Homework Help is Here – Start Your Trial Now!
Business
Accounting
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
See similar textbooks
icon
Related questions
Question
Required: 1. Compute the direct materials variance, including its price and quantit 2. Compute the direct labor variance, including its rate and efficiency va 3. Compute the overhead controllable and volume variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Controllable Variance Compute the overhead controllable variance. Note: Indicate the effect of the variance by selecting favorable, unfavorable, o Controllable Variance Actual total overhead Budgeted total overhead Controllable variance Req 3 Volume Variance < Req 2 Req 3 Volume < Prev Mac
Transcribed Image Text:Required: 1. Compute the direct materials variance, including its price and quantit 2. Compute the direct labor variance, including its rate and efficiency va 3. Compute the overhead controllable and volume variances. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Controllable Variance Compute the overhead controllable variance. Note: Indicate the effect of the variance by selecting favorable, unfavorable, o Controllable Variance Actual total overhead Budgeted total overhead Controllable variance Req 3 Volume Variance < Req 2 Req 3 Volume < Prev Mac
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 During the current quarter, the company operated at 90% of capacity and produced totaled 317,300 hours. Units produced were assigned the following standard costs. $ 2,570,400 $ 1,999, 200 < Prev $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 $ 2,570,400 $ 2,249,100 45,900 units; actual direct lab- H 90% 45,900 321,300 MacBook Air Next >
Transcribed Image Text: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 During the current quarter, the company operated at 90% of capacity and produced totaled 317,300 hours. Units produced were assigned the following standard costs. $ 2,570,400 $ 1,999, 200 < Prev $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 $ 2,570,400 $ 2,249,100 45,900 units; actual direct lab- H 90% 45,900 321,300 MacBook Air Next >
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Discontinuing operations for a product or a service line
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS