Lloyd Company produces music boxes. The standard factory overhead cost at 100% of normal capacity is $100,000 (20,000 hours at $5: $3 variable, $2 fixed). If 700 hours were unused, the fixed factory overhead volume variance would be: Group of answer choices $1,400 unfavorable $700 favorable $2,100 unfavorable $1,400 favorable
Q: Titus Company produced 6,500 units of a product that required 4.50 standard hours per unit. The…
A:
Q: The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of…
A: factory overhead controllable variance is the difference betweenthe actual variable overhead costs…
Q: Greyson Company produced 8,300 units of product that required 4.25 standard hours per unit.…
A: FIXED FACTORY OVERHEAD VOLUME VARIANCE = (STANDARD HOURS FOR 100% NORMAL CAPACITY - ACTUAL HOURS )…
Q: Required information [The following information applies to the questions displayed below.] Mosaic…
A: Variable overhead variance is divided into 3 variance. 1.Variable Overhead Efficiency variance=…
Q: A firm uses machine hours to allocate overhead cost. During the period, budgeted variable overhead…
A:
Q: Use the following data for questions #5-7 Japan Company produces furniture and has the following…
A: Direct labour time variance means difference in standard cost of labour and actual cost of labour…
Q: The Russell Company provides the following standard cost data per unit of product: Direct material…
A: Direct labor usage variance: It is a measure that determines the variation between actual and…
Q: The following data is available for August for a corporation: Variable Overhead Standard (3 hours @…
A: The variable overhead rate variance is a measure of the difference between the actual variable…
Q: Yola Company manufactures a product with standards for direct labour of 4 direct labour-hours per…
A: Labor efficiency variance is calculated by multiply the standard labor rate per hour with the…
Q: Stanc
A: Actual rate of variable overhead = Actual variable overhead / actual hours = $130,720 / 8600 =…
Q: Domose Inc. planned to use $150 of material per unit but actually used $147 of material per unit,…
A: Given, Planned Price = $150 Actual price = $147 Planned unit = 1,100 unit Actual unit = 900 unit
Q: Clay makes all sorts of molds. Its standard quantity of material allowed is 1 foot of wood per 1…
A: Introduction:- Material Price Variance is the difference between the standard price and the actual…
Q: Japan Company produces lamps that require 2 standard hours per unit at a standard hourly rate of…
A: Variance analysis is an important technique which is used by cost accountants to compare the…
Q: Ben mean company produces a product that requires 4 standard hours per unit at a standard hourly…
A: Given, Actual rate per hour = $11.85 Standard rate per hour = $12 Actual hours = 58,000 hours
Q: Assume the following information appears in the standard cost card for a company that makes only one…
A: Material Price Variance :— It is the difference between actual quantity of material at standard…
Q: A company reports the following information for its direct labor. Actual hourn of direct labor used…
A: When actual hours/price is higher than standard then it is unfavorable and vice versa is favorable.
Q: Use the following data to find the direct labor rate variance if the company produced 3,500 units…
A: Lets understand the basics.Direct labor rate variance is a variance between the rate at which labor…
Q: Formidable Company collected the following information: Standard costs per unit: Variable…
A: Variance is the difference between budgeted and actual costs or production, on the basis of which…
Q: The standard costs and actual costs for factory overhead for the manufacture of 2,700units of actual…
A: The difference between the standard cost that was anticipated or budgeted for a specific activity,…
Q: Formidable Company collected the following information: Standard costs per unit: Variable…
A: Total Variance It is important in the calculation of the variance of the cost which is helpful to…
Q: Use this information to answer the question that follow. The standard costs and actual costs for…
A: Formulas: Fixed overhead variance = Actual fixed cost - Standard fixed cost
Q: A company applies overhead using machine hours and shows the following information. Compute the…
A: The variance is the difference between the actual and standard production cost data. The variance…
Q: See Clear Company manufactures clear plastic CD cases. It applies variable overhead based on the…
A: Variable overhead rate variance: Variable Overhead Rate Variance is the difference between what the…
Q: Chick-Fil-A are the Lord’s Calories (CLC) had the following direct labor amounts for the period:…
A: Direct labor price variance is the difference between the cost estimated to be paid to laborers as…
Q: The standard costs and actual costs for factory overhead for the manufacture of 2,900units of actual…
A: Standard cost : Fixed Cost absorbed = 2900 * 3 * $ 0.76 = $ 6,612 Variable cost = 2900 * 3 * $2.02…
Q: 1) A firm uses machine hours to allocate overhead cost. During the period, budgeted variable…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Given the following information in standard costing: Standard 18,800 hours at $6.80 Actual…
