Nevada Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $ 3.00 per ounce 6.4 ounces 0.4 hours. 0.4 hours $ 13.00 per hour S 5.00 per hour The company reported the following results concerning this product in March. Originally budgeted output 4,800 units Actual output Raw materials used in production 4,900 units 30,230 ounces 1,910 hours 32,600 ounces Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate Direct materials Direct labor Variable overhead S S S O $3,136 F O $3,260 F O $3,136 U O $3,260 U Standard Cost Per Unit S S S 2.90 per ounce 12.40 per hour 4.90 per hour 19.20 5.20 2.00 The company applies variable overhead on the basis of direct labor-hours. The direct the materials are purchased. The materials price variance for March is: erials purchases variance is computed when

Nevada Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate $ 3.00 per ounce 6.4 ounces 0.4 hours. 0.4 hours $ 13.00 per hour S 5.00 per hour The company reported the following results concerning this product in March. Originally budgeted output 4,800 units Actual output Raw materials used in production 4,900 units 30,230 ounces 1,910 hours 32,600 ounces Actual direct labor-hours Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate Direct materials Direct labor Variable overhead S S S O $3,136 F O $3,260 F O $3,136 U O $3,260 U Standard Cost Per Unit S S S 2.90 per ounce 12.40 per hour 4.90 per hour 19.20 5.20 2.00 The company applies variable overhead on the basis of direct labor-hours. The direct the materials are purchased. The materials price variance for March is: erials purchases variance is computed when

