Homework Help is Here – Start Your Trial Now!
Business
Accounting
O. öduction budget IC nit requires 2 stan 0,000 for the yea ixed and variable

O. öduction budget IC nit requires 2 stan 0,000 for the yea ixed and variable

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
6 – 11 Franklin Glass Works' production budget for the year ended November 30, 2020 was. based on 200,000 units . Each unit requires 2 standard hours of labor for completion. Total overhead was. budgeted at P 900,000 for the year , and the fixed overhead rate was estimated to be P 3.00 per unit. Both the fixed and variable overhead are assigned to the product on the basis of direct labor hours . Moreover. Franklin analyzes overhead variances on a four way basis . The actual data for the year ended November 30, 2020 are presented below: Actual production in units Actual direct labor hours 6. The standard hours allowed for actual production for the vear ended November 30, 2020 198,000 440,000 P 352.000 P575.000 Actual variable overhead Actual fixed overhead a. 247,500 b. 396,000 C. 400,000 d. 495,000 was 7. Franklin's variable overhead efficiency variance for the year was b. P 35,520 F a. P 33,000 U c. P 66,000 U d. P 33,000 F 8. Franklin's variable overhead spending variance for the year was a. P 20,000 U c. P 22,000 b. P 19,800 F d. P 20,000 F 9. Franklin's fixed overhead spending variance for the year was b. P 25,000 F c. P 5,750F a. P 19,000 F d. P 19,000 U 10. The fixed overhead applied to Franklin's production for the year was b. P 575,000 а. Р484,200 с. Р 594,000 d. P 600,000 11. Franklin's fixed overhead volume variance for the year was a. P 6,000 U b. P 19,000 E C. P 25,000 F d. P 55,00 12. Menchie Corporation is developing standards for its products. One product requires an input that is purchased for P57.00 per kilogram from the supplier. By paying cash, the company gets a discount of 8% off this purchase price. Shipping costs from the supplier's warehouse amount to P3.60 per kilogram. Receiving costs are P0.26 per kilogram. The standard price per kilogram of this input should be: A.P 57.70 В. Р 56.30 С. Р 65.42 D. P 57.00 13. Jamie Corporation is developing standards for its products. Each unit of output of the product requires 0.53 kilogram of a particular input. The allowance for waste and spoilage is 0.06 kilogram of this input for each unit of output. The allowance for rejects is 0.12 kilogram of this input for each unit of output. The standard quantity in kilograms of this input per unit of output should be: A) 0.53 B) 0.35 C) 0.71 D) 0.47 14. Dan Corporation is developing direct labor standards. The basic direct labor wage rate is P10.95 per hour. Employment taxes are 9% of the basic wage rate. Fringe benefits are P4.00 per direct labor-hour. The standard rate per direct labor-hour should be: ALP5 96 B) P4.99 C) P10.95 D) P15.94 15. Zeny Corporation is developing direct labor standards. A particular product requires 0.94 direct labor- hours per unit. The allowance for breaks and personal needs is 0.02 direct labor-hours per unit. The allowance for cleanup, machine downtime, and rejects is 0.10 direct labor-hours per unit. The standard direct labor-hours per unit should be: A) 0.82 B) 0.92 C) 0.94 D) 1.06
Transcribed Image Text:6 – 11 Franklin Glass Works' production budget for the year ended November 30, 2020 was. based on 200,000 units . Each unit requires 2 standard hours of labor for completion. Total overhead was. budgeted at P 900,000 for the year , and the fixed overhead rate was estimated to be P 3.00 per unit. Both the fixed and variable overhead are assigned to the product on the basis of direct labor hours . Moreover. Franklin analyzes overhead variances on a four way basis . The actual data for the year ended November 30, 2020 are presented below: Actual production in units Actual direct labor hours 6. The standard hours allowed for actual production for the vear ended November 30, 2020 198,000 440,000 P 352.000 P575.000 Actual variable overhead Actual fixed overhead a. 247,500 b. 396,000 C. 400,000 d. 495,000 was 7. Franklin's variable overhead efficiency variance for the year was b. P 35,520 F a. P 33,000 U c. P 66,000 U d. P 33,000 F 8. Franklin's variable overhead spending variance for the year was a. P 20,000 U c. P 22,000 b. P 19,800 F d. P 20,000 F 9. Franklin's fixed overhead spending variance for the year was b. P 25,000 F c. P 5,750F a. P 19,000 F d. P 19,000 U 10. The fixed overhead applied to Franklin's production for the year was b. P 575,000 а. Р484,200 с. Р 594,000 d. P 600,000 11. Franklin's fixed overhead volume variance for the year was a. P 6,000 U b. P 19,000 E C. P 25,000 F d. P 55,00 12. Menchie Corporation is developing standards for its products. One product requires an input that is purchased for P57.00 per kilogram from the supplier. By paying cash, the company gets a discount of 8% off this purchase price. Shipping costs from the supplier's warehouse amount to P3.60 per kilogram. Receiving costs are P0.26 per kilogram. The standard price per kilogram of this input should be: A.P 57.70 В. Р 56.30 С. Р 65.42 D. P 57.00 13. Jamie Corporation is developing standards for its products. Each unit of output of the product requires 0.53 kilogram of a particular input. The allowance for waste and spoilage is 0.06 kilogram of this input for each unit of output. The allowance for rejects is 0.12 kilogram of this input for each unit of output. The standard quantity in kilograms of this input per unit of output should be: A) 0.53 B) 0.35 C) 0.71 D) 0.47 14. Dan Corporation is developing direct labor standards. The basic direct labor wage rate is P10.95 per hour. Employment taxes are 9% of the basic wage rate. Fringe benefits are P4.00 per direct labor-hour. The standard rate per direct labor-hour should be: ALP5 96 B) P4.99 C) P10.95 D) P15.94 15. Zeny Corporation is developing direct labor standards. A particular product requires 0.94 direct labor- hours per unit. The allowance for breaks and personal needs is 0.02 direct labor-hours per unit. The allowance for cleanup, machine downtime, and rejects is 0.10 direct labor-hours per unit. The standard direct labor-hours per unit should be: A) 0.82 B) 0.92 C) 0.94 D) 1.06
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Inventory Management
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