Oyster Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $248 per board. This includes 35 pounds of direct materials, at the budgeted price of $3 per pound, and 11 hours of direct manufacturing labor, at the budgeted rate of $13 per hour. Following are additional data for the month of July: Units completed Direct material purchases Cost of direct material purchases Actual direct manufacturing labor-hours Actual direct manufacturing labor cost Direct materials efficiency variance 5,600 units 230,000 pounds $759,000 43,000 hours $623,500 $ 1,200 F

Oyster Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials and direct manufacturing labor is $248 per board. This includes 35 pounds of direct materials, at the budgeted price of $3 per pound, and 11 hours of direct manufacturing labor, at the budgeted rate of $13 per hour. Following are additional data for the month of July: Units completed Direct material purchases Cost of direct material purchases Actual direct manufacturing labor-hours Actual direct manufacturing labor cost Direct materials efficiency variance 5,600 units 230,000 pounds $759,000 43,000 hours $623,500 $ 1,200 F

Name: There were no beginning inventories.Q. Compute direct manufacturing la
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Description: There were no beginning inventories.Q. Compute direct manufacturing labor variances for July. Oyster Bay Surfboards manufactures fiberglass surfboards. The standard cost of direct materials anddirect manufacturing labor is $248 per board. This includ

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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Inputs Direct materials Direct labor Variable manufacturing overhead 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 The company has reported the following actual results for the product for September: Standard Quantity or Hours per Unit of Output Required: a. Compute the materials price variance for Septer b. Compute the materials quantity variance for September. c. Compute the labor rate variance for September. a. Materials price variance b. Materials quantity variance Labor rate variance Labor efficiency variance variable overhead spending variance Variable overhead efficiency variance C. d. 9.40 liters 0.60 hours 0.60 hours 11,600 units 110,000 liters $1,010,500 $ $ e. f. d. Compute the labor efficiency variance for September. e. Compute the variable overhead spending variance for September. 109,070 liters 6,380 hours f. Compute the variable…
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Amada Company's standard cost system reports this information from its December operations. Standard direct materials cost Direct materials quantity variance Direct materials price variance Actual direct labor cost Direct labor efficiency variance Direct labor rate variance Actual overhead cost Volume variance Controllable variance View transaction list Journal entry worksheet 1 Required: 1. Prepare December 31 journal entries to record the company's costs and variances for the month for (a) direct materials, (b) direct labor, and (c) overhead. Ignore the journal entry to close the variances. 2 3 Record direct materials costs and variances. Date December 31 Note: Enter debits before credits. $ 100,000 General Journal 3,000 U 500 F 90,000 7,000 F 1,200 U 375,000 12,000 U 9,000 U Debit Credit >
Quilcene Oysteria farms and sells oysters in the Pacific Northwest. The company harvested and sold 7,300 pounds of oysters in August. The company's flexible budget for August appears below: Quilcene Oysteria Flexible Budget Actual pounds (q) Revenue ($4.15q) Expenses: Packing supplies ($0.35q) Oyster bed maintenance ($3,100) Wages and salaries ($2,500 + $0.35q) Shipping ($0.60q) Utilities ($1,210) For the Month Ended August 31 Other ($400 + $0.019) Total expenses Net operating income Actual pounds Revenue The actual results for August were as follows: Expenses: Quilcene Oysteria Income Statement For the Month Ended August 31 Packing supplies Oyster bed maintenance Wages and salaries Shipping Utilities Other Total expenses Net operating income 7,300 $ 30,295 2,555 3,100 5,055 4,380 1,210 473 16,773 $ 13,522 7,300 $ 26,600 2,725 2,960 5,465 4,110 1,020 1,093 17,373 $ 9,227
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Accounting Capstone - Budget Performace Variance Report
Example: Using the direct labor standards for the production process at Hardrock Quarry, Inc. as above: Required: Compute the following variances for Hardrock Quarry, Inc. for the month of August: 1. Direct labor yield variances for the individual labor categories and for the total output. 2. Direct labor mix variances for the individual labor categories and for the total output.
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Instruction: a. Compute for the factory overhead variance b. Make the journal entries that relate to the factory overhead 19F.