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

Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 7.1 ounces 0.2 hours 0.2 hours Standard Price or Rate Standard Cost Per Unit $ 28.40 $ 4.00 per ounce $ 11.00 per hour $ 2.20 $ 4.00 per hour $ 0.80 The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 2,500 units 3,000 units 21,500 ounces Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 22,500 ounces 560 hours $ 45,100 $ 12,500 $ 3,250 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for June is: Multiple Choice $306 F $6.340 U $306 U $6,340 F
Milar Corporation makes a product with the following standard costs Standard Quantity Standard Price on or Hours 6.5 pounds Direct materials Direct labor Nariable overhead Rate. $ 6.00 per pound $25.00 per hour $11.50 per hour 0.8 hours 0.8 hours In January the company produced 3,360 units using 13.440 pounds of the direct material and 2.808 direct labor-hours, During the month, the company purchased 16,900 pounds of the direct material at a cost of $14,200. The actual direct labor cost was S69,795 and the actual Varlable overhead cost Was $30,940. The company applies variable overhead on the basis of direct iabor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for January is Multiple Choice $405 F $405 U Windows Update S2.595U Countdown to goodnes... We're all set to do the restart you scheduled. Mc Graw Hill Prev 24 of 36 Nexflm Type here to search |耳 59 F Mostly cloudy 8:34 AM 10/21/2021 DELL F1 F2 F3 F4 F5 F6 F7…
Doogan Corporation makes a product with the following standard costs: Standard Quantity or Standard Price or Hours Rate Direct materials Direct labor Variable overhead 9.0 grams e.4 hours $ 3.60 per gram $36.00 per hour $ 8.60 per hour e.4 hours The company produced 6,800 units in January using 40.910 grams of direct material and 2.540 direct labor-hours. During the month, the company purchased 46,000 grams of the direct material at $3.30 per gram. The actual direct labor rate was $35.30 per hour and the actual varlable overhead rate was $8.40 per hour. The company applies varlable overhead on the basis of direct labor-hours. The direct materials purchases varlance is computed when the materials are purchased. The varlable overhead rate varlance for January is:
A company makes a product with the following standard costs: Standard Quantity or Hours Standard Cost Per Standard Price or Rate Unit Direct materials 7.6 ounces $4.00 per ounce $30.40 $5.00 $ 4.50 Direct labor 0.5 hours $ 10.00 per hour Variable overhead 0.5 hours $ 9.00 per hour The company reported the following results concerning this product In June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 3,000 units 3,100 units 16,300 ounces 17,400 ounces 510 hours $ 45,000 $ 13,000 $3,500 The company applles varlable overhead on the basls of direct labor-hours. The labor rate varlance for June Is: - ఆడిం Multiple Choice $7.900 F $7,900 U $1,337 U
Direct materials Direct labor Variable overhead 6.5 ounces 0.2 hours 0.2 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost ➡ 2,700 2,800 19,380 21,400 x 500 $ 40,660 $ 12,050 $3,100 The variable overhead Efficiency variance for June is: $360 F $360 U $372 U $372 F $ 2.00 per ounce $23.00 per hour $6.00 per hour The company applies variable overhead on the basis of direct labor-hours. units units ounces ounces hours $ 13.00 $4.60 $1.20
Tharaldson Corporation makes a product with the following standard costs: Standard Standard Quantity or Hours Standard Price or Cost Per Rate Unit Direct materials $ 4.00 per ounce $ 11.00 per hour $ 4.00 per hour 7.1 ounces $28.40 Direct labor $ 3.30 $ 1.20 0.3 hours Variable overhead e.3 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 2,500 units 3,000 units 21,500 ounces Purchases of raw materials 22,000 ounces 560 hours Actual direct labor-hours Actual cost of raw materials purchases $ 45,100 $ 12,500 $ 3,250 Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases varlance is computed when the materials are purchase The labor efficiency varlance for June is:
A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 45,500 pounds @ $8.20 per pound Direct labor 2 DLH @ $15 per DLH 14,600 hours @ $15.60 per hour Overhead 2 DLH @ $12 per DLH $ 186,100 Units manufactured 7,500 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)AH = Actual HoursSH = Standard HoursAR = Actual RateSR = Standard Rate
Sweet Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.0 ounces $ 3.00 per ounce $ 18.00 Direct labor 0.3 hours $ 11.00 per hour $ 3.30 Variable overhead 0.3 hours $ 9.00 per hour $ 2.70 The company reported the following results concerning this product in April. Originally budgeted output 3,600 units Actual output 3,200 units Raw materials used in production 21,000 ounces Purchases of raw materials 22,100 ounces Actual direct labor-hours 500 hours Actual cost of raw materials purchases $ 42,300 Actual direct labor cost $ 13,600 Actual variable overhead cost $ 3,800 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for April is:
Handerson Corporation makes a product with the following standard costs: Standard Quantity Standard Price or or Hours 8.5 kilos Rate Direct materials $46.00 r kilo $ 20.00 per hour $ 6.00 per hour Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August. Actual output 3,200 units 29,030 kilos 31,600 kilos 1,160 hours $ 195,920 $ 22,736 $ 7,540 Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is cor purchased. The labor efficiency variance for August is:
A manufactured product has the following information for August. Standard Actual Direct materials 2 lbs. per unit @ $2.50 per lb. Direct labor 0.5 hours per unit @ $16 per hour Overhead $12 per direct labor hour Units manufactured 12,000 Total manufacturing costs $ 225,400 (1) Compute the standard cost per unit.(2) Compute the total budgeted cost for production in August.(3) Compute the total cost variance for August.
Bateh Company produces hot sauce. The following information is provided concerning its standard cost system for the year: Standard Data Actual Data Material 1/8 lbs. @ $7.50 per lb. Produced 4,400 Labor 24 mins. @ $12 per hr. Materials cost $7.40 per pound Budgeted fixed overhead $28,350 Materials used 556 pounds Budgeted variable overhead $4.50 per unit Labor worked 1,610 hrs. totaling $19,481 Budgeted production 4,500 Actual overhead Fixed $20,000; Variable: $28,400 How much is the labor quantity variance?
Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) Master production budget Direct materials Direct labor Overhead Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead Direct materials Direct labor Variable overhead Fixed overhead 11,040 $ 241,164 204,624 281,967 Price Variance $ 3.96 per liter x 5 liters per unit of output $ 33.60 per hour x 0.50 hour per unit $ 30.30 per direct labor-hour Variable overhead is applied on the basis of direct labor-hours. Required: Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variances. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. $ 242,580 (62,200 liters). 182,628 (5,340 hours)…