A: The objective of the question is to calculate the direct labor rate variance using the given…
Q: Enter a favorable variance as a negative number. Round your answer to the nearest dollar. $…
A: Given information is: Titus Company produced 3,200 units of a product that required 3.243 standard…
Q: Aretha Company provided the following information: Standard variable overhead rate (SVOR) per…
A: Formula used: 1)Variable overhead spending variance: Variable overhead spending variance=AH(AR-SR)…
Q: The Russell Company provides the following standard cost data per unit of product: $ 4.00 Direct…
A: Lets understand the basics.Direct labor price variance is a variance between the ratt at which labor…
Q: The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of…
A:
Q: 2. During November, York Company recorded 5,100 actual direct labor hours, $20,600 actual variable…
A: Introduction:- Calculation of variable overhead efficiency variance for November for York Company as…
Q: The Landrum Company provides the following standard cost data per unit of product Variable overhead…
A: The production costs which varies depending upon the variation in production output termed as…
Q: The standard costs and actual costs for factory overhead for the manufacture of 2,600 units of…
A: Variable factory overheads are those which are incurred on the making of the goods. These overheads…
Q: Formidable Company collected the following information: Standard costs per unit: Variable…
A: The question is based on the concept of budget and the standard costing method of budget. A budget…
Q: JKL Company is using a direct labor cost standard of 4 hours and a P12 wage rate per hour for one of…
A: Actual hours worked = Actual production x labor hours per unit = 250 x 3 = 750 hours
Q: . If the total actual cost of variable factory overhead for the period as reported by the accounting…
A: Solution: Total variable factory overhead variance is the difference between standard variable…
Q: Bellingham Company produces a product that requires 3 standard direct labor hours per unit at a…
A: The variance is the difference between the actual data and standard output of the production.
Q: The standard costs and actual costs for factory overhead for the manufacture of 3,000 units of…
A: FIXED FACTORY OVERHEAD VOLUME VARIANCE Fixed Overhead Volume Variance is the Difference between…
Q: If a company assigns factory labor to production at a cost of $84,000 when standard cost is $80,000,…
A: Solution:- If a company assigns factory labor to production at a cost of $84,000 when standard cost…
Q: Venneman Company produced 14,000 units of product that required 4 standard hours per unit. The…
A: The fixed overhead volume variance is the difference between the amount of fixed overhead actually…
Q: What is the amount of the Factory OH Controllable Variance, given the following info: Actual…
A: Controllable Variance = Actual factory overhead – Standard overhead where, Standard overhead =…
Q: A manufacturer planned to use $80 of variable overhead per unit produced, but in the most recent…
A: Variable Overhead Spending Variance = Actual units x (Standard Overhead rate - Actual Overhead rate)
Q: The following data relate to direct labor costs for the current period: Standard costs 7,300 hours…
A: Labor rate variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked
Q: Blaney Company has one mixed cost. It uses machine hours as the activity level. Using the high - low…
A: Variable cost represents the cost that varies with the change in output. Whereas, fixed cost does…
Q: The following information relates to manufacturing overhead for Chapman Company: Standards: Total…
A: Absorbed overheads = Actual production x Standard hours allowed per unit x Fixed overhead rate…
Q: The standard costs and actual costs for factory overhead for the manufacture of 2,900units of actual…
A: The objective of the question is to calculate the fixed factory overhead volume variance. The fixed…
Step by step
Solved in 3 steps
- 2 < ces ! Check my work Required information [The following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $22 per pound and 0.30 direct labor hour at $20 per hour. Overhead is assigned at the rate of $40 per direct labor hour. Assume the actual cost to manufacture 130 bats is $6,240.00. Compute the total cost variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Actual cost Budgeted standard cost Total cost varianceRequired information (The following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $18 per pound and 0.25 direct labor hour at $30 per hour. Overhead is assigned at the rate of $60 per direct labor hour. Assume the actual cost to manufacture 120 bats is $5,700.00. Compute the total cost variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable. or no variance.) Actual cost Budgeted standard cost Total cost varianceZulu reported $60,000 of income for the year by using absorption costing. The company had no beginning inventory, planned and actual production of 20,000 units, and sales of 19,000 units. Standard variable manufacturing costs were $22 per unit, and total budgeted fixed manufacturing overhead was $150,000. If there were no variances, what would be the income under variable costing?
