For the year 2018, a company provides the following information:DescriptionAmountBudgeted output4,000Budgeted raw materials to be used (in30,000pounds)Budgeted raw materials price per pound$0.20Budgeted labor rate per hour$15.00Budgeted labor hours2,000Actual output4,200Actual raw materials used (in pounds)32,000Actual raw materials price per pound$0.18Actual labor rate per hour$14.50Actual labor hours2,050Compute the labor rate variance.The labor rate variance is $1,000(Favorable).The labor rate variance-is $1,025(Favorable).The labor rate variance is $1,000(Unfavorable).The labor rate variance is $1.025(Unfavorable).

The labor rate variance is a measure of difference between the actual labor cost and the standard…

Answered: For the year 2018, a company provides…

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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National company has two support departments A&B and two operating departments X&Y. for the first quarter 2021, Budgeted overhead costs before any interdepartmental costs allocations were: A $800,000, B $1,500,000, X $5,000,000 and Y $11,000,000. Support work supplied by A to B 20%, to X 50% and to Y 30%. Support work supplied by B to A 25%, to X 35% and to Y 40%. Using direct method, the total cost of :department A before allocation is .a .$1,175,000 .b .$800,000 .C .$1,500,000 .d .$0
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Banks Corporation has the following information for direct materials for the latest period. BANKS CORPORATION INFORMATION FOR DIRECT MATERIALS FOR THE LATEST PERIOD Standard price per unit of direct materials Actual price per unit of direct materials Budgeted units of output Standard quantity of direct materials allowed per unit of output Actual units of direct materials used Actual units of direct materials purchased Actual units of output produced SA SA $ 15.00 $ 16.50 45,000 3 units 40,000 50,000 14,000 The company calculates its price variance based on quantity purchased. What was the total quantity of direct materials allowed based on the standards? 45,000. 50,000.
Echo Amplifiers prepared the following sales budget for the first quarter of 2018: Jan. Feb. Mar. Units 800 1,300 1,500 Sales price $100 $100 $100 Budgeted sales $80,000 $130,000 $150,000 It also has this additional information related to its expenses: Direct material per unit $1.50 Direct labor per unit 2 Variable manufacturing overhead per hour 0.50 Fixed manufacturing overhead per month 2,900 Sales commissions per unit 15 Sales salaries per month 5,100 Delivery expense per unit 0.40 Factory utilities per month 5,000 Administrative salaries per month 21,000 Marketing expenses per month 8,000 Insurance expense per month 11,000 Depreciation expense per month 10,000 Prepare a sales and administrative expense budget for each month in the quarter ending March 31, 2018. Enter all amounts as positive numbers. Echo AmplifiersSales and Administrative BudgetFor the Quarter Ending March 31, 2018 January February March Budgeted Sales in Units…
Point, Inc. produces men's shirts. The following budgeted and actual amounts are for 2019: Cost Budget at 3,000 units Actual Amounts at 2,800 units $75,000 87,000 Direct materials Direct labor Fixed overhead Instructions Prepare a performance report for Point, Inc. for the year. Direct materials Direct labor Fixed overhead Total costs F3 + F4 Ⓡ 3 # 4 $ F5 36,000 5 % F6 Budget F7 C Manufacturing Performance Budget Report For the Year Ended December 31, 2019 6 A POINT, INC. Search F8 $75,000 7 & 78,000 34,500 0: Actual F9 60 8 * Differences F/U LG F10 9 ( F11 - 0) F12 + Prt Sc ScrLk Ins = +
X Company's 2021 budgeted cost function for fixed overhead was C=$211,800. Its budgeted cost function for variable overhead was C=$11.8ox, where X the number of units produced. The following information is also available for 2021: Master Actual Budget Results Production 10,100 units 11,500 units Total variable costs $119,180 $134,185 Total fixed costs $211,800 $213,544 1. What was the total overhead master (static) budget for 2021? 2. What was the total overhead flexible budget for 2021?
