Format your answers using $, commas, and zero decimal places. Also indicate for each variance "F" for favorable or "U" for unfavorable. Materials Price Variance Total Materials Variance Labor Price Variance Materials Variances Favorable/Unfavorable Favorable/Unfavorable Materials Quantity Variance Labor Variances Favorable/Unfavorable Favorable/Unfavorable Labor Quantity Variance Favorable/Unfavorable
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- Calculate the following variances for November 2021 and indicate whether each of itis favorable (F) or adverse (A). 1. Direct material price.2. Direct material usage3. Direct labour rate4. Direct labour efficiency. Please provide a calculation for each of them.Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds @ $4.00 per pound) Direct labor (1.8 hours @ $12.00 per hour) $ 12.00 21.60 33.30 Overhead (1.8 hours @ $18.50 per hour) Standard cost per unit $ 66.90 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 15,000 Indirect labor 75,000 Power 15,000 Maintenance 30,000 135,000 Total variable overhead costs Fixed overhead costs Depreciation-Building 24,000 70,000 Depreciation-Machinery Taxes and insurance 16,000 Supervisory salaries 254,500 Total fixed overhead costs 364,500Prepare Income statement for the month of December 2020 assuming absorption Costing and Variable Costing and state the reason for difference in income computed between absorption costing and variable costing.
- Calculate the following variances for November 2021 and indicate whether each of itis favorable (F) or adverse (A). 5. Variable overhead expenditure.6. Variable overhead efficiency.7. Fixed overhead expenditure.8. Fixed overhead efficiency. Please provide each of them calculationsSharp Company manufactures a product for which the following standards have been set: Standard Quantity Standard Price Standard or Hours or Rate Cost $5 per foot ? per hour Direct materials 3 feet $ 15 Direct labor ? hours ? During March, the company purchased direct materials at a cost of $45,375, all of which were used in the production of 2,350 units of product. In addition, 4,800 direct labor-hours were worked on the product during the month. The cost of this labor time was $50,400. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance $ 2,250 U $ 3,400 U $ 1,000 U Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of…Requirements 1. Prepare income statements for HD in January, February, and March 2020 under (a) variable costing and (b) absorption costing. 2. Explain the difference in operating income for January, February, and March under variable costing and absorption costing. NEED TRUE HELP WITH WORKING
- Lexi Belcher picked up the monthly report that Irvin Santamaria left on her desk. She smiled as her eyes went straight to the bottom line of the report and saw the favorable variance for operating income, confirming her decision to push the workers to get those last 390 cases off the production line before the end of the month. But as she glanced over the rest of numbers, Lexi couldn't help but wonder if there were errors in some of the line items. She was puzzled at how most of the operating expenses could be higher than the budget since she had worked hard to manage the production line to improve efficiency and reduce costs. Yet the report, shown below, showed a different story. Cases produced and sold Sales revenue Less variable expenses Direct material Direct labor Variable manufacturing overhead Variable selling expenses Variable administrative expenses Total variable expense Contribution margin Less fixed expenses Fixed manufacturing overhead Fixed selling expenses Fixed…Preparing a standard cost income statement Use the following information to prepare a standard cost income statement for Whitmer Company for 2021. Cost of Goods Sold at standard $ 367,000 Direct Labor Efficiency Variance $ 18,000 F Sales Revenue at standard 550,000 Variable Overhead Efficiency Variance 3,400 U Direct Materials Cost Variance 8,000 U Fixed Overhead Volume Variance 12,000 F Direct Materials Efficiency Variance 2,800 U Selling and Administrative Expenses 77,000 Direct Labor Cost Variance 42,000 U Variable Overhead Cost Variance 700 F Fixed Overhead Cost Variance 1,900 FWith the information provided - please calculate the variances for March 2022. (NOTE: - Each answer must state whether the variance is favorable or unfavorable. 1. Labour rate variance 2. Labour efficiency variance 3. Variable overheads efficiency variance 4. Variable overheads expenditure variance
- Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations. 2020, the companyincurred the following costs. Variable Costs per Unit Direct materials $10.50 Direct labor $4.83 Variable manufacturing overhead Variable selling and administrative expenses S8.12 $5.46 Fixed Costs per Year $322.000 Fixed manufacturing overhead Fixed selling and administrative expenses $294.140 Siren Company sells the ishing lures for 535.00. During 2020, the company sold 79,000 lures and produced 92,000lures.Rayan Ltd has provided the following information:Quantity (kg) Unit Rate (Rs.) Total (Rs.)StandardMaterial X 10 2 20Material Y 20 3 60Material Z 20 6 120Total 50 200ActualMaterial X 5 3 15Material Y 10 6 60Material Z 15 5 75Total 30 150You are required to compute the following and interpret the result:a) Material cost varianceb) Material price variancec) Material usage variance Do not give answer in imagePreparing a standard cost income statement The May 2018 revenue and cost information for McDonald Outfitters, Inc. follows; Prepare a standard cost income statement for management through gross profit Report all standard cost variances for management’s use. Has management done a good or poor job of controlling costs? Explain.