Markus, Inc. produces a specialzed machine part used in forkts. For last year's operations, thefollowing data were gathered:Units produced: 55,000Direct laborActual variable overhead: $135,000Markus employs a standard costing system. During the year, a variable overhead rate of $5.00was used. The labor standard requires 0.50 hours per unit produced. The variable overhnadsnenten and efficency variances are, respectively29,000 hours $9.00O sa.000 u and 00u.O Nare of theO M00 U ard s0.000S10,000 Fad s7500 u.Os0,000 Fand 7.00Autry Company manufactures veterinary products. One joint process involves refining a chemical(dactylyte) into two chemicais - dac and tyl. One batch of 5,000 gallors of dactylyte can beconverted to 2,000 galions of dac and 3,000 galons of tyl at a total joint processing cust of$12,000. At the spit-off point, dac can be sold for $ per galun and tyl can be sold for $4 pergallon. Autry has just leamed of a new process to covert dac into prodac. The new processcosts 4,000 and yields 1,700 gallons of prodac for every 2,000 galions of dac. Prodac sells for$5 per galon.What is Autry's proft from refining one batch of dactylyte ir both dac and tyl are sold at the split-t nalat A7,000$6,000SIR000O 2,000O O O O

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Markus, Inc. produces a specialaed machine part used in forkts. For last year's operations, the following data were gathered: Units produced: 55,000 Direct labor Actual variable overhead: $5,000 Markus employs a standard costing system. During the year, a variable overhead rate of $5.00 was used. The labor standard requires 0.50 hours per unit produced. The variable overhnad snenten and efficlency variances are, respectively 29,000 hours$9.00 I0.000 Uand .00 u. ONe of the OM00 Uard 0.000 OsOFad 00 . O.000 Fnd 2.00

Markus, Inc. produces a specialaed machine part used in forkts. For last year's operations, the following data were gathered: Units produced: 55,000 Direct labor Actual variable overhead: $5,000 Markus employs a standard costing system. During the year, a variable overhead rate of $5.00 was used. The labor standard requires 0.50 hours per unit produced. The variable overhnad snenten and efficlency variances are, respectively 29,000 hours$9.00 I0.000 Uand .00 u. ONe of the OM00 Uard 0.000 OsOFad 00 . O.000 Fnd 2.00

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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Carpenter Company uses standard costing. The company has a manufacturing plant in Georgia. Standard labor-hours per unit are 0.50, and the variable overhead rate for the Georgia plant is $3.50 per direct labor-hour. Fixed overhead for the Georgia plant is budgeted at $1,800,000 for the year. Firm management has always used variance analysis as a performance measure for the plant. Tom Saban has just been hired as a new controller for Carpenter Company. Tom is good friends with the Georgia plant manager and wants him to get a favorable review. Tom decides to underestimate production, and budgets annual output of 1,200,000 units. His explanation for this is that the economy is slowing and sales are likely to decrease. At the end of the year, the plant reported the following actual results: output of 1,500,000 using 760,000 labor-hours in total, at a cost of $2,700,000 in variable overhead and $1,850,000 in fixed overhead. Q.Summarize the fixed overhead variance based on both the projected…
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