Hopkins Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2014, 11,200 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 14,000 direct labor hours. All materials purchased were used. Cost Element Standard (per unit) Actual Direct materials 8 yards at $4.40 per yard $375,575 for 90,500 yards ($4.15 per yard) Direct labor 1.20 hours at $13.40 per hour $200,220 for 14,200 hours ($14.10 per hour) Overhead 1.20 hours at $6.10 per hour (fixed $3.50; variable $2.60) $49,000 fixed overhead $37,000 variable overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $49,000, and budgeted variable overhead was $36,400. Compute the overhead controllable variance and the overhead volume variance. (Round answers to 0 decimal places, e.g. 125.)

Hopkins Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. In May 2014, 11,200 suits were produced. The following standard and actual cost data applied to the month of May when normal capacity was 14,000 direct labor hours. All materials purchased were used. Cost Element Standard (per unit) Actual Direct materials 8 yards at $4.40 per yard $375,575 for 90,500 yards ($4.15 per yard) Direct labor 1.20 hours at $13.40 per hour $200,220 for 14,200 hours ($14.10 per hour) Overhead 1.20 hours at $6.10 per hour (fixed $3.50; variable $2.60) $49,000 fixed overhead $37,000 variable overhead Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $49,000, and budgeted variable overhead was $36,400. Compute the overhead controllable variance and the overhead volume variance. (Round answers to 0 decimal places, e.g. 125.)

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Description: Please do not give solution in image format thanku Hopkins Clothiers is a small company thatmanufactures tall-men's suits. The company hasused a standard cost accounting system. In May2014, 11,200 suits were produced. The followingstandard and actual

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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