Details are below find out answer in all question Nivola, Inc., produces chemicals for large biotech companies. It has the following data formanufacturing overhead costs during August 2017:VariableFixedActual costs incurred$31,500$ 13,500Costs allocated to products35,00015,400Flexible budget14,400Actual input x budgeted rate30,800Requirement Fill in the blanks. Use F for favorable and U for unfavorable.Sr. No. Title1 Spending variance2 Efficiency variance3 Production-volume variance4 Flexible-budget variance5 Underallocated (overallocated) manufacturingVariabl FixedThe budgeted contribution for R Limited for the last month wasRs.32,000. The following variances were reported.|VarianceSales volume contributionMaterial priceMaterial usageLabor efficiencyVariable overhead efficiencyRs.800 adverse880 adverse822 favorable129 favorable89 favorableNo other variances were reported for the month.The actual contribution earned by R Limited for the last month isRs.

Part 1: Nivola, Inc. Variance Analysis1. Spending Variance (Variable and Fixed)This variance is…

Answered: Nivola, Inc., produces chemicals for…

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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Ma1. Quality Inc. uses a standard cost system and provides the following information. Quality allocates manufacturing overhead to production based on standard direct labor hours. Quality reported the following actual results for 2018: The actual number of units produced is 1,000. The actual variable overhead is $2,500. The actual fixed overhead is $3,500. The actual direct labor hours are 1,200. Data Static budget variable overhead $1,200 Static budget fixed overhead $1,600 Static budget direct labor hour $800 Static budget number of units 400 units. Static direct labor hours 2 hours per unit. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. 1)-Variable overhead cost variance = Actual hours x (Actual rate – Standard rate) 2)-Variable overhead efficiency variances = Standard rate x (Actual labor hours – Standard labor*hours for actual production). 3)-Fixed overhead cost variances = Actual fixed overhead – Budgeted fixed overhead…
< Deluxe, Inc. uses a standard cost system and provides the following information. (Click the icon to view the information.) Deluxe allocates manufacturing overhead to production based on standard direct labor hours. Deluxe reported the following actual results for 2024: actual number of units produced, 1,000, actual variable overhead, $5,000, actual fixed overhead, $3,200; actual direct labor hours, 1,400. Read the requirements Data table Static budget variable overhead Static budget fixed overhead Static budget direct labor hours Static budget number of units Standard direct labor hours Print The fixed overhead cost variance is The fixed overhead volume variance is $2,100 $2,800 1,400 hours 700 units 2 hours per unit Done Requirements 1. Compute the variable overhead cost and efficiency variances and fixed overhead cost and volume variances. 2. Explain why the variances are favorable or unfavorable irect labor hour was sed Print Done because the total fixed overhead cost was because…
. Best Around, Inc., is a manufacturer of vacuums and uses standard costing. Manufacturing overhead (both variable and fixed) is allocated to products on the basis of budgeted machine-hours. In 2017, budgeted fixed manufacturing overhead cost was $17,000,000. Budgeted variable manufacturing overhead was $10 per machine-hour. The denominator level was 1,000,000 machine-hours. Q. Prepare a graph for fixed manufacturing overhead. The graph should display how Best Around, Inc.’s fixed manufacturing overhead costs will be depicted for the purposes of (a) planning and control and (b) inventory costing.
Taunton Company uses the high-low method to estimate its cost function. The information for 2017 is provided below: Machine-hours Labor Costs Highest observation of cost driver 4,000 ��$332,000 Lowest observation of cost driver 3,000 $312,000 What is the estimated cost function for the above data? A. y = 332,000 + 83X B. y = 312,000 + 104X C. y = 92.00X D. y = 252,000 + 20.00X
Below are partial data for overhead cost and activity levels from three different companies. Required: Find the missing values for each companies.
Calculate the manufacturing cost per unit of HJ6 in 2017.
Glencoe, Inc., costs products using a normal costing system. The following data is available for last year: Budgeted: 4.1 4.2 4.3 Overhead Machine hours Direct labour hours 4.4 Actual: Overhead Machine hours Direct labour hours Prime cost Number of units R476 000 140 000 17 000 Overhead is applied on the basis of direct labour hours. Required: R475 000 137 000 16 550 R1 750 000 250 000 Calculate the predetermined overhead rate. Calculate the applied overhead for last year. Was the overhead over- or under-applied, and by how much? Calculate the total cost per unit produced (to 2 decimal places).
The HeatRadiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2017: Read the requirements2. Requirement 1. Compute the budgeted manufacturing overhead rate for 2017. Begin by selecting the formula you will use. Then, enter the amounts and calculate the rate. Budgeted manufacturing (1) / (2) = overhead rate / = Requirement 2. Compute the under-or overallocated manufacturing overhead of Heat Radiator in 2017. Begin by selecting the formula you will use. Next, enter the amounts in the formula and compute the under-or overallocated manufacturing overhead. (Use parentheses or a minus sign when entering overallocated amounts.) Manufacturing overhead (3) – (4) = under-allocated (overallocated)…
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Since, the predetermined overhead rate and the budgeted factory overhead is given. We need to calculate the amount of the allocation base in order to know how Mystic Inc. computed its predetermined overhead rate for 2010. Equation to compute the Predetermined Overhead rate: Given: Predetermined Overhead rate = Predetermined rate: $4.25 per direct labor dollar Budgeted Factory Overhead: $1,275,000 Solution: $4.25 = ? = $300,000 = = $300,000 is the budgeted direct labor cost.
.a. Millat manufacturing produces two product models: Regular and Special. The following information was taken from the accounting records for the first quarter of 2020.Regular Special TotalUnits produced 80,000 20,000 100,000Material cost Rs. 320,000 Rs. 180,000 Rs. 500,000Labor cost Rs. 480,000 Rs. 140,000 Rs. 620,000Millat currently uses a traditional cost accounting system where total overhead cost is assigned to products based on the total number of units produced. Company president Michael has approached the controller Kashif, with concerns about sagging profit margins and his inability to explain competitors’ pricing of similar products. Kashif suggest that the company explore the possibility of a costing system that is based less on volume and more on identifying the consumption of resources by products. Kashif identifies the following overhead costs related to the production process:Wages and costs related to machine setups Rs. 360,000Material handling costs 480,000 Quality…

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