- Accounting Titus Company produced 4,000 units of a product that required 5.03 standard hours per unit. The standard fixed overhead cost per unit is $3.10 per hour at 20,300 hours, which is 100% of normal capacity. Determine the fixed factory overhead volume variance. Enter a favorable variance as a negative number. Round your answer to the nearest dollar.fill in the blank 1 of 2$ fill in the blank 2 of 2 FavorableUnfavorable?Costner produces two product lines. Prices/costs per unit follow. "W" "H" Selling price $60 $45 Direct material $16 $12 Direct labor ($20/hour) $15 $10 Variable overhead $12 $8 Demand for "W" is 209 units and "H"is 341 units Costner has only 175 labor hours available Given the constrained resource, what is the maximum contribution margin the company can attain if it uses the optimal sales mix? Round only your final answer to the nearest dollar. Hint: Consider the financial result if the company follows your recommendations on which line to produce first and how many they would be able to produce of the other product.Moneka reported $65,000 of income for the year by using absorption costing. The company had no beginning inventory, planned and actual production of 20,000 units, and sales of 18,000 units. Standard variable manufacturing costs were $20 per unit, and total budgeted fixed manufacturing overhead was $100,000. If there were no variances, income under variable costing would be: A. $15,000 B.$55,000 C. $65,000 D. $75,000
- Too Good To Be TRUE Company has the following direct labor standard for its production. 3 standard hours per unit at $15.00 per hour Last month, employees actually worked 15,000 hours at a total labor cost of $300,000 to make 4,000 units. Required: Calculate the labor efficiency variance.Zillow Inc. has the following data related to direct materials costs for the current month: actual cost for 7,000 pounds of material at $2.50 per pound and standard cost for 6,700 pounds of material at $3.20 per pound. What is the direct materials quantity or efficiency variance? Group of answer choices -$4,900 favorable $4,900 unfavorable $960 unfavorable -$960 favorableWhat is the amount of the Factory OH Volume Variance, given the following info: Actual production = 5,000 units Actual Costs = $202,500.00 for variable FOH + $60,000.00 for fixed FOH Budgeted Costs = $250,000 (standard hours for 5,000 units produced of 25,000 hours * standard FOH rate of $10.00) The standard OH rate = $10.00 per DL hour ($8.00 for variable FOH and $2.00 for fixed FOH) based on 100% capacity of 30,000 DL hours Group of answer choices $12,500.00 favorable $12,500.00 unfavorable $10,000.00 favorable $10,000.00 unfavorable
- A manufacturing company that has only one product has established the following standards for its variable manufacturing overhead. The company bases its variable manufacturing overhead standards on direct labor-hours. Standard hours per unit of output Standard variable overhead rate 3.60 DLHS $10.95 per DLH The following data pertain to operations for the last month: Actual direct labor-hours Actual total variable manufacturing overhead cost Actual output What is the variable overhead efficiency variance for the month? Multiple Choice $6,789 U $7,213 F $3,592 U $7,213 U 8,900 DLHS $ 95,820 2,300 unitsThe standard costs and actual costs for factory overhead for the manufacture of 2,600 units of actual production are as follows: Standard Costs Fixed overhead (based on 10,000 hours) 3 hours per unit at $0.73 per hour Variable overhead 3 hours per unit at $1.95 per hour Actual Costs Total variable cost, $17,800 Total fixed cost, $8,200 The variable factory overhead controllable variance is a. $0 Ob. $2,590 favorable Oc. $2,072 favorable Od. $2,590 unfavorableSouthCo planned to use $35 of variable overhead per unit produced, but in the most recent period, it actually used $33 of variable overhead per unit produced. During this same period, the company planned to produce 100 units in 120 hours but actually produced 100 units in 150 hours. Calculate the variable overhead rate variance, the variable overhead efficiency variance, and the total variable overhead cost variance and complete the diagram. Please make sure your final answer(s) are accurate to the nearest whole number. Box 1 Box 2 Box 3 (Select one) x (Select one) (Select one) x (Select one) (Select one) x (Select one) Box 4 Variable Overhead Rate Variance (Select one) Box 6 Total Variable Overhead Cost Variance (Select one) Box 5 Variable Overhead Efficiency Variance (Select one)