1.Please Complete Solution With Details 2.Final Answer Clearly Mentioned 3.Do not give solution in image format Question 2Nancy Inc manufactures mobile phones that come with Bluetooth headphone. Each Bluetoothheadphone requires the following inputs and costs:InputsDirect materialsDirect laborVariable manufacturing overheadActual direct materials cost(purchased and used)Actual direct labor costStandard QuantitypoundshourshoursActual results for the year 2022 were as follows:Actual output3.50.600.60V.vi.21,000Direct materials price varianceDirect materials quantity varianceDirect labor rate varianceunitsActual Quantity74,000Total actual variable manufacturing overhead $71,400cost12,000Standard Price$5.00$23.00$5.50per poundper hourper hourDirect labor efficiency varianceVariable manufacturing overhead rate varianceVariable manufacturing overhead efficiency varianceActual priceper poundpounds $4.00hours $22.00a)Compute the standard variable product cost and actual variable cost per unit.b) For the year 2022, compute the following variances, indicating whether each is favorableor unfavorable:i.ii.iii.iv.per hourc) Will any of your answer in (b) be different if the company actually used 73,000 pounds ofmaterial only.

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Description: 1.Please Complete Solution With Details 2.Final Answer Clearly Mentioned 3.Do not give solution in image format Question 2Nancy Inc manufactures mobile phones that come with Bluetooth headphone. Each Bluetoothheadphone requires the following input

Under standard costing the variances are calculated for the difference between the actual cost and…

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Nancy Inc manufactures mobile phones that come with Bluetooth headphone. Each Bluetooth headphone requires the following inputs and costs: Inputs Direct materials Direct labor Variable manufacturing overhead Standard Quantity pounds $5.00 hours $23.00 hours $5.50 Actual direct materials cost (purchased and used) Actual direct labor cost 3.5 0.60 0.60 Actual results for the year 2022 were as follows: Actual output 21,000 units Actual Quantity 74,000 12,000 Total actual variable manufacturing overhead $71,400 cost Standard Price i. Direct materials price variance ii. Direct materials quantity variance iii. Direct labor rate variance iv. Direct labor efficiency variance V. Variable manufacturing overhead rate variance vi. per pound per hour per hour Variable manufacturing overhead efficiency variance Actual price pounds $4.00 hours $22.00 per hour a) Compute the standard variable product cost and actual variable cost per unit. b) For the year 2022, compute the following variances, indicating whether each is favorable or unfavorable: per pound c) Will any of your answer in (b) be different if the company actually used 73,000 pounds of material only.

Nancy Inc manufactures mobile phones that come with Bluetooth headphone. Each Bluetooth headphone requires the following inputs and costs: Inputs Direct materials Direct labor Variable manufacturing overhead Standard Quantity pounds $5.00 hours $23.00 hours $5.50 Actual direct materials cost (purchased and used) Actual direct labor cost 3.5 0.60 0.60 Actual results for the year 2022 were as follows: Actual output 21,000 units Actual Quantity 74,000 12,000 Total actual variable manufacturing overhead $71,400 cost Standard Price i. Direct materials price variance ii. Direct materials quantity variance iii. Direct labor rate variance iv. Direct labor efficiency variance V. Variable manufacturing overhead rate variance vi. per pound per hour per hour Variable manufacturing overhead efficiency variance Actual price pounds $4.00 hours $22.00 per hour a) Compute the standard variable product cost and actual variable cost per unit. b) For the year 2022, compute the following variances, indicating whether each is favorable or unfavorable: per pound c) Will any of your answer in (b) be different if the company actually used 73,000 pounds of material only.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter20: Cost-volume-profit Analysis

Section: Chapter Questions

Problem 2E: Identify cost graphs The following cost graphs illustrate various types of cost behavior: For each...

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