Handerson Corporation makes a product with the following standard costs:Standard Quantity orHoursStandard Price or Rate$ 6.00 per kilo$ 20.00 per hour$ 6.00 per hourDirect materials8.5 kilosDirect labor0.4 hoursVariable overhead0.4 hoursThe company reported the following results concerning this product in August.Actual output3,200 unitsRaw materials used in production29,030 kilosPurchases of raw materials31,600 kilosActual direct labor-hours1,160 hours$ 195,920$ 22,736$ 7,540Actual cost of raw materials purchasesActual direct labor costActual variable overhead costThe company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.The labor rate variance for August is: Multiple Choice$512 U$464 F$464 U$512 F

Name: Handerson Corporation makes a product with the following standard cos
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Description: Handerson Corporation makes a product with the following standard costs:Standard Quantity orHoursStandard Price or Rate$ 6.00 per kilo$ 20.00 per hour$ 6.00 per hourDirect materials8.5 kilosDirect labor0.4 hoursVariable overhead0.4 hoursThe company

the for labor rate variance = ( Standard rate - actual rate ) * Actual labor hours Given that,…

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Handerson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $ 6.00 per kilo $ 20.00 per hour $ 6.00 per hour Direct materials 8.5 kilos Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August. Actual output 3,200 units 29,030 kilos Raw materials used in production Purchases of raw materials 31,600 kilos Actual direct labor-hours 1,160 hours $ 195,920 $ 22,736 $ 7,540 Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased The labor rate variance for August is:

Handerson Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $ 6.00 per kilo $ 20.00 per hour $ 6.00 per hour Direct materials 8.5 kilos Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August. Actual output 3,200 units 29,030 kilos Raw materials used in production Purchases of raw materials 31,600 kilos Actual direct labor-hours 1,160 hours $ 195,920 $ 22,736 $ 7,540 Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased The labor rate variance for August is:

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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§ Your Corporation has provided the following data from its activity-based costing system: Activity Cost Pool Activity Rate Assembly $12.75 per MH Processing orders $45.00 per order Inspection $75.00 per Inspection Hour Data concerning one of the company's products appear below: Selling price per unit $113.70 Direct materials cost per unit $48.14 Direct labor cost per unit $11.62 Annual unit production and sales 750 Annual machine-hours 6,500 Annual orders 160 Annual inspection-hours 130 How much overhead was applied to this product? O$ 90,075 O $100,725 O $ 99,825 O$ 92,625
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The standard cost sheet for a product is shown. Standard Cost Manufacturing Costs Standard price Standard Quantity per unit Direct materials $4.50 per pound 5.70 pounds $ 25.65 Direct labor $11.87 per hour 2.00 hours $ 23.74 Overhead $2.20 per hour 2.00 hours $ 4.40 $ 53.79 The company produced 3,000 units that required: 17,600 pounds of material purchased at $4.35 per pound • 5,910 hours of labor at an hourly rate of $12.17 per hour • Actual overhead in the period was $13,540 Fill in the Budget Performance Report for the period. Some amounts are provided. Round your answers to the ne Budget Performance Report Variance Manufacturing Costs: Actual Standard (Favorable)/ 3,000 units Costs Costs Unfavorable Direct materials $76,560 Direct labor 71,220 Overhead 13,540 $655
A company makes wine glasses for which the following standards have Standard Price Expected Per Unit of Input $2 per ounce $8 per hour Production of 400 glasses was expected in July, but 440 were actually made. Direct materials purchased and used were 2,100 ounces at an actual price of $2.30 per ounce. Direct labor cost for the month was $5,310, and the actual pay per hour was $9.00. been developed: Direct Materials Direct Labor Standard Inputs Expected For Each Unit of Output 5 ounces 1.5 hours Calculate: a) The direct materials variances b) The direct labor variances
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Miguez Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 2.3 liters $ 7.00 per liter $ 16.10 Direct labor 0.7 hours $ 22.00 per hour $ 15.40 Variable overhead 0.7 hours $ 2.00 per hour $ 1.40 The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour. The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for September is: Multiple Choice $3,675 F $3,528 U $3,528 F $3,675 U
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RR
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Nevada Corporation makes a product with the following standard costs: Standard Price or Rate Standard Quantity or Hours 6.4 ounces $ 0.4 hours S 0.4 hours $ 3.00 per ounce 13.00 per hour 5.00 per hour The company reported the following results concerning this product in March. Direct materials Direct labor Variable overhead. Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate $ S $ O $3,277 F O $3,390 U O $3,390 F O $3,277 U Standard Cost Per Unit S S S 4,800 units 4,900 units 30,230 ounces 1,910 hours 32,600 ounces 2.90 per ounce 12.40 per hour 4.90 per hour 19.20 5.20 2.00 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is:
Majer Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.5 ounces $ 2.00 per ounce $ 13.00 Direct labor 0.8 hours $ 18.00 per hour $ 14.40 Variable overhead 0.8 hours $ 2.00 per hour $ 1.60 The company reported the following results concerning this product in February. Originally budgeted output 4,600 units Actual output 5,300 units Raw materials used in production 30,500 ounces Actual direct labor-hours 2,110 hours Purchases of raw materials 34,400 ounces Actual price of raw materials $ 97.10 per ounce Actual direct labor rate $ 87.60 per hour Actual variable overhead rate $ 6.10 per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for February is: