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meducation.com/ext/map/index.html?_con=con&external browser=0&launch Url=https% 253A%252F%252Fne S... Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $5.00 per pound) Direct labor (7 hours @ $14 per hour) Variable overhead (7 hours @ $7 per hour) Fixed overhead (7 hours @ $9 per hour) Standard cost per unit Production (in units) Standard direct labor hours (7 DLH per unit) Budgeted overhead (flexible budget). Fixed overhead Variable overhead Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level o the company's capacity of 51,000 units per quarter. The following additional information is available. $ 150.00 98.00 49.00 63.00 $360.00 70% 35,700 249,900 $ 2,570,400 $ 1,749,300 Direct materials (1,377,000 pounds @ $5.00 per pound) Direct labor (321,300 hours @ $14 per hour) Overhead (321,300 hours @ $16 per hour) Standard (budgeted) cost Saved Actual costs incurred during the current quarter follow. Direct materials (1,358,000 pounds @ $7.80 per pound) Direct labor (317,300 hours @ $11.00 per hour) Fixed overhead Variable overhead Actual cost Operating Levels 80% 40,800 285,600 < Prev $ 2,570,400 $ 1,999, 200 During the current quarter, the company operated at 90% of capacity and produced 45,900 units; actual direct lab- totaled 317,300 hours. Units produced were assigned the following standard costs. $6,885,000 4,498, 200 5,140,800 $ 16,524,000 $ 10,592,400 3,490,300 2,448,500 2,292,300 $ 18,823,500 6 of 6 # 90% 45,900 321,300 MacBook Air $ 2,570,400 $ 2,249,100 Next >

meducation.com/ext/map/index.html?_con=con&external browser=0&launch Url=https% 253A%252F%252Fne S... Use the following information for the Problems below. (Algo) [The following information applies to the questions displayed below.] Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $5.00 per pound) Direct labor (7 hours @ $14 per hour) Variable overhead (7 hours @ $7 per hour) Fixed overhead (7 hours @ $9 per hour) Standard cost per unit Production (in units) Standard direct labor hours (7 DLH per unit) Budgeted overhead (flexible budget). Fixed overhead Variable overhead Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level o the company's capacity of 51,000 units per quarter. The following additional information is available. $ 150.00 98.00 49.00 63.00 $360.00 70% 35,700 249,900 $ 2,570,400 $ 1,749,300 Direct materials (1,377,000 pounds @ $5.00 per pound) Direct labor (321,300 hours @ $14 per hour) Overhead (321,300 hours @ $16 per hour) Standard (budgeted) cost Saved Actual costs incurred during the current quarter follow. Direct materials (1,358,000 pounds @ $7.80 per pound) Direct labor (317,300 hours @ $11.00 per hour) Fixed overhead Variable overhead Actual cost Operating Levels 80% 40,800 285,600 < Prev $ 2,570,400 $ 1,999, 200 During the current quarter, the company operated at 90% of capacity and produced 45,900 units; actual direct lab- totaled 317,300 hours. Units produced were assigned the following standard costs. $6,885,000 4,498, 200 5,140,800 $ 16,524,000 $ 10,592,400 3,490,300 2,448,500 2,292,300 $ 18,823,500 6 of 6 # 90% 45,900 321,300 MacBook Air $ 2,570,400 $ 2,249,100 Next >

FINANCIAL ACCOUNTING
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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**Required:** 1. Compute the direct materials variance, including its price and quantity variances. 2. Compute the direct labor variance, including its rate and efficiency variances. 3. Compute the overhead controllable and volume variances. **Instructions:** Complete this question by entering your answers in the tabs below. **Tabs:** - Req 1 - Req 2 - Req 3 Controllable Variance - Req 3 Volume Variance **Compute the overhead controllable variance.** *Note: Indicate the effect of the variance by selecting favorable, unfavorable, or none.* **Controllable Variance Calculation:** | Actual total overhead | [Input box] | | Budgeted total overhead | [Input box] | | Controllable variance | [Input box] | [Yellow Highlight] | **Navigation:** - Button: < Req 2 - Button: Req 3 Volume Variance > This section guides users to calculate variances related to direct materials, labor, and overhead by entering data into interactive fields, emphasizing the impact of these variances on financial performance.
Transcribed Image Text:**Required:** 1. Compute the direct materials variance, including its price and quantity variances. 2. Compute the direct labor variance, including its rate and efficiency variances. 3. Compute the overhead controllable and volume variances. **Instructions:** Complete this question by entering your answers in the tabs below. **Tabs:** - Req 1 - Req 2 - Req 3 Controllable Variance - Req 3 Volume Variance **Compute the overhead controllable variance.** *Note: Indicate the effect of the variance by selecting favorable, unfavorable, or none.* **Controllable Variance Calculation:** | Actual total overhead | [Input box] | | Budgeted total overhead | [Input box] | | Controllable variance | [Input box] | [Yellow Highlight] | **Navigation:** - Button: < Req 2 - Button: Req 3 Volume Variance > This section guides users to calculate variances related to direct materials, labor, and overhead by entering data into interactive fields, emphasizing the impact of these variances on financial performance.
**Use the Following Information for the Problems Below. (Algo)** *The following information applies to the questions displayed below.* Trini Company set the following standard costs per unit for its single product: - **Direct materials** (30 pounds @ $5.00 per pound): $150.00 - **Direct labor** (7 hours @ $14 per hour): $98.00 - **Variable overhead** (7 hours @ $7 per hour): $49.00 - **Fixed overhead** (7 hours @ $9 per hour): $63.00 - **Standard cost per unit**: $360.00 Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of the company's capacity of 51,000 units per quarter. The following additional information is available: | Operating Levels | | | | |------------------|-------|-------|-------| | | 70% | 80% | 90% | | Production (in units) | 35,700 | 40,800 | 45,900 | | Standard direct labor hours (7 DLH per unit) | 249,900 | 285,600 | 321,300 | | Budgeted overhead (flexible budget) | | | | | Fixed overhead | $2,570,400 | $2,570,400 | $2,570,400 | | Variable overhead | $1,749,300 | $1,999,200 | $2,249,100 | During the current quarter, the company operated at 90% of capacity and produced 45,900 units; actual direct labor totaled 317,300 hours. Units produced were assigned the following standard costs: - **Direct materials** (1,377,000 pounds @ $5.00 per pound): $6,885,000 - **Direct labor** (321,300 hours @ $14 per hour): $4,498,200 - **Overhead** (321,300 hours @ $16 per hour): $5,140,800 - **Standard (budgeted) cost**: **$16,524,000** **Actual costs incurred during the current quarter follow:** - **Direct materials** (1,358,000 pounds @ $7.80 per pound): $10,592,400 - **Direct labor** (317,
Transcribed Image Text:**Use the Following Information for the Problems Below. (Algo)** *The following information applies to the questions displayed below.* Trini Company set the following standard costs per unit for its single product: - **Direct materials** (30 pounds @ $5.00 per pound): $150.00 - **Direct labor** (7 hours @ $14 per hour): $98.00 - **Variable overhead** (7 hours @ $7 per hour): $49.00 - **Fixed overhead** (7 hours @ $9 per hour): $63.00 - **Standard cost per unit**: $360.00 Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of the company's capacity of 51,000 units per quarter. The following additional information is available: | Operating Levels | | | | |------------------|-------|-------|-------| | | 70% | 80% | 90% | | Production (in units) | 35,700 | 40,800 | 45,900 | | Standard direct labor hours (7 DLH per unit) | 249,900 | 285,600 | 321,300 | | Budgeted overhead (flexible budget) | | | | | Fixed overhead | $2,570,400 | $2,570,400 | $2,570,400 | | Variable overhead | $1,749,300 | $1,999,200 | $2,249,100 | During the current quarter, the company operated at 90% of capacity and produced 45,900 units; actual direct labor totaled 317,300 hours. Units produced were assigned the following standard costs: - **Direct materials** (1,377,000 pounds @ $5.00 per pound): $6,885,000 - **Direct labor** (321,300 hours @ $14 per hour): $4,498,200 - **Overhead** (321,300 hours @ $16 per hour): $5,140,800 - **Standard (budgeted) cost**: **$16,524,000** **Actual costs incurred during the current quarter follow:** - **Direct materials** (1,358,000 pounds @ $7.80 per pound): $10,592,400 - **Direct labor** (317,
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