overhead on the basis of direct labor cost. During the year, all fixed overhead costs were exactly as planned ($490,800) and variable overhead was also incurred as expected. There was $32,700 in underapplied overhead. How much did Kenmore spend on direct labor cost during the period?
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