of 2Required information[The following information applies to the questions displayed below.]BatCo makes baseball bats. Each bat requires 2.00 pounds of wood at $20 per pound and 0.25 direct labor hour at $30per hour. Overhead is assigned at the rate of $60 per direct labor hour.BookAssume the actual cost to manufacture 150 bats is $9,975.00. Compute the total cost variance and identify it as favorable orunfavorable.Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.HintTerencesActual costBudgeted standard costTotal cost variance

Step 1: Actual cost Actual cost = $9,975 (given) Step 2: Budgeted standard cost Budgeted standard…

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Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 5PA: Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but...

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2 < ces ! Check my work Required information [The following information applies to the questions displayed below.] BatCo makes baseball bats. Each bat requires 1.00 pounds of wood at $22 per pound and 0.30 direct labor hour at $20 per hour. Overhead is assigned at the rate of $40 per direct labor hour. Assume the actual cost to manufacture 130 bats is $6,240.00. Compute the total cost variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Actual cost Budgeted standard cost Total cost variance
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BatCo makes metal baseball bats. Each bat requires 1 kg of aluminum at $20 per kg and 0.35 direct labor hours at $22 per hour. Overhead is assigned at the rate of $32 per direct labor hour. Assume the actual cost to manufacture one metal hat was $44.90. Compute the cost variance and classify it as favorable or unfavorable.
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Acme Inc. has the following information available: $ 1.00 $ 1.20 Actual price paid for material Standard price for material Actual quantity purchased and used in production 100 Standard quantity for units produced 110 $ 15.00 $ 16.00 Actual labor rate per hour Standard labor rate per hour Actual hours 200 Standard hours for units produced 220 Calculate the Labor Efficiency (Time) Variance and indicate if the variance is favorable or unfavorable
Acme Inc. has the following information available: Actual price paid for material $1.000 Standard price for material $0.730 Actual quantity purchased and used in production 100 Standard quantity for units produced 80 Actual labor rate per hour $16 Standard labor rate per hour $14 Actual hours 200 Standard hours for units produced 230 Compute the material price and quantity, and the labor rate and efficiency variances. Round your answers to two decimal places. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance $ Labor efficiency variance $ Favorable Unfavorable
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Bellingham Company produces a product that requires 2.5 standard pounds per unit. The standard price is $3.65 per pound. 15,100 units used 36,400 pounds, which were purchased at $3.85 per pound. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet What is the direct materials (a) price variance, (b) quantity variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct materials price variance b. Direct materials quantity variance c. Direct materials cost variance $ $ $
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Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 Actual quantity purchased and used in production 100 Standard quantity for units produced 130 Actual labor rate per hour $15 Standard labor rate per hour $17 Actual hours 210 Standard hours for units produced 230 A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance $fill in the blank 1 Material quantity variance $fill in the blank 3 Labor rate variance $fill in the blank 5 Labor efficiency variance $fill in the blank 7 B. What are some possible causes for this combination of favorable and unfavorable variances?
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