7 part 4 **Trini Company Standard Cost Information**Trini Company has established the following standard costs per unit for its single product:- **Direct Materials:** 30 pounds @ $5.50 per pound = $165.00- **Direct Labor:** 7 hours @ $14 per hour = $98.00- **Variable Overhead:** 7 hours @ $6 per hour = $42.00- **Fixed Overhead:** 7 hours @ $12 per hour = $84.00**Total Standard Cost per Unit:** $389.00**Overhead Application:**- Overhead is applied using direct labor hours, based on a predicted activity level of 80%, for a company capacity of 62,000 units per quarter.**Operating Levels (based on capacity):**| | 70% | 80% | 90% ||---|---|---|---|| **Production (in units)** | 43,400 | 49,600 | 55,800 || **Standard Direct Labor Hours (7 DLH/unit)** | 303,800 | 347,200 | 390,600 || **Budgeted Overhead (flexible budget)** | | | || **Fixed Overhead** | $4,166,400 | $4,166,400 | $4,166,400 || **Variable Overhead** | $1,822,800 | $2,083,200 | $2,343,600 |**Current Quarter Performance:**- The company operated at 90% capacity and produced 55,800 units.- Actual direct labor totaled 386,600 hours.- Units produced carried the following standard costs: - **Direct Materials (1,674,000 pounds @ $5.50 per pound):** $9,207,000 - **Direct Labor (390,600 hours @ $14 per hour):** $5,468,400 - **Overhead (390,600 hours @ $18 per hour):** $7,030,800 **Standard (Budgeted) Cost:** $21,706,200**Actual Costs for the Quarter:**- **Direct Materials (1,658,000 pounds @ $7.60 per pound):** $12,600,800- **Direct Labor (386,600 hours @ $12.00 per hour):** $4, ### Overhead Volume Variance CalculationThis table aids in computing the overhead volume variances. Variance effects should be indicated as favorable, unfavorable, or no variance.#### Volume Variance Table- **Budgeted Total Overhead:** [Blank field for input]- **Standard Overhead Applied:** [Blank field for input]- **Volume Variance:** [Blank field for input]Use this table to input the necessary data and analyze the volume variance for your overhead calculations. Ensure to indicate whether the resulting variance is favorable, unfavorable, or shows no variance based on the computed values.

Name: 7 part 4 **Trini Company Standard Cost Information**Trini Company has
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Description: 7 part 4 **Trini Company Standard Cost Information**Trini Company has established the following standard costs per unit for its single product:- **Direct Materials:** 30 pounds @ $5.50 per pound = $165.00- **Direct Labor:** 7 hours @ $14 per hour = $

Business

Accounting

labor (7 hours @ $14 per hour) e overhead (7 hours @ $6 per hour) verhead (7 hours @ $12 per hour) d cost per unit 98.00 42.00 84.00 $ 389.00 is applied using direct labor hours. The standard overhead rate is based o ny's capacity of 62,000 units per quarter. The following additional informa Operating Leve ion (in units) d direct labor hours (7 DLH/unit) overhead (flexible budget) overhead ble overhead 70% 43, 400 303, 800 80% 49,600 347, 200 $ 4,166, 400 $ 4,166,400 $ 1,822,800 $ 2,083, 200 current quarter, the company operated at 90% of capacity and produced

labor (7 hours @ $14 per hour) e overhead (7 hours @ $6 per hour) verhead (7 hours @ $12 per hour) d cost per unit 98.00 42.00 84.00 $ 389.00 is applied using direct labor hours. The standard overhead rate is based o ny's capacity of 62,000 units per quarter. The following additional informa Operating Leve ion (in units) d direct labor hours (7 DLH/unit) overhead (flexible budget) overhead ble overhead 70% 43, 400 303, 800 80% 49,600 347, 200 $ 4,166, 400 $ 4,166,400 $ 1,822,800 $ 2,083, 200 current quarter, the company operated at 90% of capacity and produced

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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