enent Industries, Inc. (G), developed standard costs for direct material and direct labor. In 2017, GIl estimated the following standard costs for one of their major products, the 30 - gallon heavy - duty plastic container.Budgeted quantityDirect materialsDirect labor0.1 pounds0.8 hoursBudgeted price$30 per pound$14 per hourAred and sold 4000 containers using 550 pounds of direct materials at an average cost per pound of $25 and 3,225 direct manufacturing labor hours at an average wage of $14.40 per bourThe dredt meterial price variance during July isOA S4500 untavorable0B. $20.000 urtavorableOC $2750 favorableOD $2750 untavorableO Time Remaining: 0256.0oNext&6

Name: enent Industries, Inc. (G), developed standard costs for direct mater
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Description: enent Industries, Inc. (G), developed standard costs for direct material and direct labor. In 2017, GIl estimated the following standard costs for one of their major products, the 30 - gallon heavy - duty plastic container.Budgeted quantityDirect ma

Introduction: The actual quantity utilized refers to the amount of materials used in the actual…

Business

Accounting

hdustries, Inc. (G), developed standard costs for direct material and direct labor. In 2017, GIl estimated the following standard costs for one of their major products, the 30 - gallon heavy - Budgeted price $30 per pound $14 per hour Budgeted quantity 0.1 pounds materials ad labor Fa ndred and sold 4,000 containers using 550 pounds of direct materials at an average cost per pound of $25 and 3,225 direct manufacturing labor hours at an average wage of $14.40 p 0.8 hours The dredt meterial price variance during July is OA S4.500 untavorable 0B $20.000 untavorable OC $2750 favorable OD $2750 untavorable O Time Remaining: 0256.00 Nex

hdustries, Inc. (G), developed standard costs for direct material and direct labor. In 2017, GIl estimated the following standard costs for one of their major products, the 30 - gallon heavy - Budgeted price $30 per pound $14 per hour Budgeted quantity 0.1 pounds materials ad labor Fa ndred and sold 4,000 containers using 550 pounds of direct materials at an average cost per pound of $25 and 3,225 direct manufacturing labor hours at an average wage of $14.40 p 0.8 hours The dredt meterial price variance during July is OA S4.500 untavorable 0B $20.000 untavorable OC $2750 favorable OD $2750 untavorable O Time Remaining: 0256.00 Nex

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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Dazzle Party is a small business that produces decorative balloons for events. Dazzle Party uses normal costing and assigns manufacturing overhead (MOH) costs using labour hours as the allocation base. Budgeted and actual production data for the year 2023 is provided below. Budget $60,000 120,000 Actual $52,000 MOH costs Labour-hours 110,000 Required: Calculate the difference between the allocated MOH cost and the actual MOH cost incurred in 2023. Clearly state whether this difference represents a case of under-allocation or over-allocation of MOH.
Orange, Inc. has identified the following cost drivers for its expected overhead costs for the year: Overhead Item Expected Cost Cost Driver Expected Quantity Setup costs $ 59,500 Number of setups 250 Ordering costs 49,000 Number of orders 1,500 Maintenance 138,000 Machine hours 2,000 Power 29,500 Kilowatt hours 4,000 Total Overhead $ 276,000 Total direct labor hours budgeted = 2,000 hours. The following actual data applies to one of the products completed during the year: Product X Direct materials $ 6,900 Number of setups 5 Direct labor $ 4,900 Number of orders 50 Units completed 100 Machine hours 50 Direct labor hours 100 Kilowatt hours 500 If Orange, Inc. uses machine hours to allocate overhead cost, the unit product cost of Product X will be: Multiple Choice $117.00. $137.00 $147.00 $167.00. $187.00.
Palladium Inc. produces a variety of household cleaning products. Palladium's controller has developed standard costs for the following four overhead items: Overhead Item Total Fixed Cost Variable Rate per Direct Labor Hour Maintenance Power Indirect labor Rent $86,000 140,000 $0.20 0.45 2.10 35,000 Next year, Palladium expects production to require 88,000 direct labor hours Exercise 9-63 Flexible Budget for Various Levels of Activity Refer to the information for Palladium Inc. above. Required: 1. Prepare an overhead budget for the expected level of direct labor hours for the coming year. 2. Prepare an overhead budget that reflects production that is 15% higher than expected and for production that is 15% lower than expected.
Orange, Inc. has identified the following cost drivers for its expected overhead costs for the year: Overhead Item Expected Cost Cost Driver Expected Quantity Setup costs $ 52,000 Number of setups 250 Ordering costs 34,000 Number of orders 1,500 Maintenance 108,000 Machine hours 2,000 Power 22,000 Kilowatt hours 4,000 Total Overhead $ 216,000 Total direct labor hours budgeted = 2,000 hours. The following actual data applies to one of the products completed during the year: Product X Direct materials $ 5,400 Number of setups 5 Direct labor $ 3,400 Number of orders 50 Units completed 100 Machine hours 50 Direct labor hours 100 Kilowatt hours 500 If Orange, Inc. uses direct labor hours to assign overhead, the unit product cost for Product X will be: Multiple Choice $76.00. $86.00. $96.00. $106.00. $196.00.
possible Heavy Products, Inc. developed standard costs for direct material and direct labor. In 2017, All estimated the following standard costs for one of their major products, the 10- gallon plastic container. Budgeted quantity. 0.1 pounds Budgeted price $100 per pound $20 per hour Direct materials Direct labor 0.1 hours During June, Heavy Products produced and sold 20,000 containers using 2,500 pounds of direct materials at an average cost per pound of $106 and 2,000 direct manufacturing labor - hours at an average wage of $101.00 per hour. The direct manufacturing labor efficiency variance during June is A. $162,000 favorable O B. $1,620,000 unfavorable OC. $0 M OD. $20,200 unfavorable http He In20 gallo Missim https:// Heav In 2017, 10minus 1 answer Missing: 0