Need help with this question from the prior chapter this is one of them I'm stuck on Joe Douglas Tank Corp. has provided the following data concerning one of the products In Its standard cost system. Varlablemanufacturing overhead Is applied to products on the basls of direct labor-hours.Standard Quantity orHours per Unit of Output8.90 liters0.50 hours0.50 hoursInputsDirect materialsStandard Price or Rate$ 8.50 per liter$29.70 per hour$ 7.40 per hourDirect laborVariable manufacturing overheadThe company has reported the following actual results for the product for September.Actual outputRaw materials purchasedActual cost of raw materials purchasedRaw materials used in production11,100 units100,500 liters$875,50098,820 liters5,140 hours$160, 302$ 33,414Actual direct labor-hoursActual direct labor costActual variable overhead costRequtred:a. Compute the materials price varlance for September.b. Compute the materlals quantity varlance for September.c. Compute the labor rate varlance for September.d. Compute the labor efficlency varlance for September.Compute the varlable overhead rate varlance for September.f Compute the varlable overhead efficlency varlance for September.(Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e., zerovarlance). Input all amounts as positive values.)a. Materials price varianceb. Materials quantity variancec. Labor rate varianced. Labor efficiency variancee. Variable overhead rate variancef. Variable overhead efficiency variance

As per the given question we are required to calculate different variances of labor material and overheads with the information given.a) Material price variance = ( Standard material cost for Actual output produced - Actual cost of material ) = ( $29.70 x 5,140 - $160,302 ) = ( 152,658 - 160,302 ) = $7,644 (U) b) Material Quantity variance = ( Standard Quantity for Actual output - Actual Quantity ) x Standard price = (11,100 x 8.90 - 98,820 ) x $8.50 = ( 98,790 - 98,820) x $8.50 = 255 (U) c) Labor rate variance = ( Standard labor cost for Actual output produced - Actual labor cost paid for) = ($29.70 x 5,140 - $160,302 ) = ( $152,658 - $$160,302) = 7,644 (U) d) Labor efficiency variance = ( Standard hours for Actual output - Actual hours worked) X Standard rate = (11,100 x 0.50 - 5,140 ) x $ 29.70 = (5,550 - 5,140 ) x $29.70 = 12,177 ( F) e) Variable overhead rate variance = ( Standard overhead Absorption rate - Actual rate ) x Actual hours = ($7.40 x 5,140 - 33,434) = 4,602 ( F) f) Variable overhead efficiency variance = (Standard hours for Actual output - Actual hours) x Standard variable overhead rate = ( 11,100 x 0.50 - 5,140 ) x $7.40 = (5,550-5,140) x $7.40 = $3,034 (F)

Business

Accounting

me Douglas Tank Corp. has provided the following data concerning one of the products In Its standard cost s anufacturing overhead is applied to products on the basis of direct labor-hours. Standard Quantity or Hours per Unit of Output Standard Price or Rate $ 8.50 per 1iter $29.70 per hour $ 7.40 per hour Inputs Direct materials Direct labor Variable manufacturing overhead 8.90 liters e.5e hours e.50 hours he company has reported the following actual results for the product for September. Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost 11,100 units 100,see liters $875, 500 98,820 1iters 5,140 hours $160, 302 $ 33,414 Requtred: a. Compute the materlals price varlance for September.

me Douglas Tank Corp. has provided the following data concerning one of the products In Its standard cost s anufacturing overhead is applied to products on the basis of direct labor-hours. Standard Quantity or Hours per Unit of Output Standard Price or Rate $ 8.50 per 1iter $29.70 per hour $ 7.40 per hour Inputs Direct materials Direct labor Variable manufacturing overhead 8.90 liters e.5e hours e.50 hours he company has reported the following actual results for the product for September. Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost 11,100 units 100,see liters $875, 500 98,820 1iters 5,140 hours $160, 302 $ 33,414 Requtred: a. Compute the materlals price varlance for September.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

In the image you can look at the question . Is asking me to choose the correct answer below and fill in the answer box to complete your choice . How can I solve this type of question ?
I need help with questions 1 and 2
For the last entries I am having difficulties understanding, could I have more clarification?
Can someone help me with the part b and c please?
Please provide the introductory part and answer for question D.
can you explain why the answer for the third part is option number 2 from the selection of answers
what exactly is a cookie jar reserve? Does using a cookie jar reserve follow GAAP? Does using a cookie jar reserve appear to be an ethical practice? Support your opinion. Your post should be more than a single sentence.
How do you find yeild to call?