Please help me compute the total labor variance for April which is number 48 only. Mindanao Enterprises uses standard costing. For the monthcompany reported the following data:I. Standard direct labor rate: P10 per hourII. Standard hours allowed for actual production: 8,000III. Actual direct labor rate: P9.50 per hourIV. Labor efficiency variance: P4,800 favorableNote: F denotes favorable and U denotes unfavorable47. The labor rate variance for April is48. The total labor variance for April is

Labor efficiency variance = (Actual hours worked - Standard hours allowed)*Standard rate per hour…

Answered: Mindanao Enterprises uses standard…

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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You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company's costing system and "do what you can to help us get better control of our manufacturing overhead costs." You find that the company has never used a flexible budget, and you suggest that preparing such a budget would be an excellent first step in overhead planning and control. After much effort and analysis, you determined the following cost formulas and gathered the following actual cost data for March: Actual Cost in March $ 21,670 $ 66,600 $ 6,600 Utilities Maintenance Supplies Indirect labor $94,700+ $1.90 per machine-hour Depreciation $68,000 Cost Formula $0.21 per machine-hour $2.00 per machine-hour $16,300+ $38,800 $0.40 per machine-hour During March, the company worked 15,000 machine-hours and produced 9,000 units. The company had originally planned to work 17,000 machine-hours during March. Required: 1. Calculate…
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,600 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (g) 7,600 Revenue ($4.05g) $ 30,780 Expenses: Packing supplies ($0.40g) Oyster bed maintenance ($3,400) Wages and salaries ($2,200 + $0.35q) Shipping ($0.60g) Utilities ($1,240) Other ($410 + $0.01g) Total expense 3,040 3,400 4,860 4,560 1,240 486 17,586 $ 13,194 Net operating income The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,600 $ 26,500 Revenue Expenses: Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities 3,210 3,260 5,270 4,290 1,050 1,106 18,186 $ 8,314 Other Total expense Net operating income
Overhead Variances and Their Disposal Warner Company has the following data for the past year: Actual overhead Applied overhead: Work-in-process inventory Finished goods inventory Cost of goods sold Total $402,000 $88,000 176,000 176,000 $440,000 Warner uses the overhead control account to accumulate both actual and applied overhead.
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Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the activity variances for March. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) FAB Corporation Activity Variances For the Month Ended March 31 $ 20,440 Utilities Maintenance Supplies Indirect labor Depreciation Total
August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget For the Month Ended August 31 Actual pounds (q) 7,500 Revenue ($4.10q) Expenses: $30,750 Packing supplies ($0.30q) Oyster bed maintenance ($3,300) 2,250 3,300 Wages and salaries ($2,400 + $0.30q) Shipping ($0.55q) 4,650 4, 125 Utilities ($1,220) Other ($440 + $0.019) 1,220 515 Total expense 16,060 Net operating income $ 14,690 The actual results for August appear below: Quilcene Oysteria Income Statement For the Month Ended August 31 Actual pounds 7,500 Revenue $26,500 Expenses: Packing supplies 2,420 Oyster bed maintenance 3,160 Wages and salaries 5,060 3,855 Shipping Utilities 1,030 Other 1,135 Total expense 16,660 $ 9,840 Net operating income
All standard costing methods use the predetermined overhead rate to apply factory overhead. This is based on an estimated amount that is calculated during the budgeting process at the beginning of the year. Therefore, there will almost always be a variance between the factory overhead that is applied and the actual factory overhead that is accumulated. These variances should be a minimal amount, but may sometimes be material. Therefore, it is important that an accountant find the cause of the variance, so as not to repeat it. Determining the reasons for variances is an important part of the overall process of variance analysis. Certain causes are commonly attributed to specific variances. Match each reason with the variance(s) it commonly creates. Each numbered item has one or more correct answer(s). Each lettered item may be used once, more than once, or not at all. A change in the quality of materials purchased A new supplier contract Error in the accounting records Change in…
Subject: accounting
The journal entry to record the direct materials quantity variance may be recorded A. Only when direct materials are purchased B. When inventory is taken at the end of the year. C. Only when direct materials are issued to production: D. All of the choices are correct
Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $4.40 per pound) Direct labor (6 hours @ $14 per hour) Variable overhead (6 hours @ $8 per hour) Fixed overhead (6 hours @ $11 per hour) $ 132.00 84.00 48.00 66.00 $ 330.00 Standard cost per unit Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% of the company's capacity of 50,000 units per quarter. The following additional information is available. Production (in units) Standard direct labor hours (6 DLH per unit) Budgeted overhead (flexible budget) Fixed overhead Variable overhead Operating Levels 70% 80% 90% 35,000 210,000 40,000 240,000 45,000 270,000 $ 2,640,000 $ 1,680,000 $ 2,640,000 $ 2,640,000 $ 1,920,000 $ 2,160,000 During the current quarter, the company operated at 90% of capacity and produced 45,000 units; actual direct labor totaled 266,000 hours. Units produced were assigned the following…
1. Using the four-variance approach, what is the volume variance? 2. Using the four-variance approach, what is the fixed overhead spending? 3. Using the four-variance approach, what is the variable overhead efficiency variance? 4. Using the four-variance approach, what is the variable overhead spending variance?
Subject - Accounting

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