Homework Help is Here – Start Your Trial Now!
Business
Accounting
overhead is applied to products on the basis of direct labor-hours. Standard Price or Standard Quantity or Hours per Unit of Output 7.60 liters 0.60 hours Rate Inputs Direct materials $ 7.20 per liter $23.70 per hour $ 6.10 per hour Direct labor Variable manufacturing overhead 0.60 hours The company has reported the following actual results for the product for September: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost 9,800 units 75,200 liters $564,500 74,500 liters 5,500 hours $135,302 $ 29,314 Required: a. Compute the materials price variance for September. b. Compute the materials quantity variance for September. c. Compute the labor rate variance for September. d. Compute the labor efficiency variance for September. e. Compute the variable overhead rate variance for September. f. Compute the variable overhead efficiency variance for September. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" fc variance). Input all amounts as positive values.)

overhead is applied to products on the basis of direct labor-hours. Standard Price or Standard Quantity or Hours per Unit of Output 7.60 liters 0.60 hours Rate Inputs Direct materials $ 7.20 per liter $23.70 per hour $ 6.10 per hour Direct labor Variable manufacturing overhead 0.60 hours The company has reported the following actual results for the product for September: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost 9,800 units 75,200 liters $564,500 74,500 liters 5,500 hours $135,302 $ 29,314 Required: a. Compute the materials price variance for September. b. Compute the materials quantity variance for September. c. Compute the labor rate variance for September. d. Compute the labor efficiency variance for September. e. Compute the variable overhead rate variance for September. f. Compute the variable overhead efficiency variance for September. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" fc variance). Input all amounts as positive values.)

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
Topic Video
Question
How do I find the actual rate for variable manufacturing overhead. I’m trying to compute the variable overhead rate variance. I’ve attached a photo of my math in the way I was taught to do it.
Edit View History Bookmarks Profiles Tab Window Help Sraw Hill Connect O Question 5 - More questions fr X zto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mhedu Saved questions from chapters 6-8-9-11-12 to practice i overhead is applied to products on the basis of direct labor-hours. Standard Price or Standard Quantity or Hours per Unit of Output 7.60 liters Rate Inputs Direct materials $ 7.20 per liter $23.70 per hour $ 6.10 per hour Direct labor 0.60 hours eBook Variable manufacturing overhead 0.60 hours ferences The company has reported the following actual results for the product for September: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost 9,800 units 75,200 liters $564,500 74,500 liters 5,500 hours $135,302 $ 29,314 Required: a. Compute the materials price variance for September. b. Compute the materials quantity variance for September. c. Compute the labor rate variance for September. d. Compute the labor efficiency variance for September. e. Compute the variable overhead rate variance for September. f. Compute the variable overhead efficiency variance for September. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effec variance). Input all amounts as positive values.) Mc < Prev 5 of 15 Next > Graw Hill AUG W
Transcribed Image Text:Edit View History Bookmarks Profiles Tab Window Help Sraw Hill Connect O Question 5 - More questions fr X zto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mhedu Saved questions from chapters 6-8-9-11-12 to practice i overhead is applied to products on the basis of direct labor-hours. Standard Price or Standard Quantity or Hours per Unit of Output 7.60 liters Rate Inputs Direct materials $ 7.20 per liter $23.70 per hour $ 6.10 per hour Direct labor 0.60 hours eBook Variable manufacturing overhead 0.60 hours ferences The company has reported the following actual results for the product for September: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost 9,800 units 75,200 liters $564,500 74,500 liters 5,500 hours $135,302 $ 29,314 Required: a. Compute the materials price variance for September. b. Compute the materials quantity variance for September. c. Compute the labor rate variance for September. d. Compute the labor efficiency variance for September. e. Compute the variable overhead rate variance for September. f. Compute the variable overhead efficiency variance for September. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effec variance). Input all amounts as positive values.) Mc < Prev 5 of 15 Next > Graw Hill AUG W
used AQXAP 504,500 564,500 purcuased AQXSP 75,200 X 7,2 541,490 pice Var. $23,000U AQ XSP 74/500 x 7,2 SPx aD xSP (1.10x9500) x 7.2 536,400 M-Q.vunianal $4144 U 536256 AH X AR- 135,302 135,302 OLR AH XSP Ss00 x 23.7o 130,350 (SHx a) xS (6 xaso0) x 23.- 139,356 x out lavovetf. 9,006F ANYAR 191314 X AHXSR 191314 X 6.1 act C6x9800) 6.1
Transcribed Image Text:used AQXAP 504,500 564,500 purcuased AQXSP 75,200 X 7,2 541,490 pice Var. $23,000U AQ XSP 74/500 x 7,2 SPx aD xSP (1.10x9500) x 7.2 536,400 M-Q.vunianal $4144 U 536256 AH X AR- 135,302 135,302 OLR AH XSP Ss00 x 23.7o 130,350 (SHx a) xS (6 xaso0) x 23.- 139,356 x out lavovetf. 9,006F ANYAR 191314 X AHXSR 191314 X 6.1 act C6x9800) 6.1
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Performance measurements
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
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