Use this information for Stringer Company to answer the question that follow. The following data are given for Stringer Company: Budgeted production 930 units Actual production 1,013 units Materials: Standard price per ounce $1.85 Standard ounces per completed unit 10 Actual ounces purchased and used in production 10,434 Actual price paid for materials $21,390 Labor: Standard hourly labor rate $14.60 per hour Standard hours allowed per completed unit 4.7 Actual labor hours worked 5,216.95 Actual total labor costs $79,558 Overhead: Actual and budgeted fixed overhead $1,015,000 Standard variable overhead rate $25.00 per standard labor hour Actual variable overhead costs $146,075 Overhead is applied on standard labor hours. Round your intermediate calculations and final answer to the nearest cent. The direct materials price variance is a.$5,217.00 favorable b.$2,086.80 favorable c.$2,086.80…
Use this information for Stringer Company to answer the question that follow. The following data are given for Stringer Company: Budgeted production 911 units Actual production 1,080 units Materials: Standard price per ounce $1.89 Standard ounces per completed unit 10 Actual ounces purchased and used in production 11,124 Actual price paid for materials $22,804 Labor: Standard hourly labor rate $14.32 per hour Standard hours allowed per completed unit 4.3 Actual labor hours worked 5,562 Actual total labor costs $84,821 Overhead: Actual and budgeted fixed overhead $1,082,000 Standard variable overhead rate $25.00 per standard labor hour Actual variable overhead costs $155,736 Overhead is applied on standard labor hours. The direct materials quantity variance is a.$1,779.64 favorable b.$1,779.64 unfavorable c.$612.36 unfavorable d.$612.36 favorable
For the year ending December 31, 2020, Cobb Company accumulates the following data for the Plastics Division which it operates as an investment center: contribution margin-$742,800 budget, $759,800 actual; controllable fixed costs-$298,400 budget, $305,300 actual. Average operating assets for the year were $2,020,000. Prepare a responsibility report for the Plastics Division beginning with contribution margin for the year ending December 31, 2020. (Round ROI to 1 decimal place, e.g. 1.5%.) COBB COMPANY Plastics Division Responsibility Report For the Year Ended December 31, 2020
Marigold provided the following information from its accounting records for 2022: Expected production Actual production Budgeted overhead Actual overhead 33200 labour hours 31200 labour hours $1660000 $1610000 How much is the overhead application rate if Marigold bases the rate on direct labour hours? O $51.60 per direct labour hour O $48.49 per direct labour hour O $50.00 per direct labour hour O $53.21 per direct labour hour
National company has two support departments A&B and two operating departments X&Y. for the first quarter 2021, Budgeted overhead costs before any interdepartmental costs allocations were: A $800,000, B $1,500,000, X $5,000,000 and Y $11,000,000. Support work supplied by A to B 20%, to X 50% and to Y 30%. Support work supplied by B to A 25%, to X 35% and to Y 40%. Using direct method, out of department :A cost, amount allocated to department Y is .a .$0 .b $500,000 .C .$800,000 .d .$300,000
QUESTION: FULTZ COMPANY HAS ACCUMULATED THE FOLLOWING BUDGET DATA FOR THE YEAR 2017. 1. SALES: 31,450 UNITS, UNIT SELLING PRICE $85. 2. COST OF ONE UNIT OF FINISHED GOODS: DIRECT MATERIALS 1 POUND AT $5 PER POUND, DIRECT LABOR 3 HOURS AT $13 PER HOUR, AND MANUFACTURING OVERHEAD $6 PER DIRECT LABOR HOUR. 3. INVENTORIES (RAW MATERIALS ONLY): BEGINNING, 10,290 POUNDS; ENDING, 15,250 POUNDS. 4. SELLING AND ADMINISTRATIVE EXPENSES: $170,000; INTEREST EXPENSE: $30,000. 5. INCOME TAXES: 30% OF INCOME BEFORE INCOME TAXES. PREPARE A SCHEDULE SHOWING THE COMPUTATION OF COST OF GOODS SOLD FOR 2017. FULTZ COMPANY COMPUTATION OF COST OF GOODS SOLD 2017 COST OF ONE UNIT OF FINISHED GOODS: DIRECT MATERIALS DIRECT LABOR MANUFACTURING OVERHEAD TOTAL COST OF GOODS SOLD $ ss $ $

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