Following dată iš availäble rom the Company. Estimated Factory Overhead Estimated Direct Labor Hours Further analysis indicates that. 1/3 of the rate is Variable cost oriented During the year, they worked 95,000 Direct Labor Hour Factory Overhead Required: Rs. 540,000 90,000 Rs. 835,000 1. The Overhead rate per unit 2. Spending variance 3. Idle Capacity Variance

Following dată iš availäble rom the Company. Estimated Factory Overhead Estimated Direct Labor Hours Further analysis indicates that. 1/3 of the rate is Variable cost oriented During the year, they worked 95,000 Direct Labor Hour Factory Overhead Required: Rs. 540,000 90,000 Rs. 835,000 1. The Overhead rate per unit 2. Spending variance 3. Idle Capacity Variance

Name: Following data is available from the accounting records and reports o
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Description: Following data is available from the accounting records and reports of the Bell ManufacturingCompany.Estimated Factory OverheadEstimated Direct Labor HoursFurther analysis indicates that. 1/3 of the rate is Variable cost oriented During the year, th

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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The following labor standards have been established for a particular product: Standard labor-hours per unit of output Standard labor rate 5.0 hours $19.85 per hour The following data pertain to operations concerning the product for the last month: Actual hours worked 7.300 hours Actual total labor cost $148.190 Actual output. 1.400 units What is the labor efficiency variance for the month? Select one: a. $9,240 F b. $9,240 U C. $5,955 U d. $6,090 U
The Cost Officer of a company that manufactures a product came up with the following information: Direct materials: 30% of Sales Direct wages (Variable): 20% of Sales Production overhead (Fixed): Same as direct wages Production overhead (Variable): 25% of direct wages Administration overhead (Fixed): 10 % of Sales Selling overheads (Note 1): Same as Production overhead (Variable) Note 1: The behaviour of selling overhead in relation to changes in sales volume (units) is as follows: Normal activity: M65 000 90% of normal activity: M63 050 110% of normal activity: M66 950. The company uses an absorption costing system to value inventory. The predetermined absorption rates are based on normal level of activity. During November and December, 2021 of the financial year, the production and sales expressed as percentages of normal activity, were as follows: November December Sales 80% 100% Production 100% 80% The actual selling price and variable costs per unit were as budgeted. It is the…
Williams Corporation reports the following direct labor information for November: Standard rate $ 34.00 per hour Actual rate paid $ 34.80 per hour Standard hours allowed for actual production 44,700 hours Labor efficiency variance $ 221,000 F Required: Based on these data, what was the number of actual hours worked and what was the labor price variance? Acutal Hours Worked Hours Labor Price Variance F or U
Question Content Area The standard costs and actual costs for factory overhead for the manufacture of 2,900 units of actual production are as follows: Standard Costs Line Item Description Value Fixed overhead (based on 10,000 hours) 3 hours per unit at $0.70 per hour Variable overhead 3 hours per unit at $1.93 per hour Actual Costs Total variable cost, $18,000 Total fixed cost, $8,200 The fixed factory overhead volume variance is a. $0 b. $728 unfavorable c. $910 unfavorable d. $728 favorable
Coronado Corporation accumulates the following data relative to jobs started and finished during the month of June 2022. Costs and Production Data Raw materials unit cost Raw materials units Direct labor payroll Direct labor hours Manufacturing overhead incurred Manufacturing overhead applied Machine hours expected to be used at normal capacity Budgeted fixed overhead for June Variable overhead rate per machine hour Fixed overhead rate per machine hour Overhead controllable variance $ Overhead volume variance Actual $ $4.40 11,000 $177,600 14,800 $242,800 Standard $4.30 10,100 $174,420 15,300 Overhead is applied on the basis of standard machine hours. 3.20 hours of machine time are required for each direct labor hour. The jobs were sold for $475,000. Selling and administrative expenses were $40,100. Assume that the amount of raw materials purchased equaled the amount used. Compute the overhead controllable variance and the overhead volume variance. $244,800 49,960 $89,928 $3.20 $1.80…
Subject: Cost Accounting
This Company uses standard costing. Variable overhead is applied at $8 per direct labor hour. Data for the month of September follows: Actual overhead variable costs $78,000 Standard hours allowed for actual production 10,000 Actual labor hours worked 9,800 How much is the controllable overhead spending variance? a. $2,000 favorable b. $400 favorable c. $400 unfavorable d. $2,000 unfavorable
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The controller of Ivanhoe Industries has collected the following monthly cost data for use in analyzing the behavior of maintenance costs. Month January February March April May June (a1) Total Maintenance Costs $3,041 3,456 4,147 5,184 3,686 5,633 Total Machine Hours 4,032 Variable cost per machine hour $ 4,608 6,912 9,101 5,760 9,216 Determine the unit variable costs using the high-low method for this mixed cost. (Round answer to 2 decimal places e.g. 2.25.)
Q3. A company follows the system of standard costing. The records of the company reveal the following information for the month of May: Budgeted Actual Number of man-hours Number of working days 8000 8600 20 22 Overhead rate per hour { 1.00 Hours per unit of output 20 Fixed Overheads incurred {7,200 Number of units produced 450 units For the month of May, calculate the following variances for fixed overheads: (1) (ii) Overhead Cost variance Overhead Volume variance (iv) (v) (vi) Overhead Efficiency variance Overhead Capacity variance Overhead Budget variance Calendar variance