Photo Framing's cost formula for its supplies cost is $1,190 per month plus$19 per frame. For the month of November, the company planned foractivity of 617 frames, but the actual level of activity was 609 frames. Theactual supplies cost for the month was $12,500.The variance for supplies cost in November would be

Step 1: Understand the Cost FormulaThe cost formula for supplies is: Supplies Cost=Fixed…

Answered: Photo Framing's cost formula for its…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter8: Standard Costs And Variances

Section: Chapter Questions

Problem 8EB: Case made 24,500 units during June, using 32,000 direct labor hours. They expected to use 31,450...

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Marymount Company makes one product. In the month of April, it made 3,500 units. Workers were paid $32 per hour for labor, for a total of $718,848. The standard hours per unit are 6.4, and the standard labor wage rate is $38.40 per hour. A. What are the actual hours worked? B. What are the standard hours for the units made? C. What is the direct labor rate variance for April? D. What Is the direct labor time variance for April? E. What is the total direct labor variance for April?
Lowell Manufacturing Inc. has a normal selling price of 20 per unit and has been selling 125,000 units per month. In November, Lowell Manufacturing decided to lower its price to 19 per unit expecting it can increase the units sold by 16%. a. Compute the normal revenue with a 20 selling price. b. Compute the planned revenue with a 19 selling price. c. Compute the actual revenue for November, assuming 135,000 units were sold in November at 19 per unit. d. Compute the revenue price variance, assuming 135,000 units were sold in November at 19 per unit. e. Compute the revenue volume variance, assuming 135,000 units were sold in November at 19 per unit. f. Analyze and interpret the lowering of the price to 19.
The production cost for UV protective sunglasses is $5.50 per unit and fixed costs are $19,400 per month. How much is the favorable or unfavorable variance if 14,000 units were produced for a total of $97,000?
The production cost for a waterproof phone case is $7 per unit and fixed costs are $23,000 per month. How much is the favorable or unfavorable variance If 5,500 units were produced for a total of $61,000?
Lens Junction sells lenses for $45 each and is estimating sales of 15,000 units in January and 18,000 in February. Each lens consists of 2 pounds of silicon costing $2.50 per pound, 3 oz of solution costing $3 per ounce, and 30 minutes of direct labor at a labor rate of $18 per hour. Desired inventory levels are: Â Prepare a sales budget, production budget. direct materials budget for silicon and solution, and a direct labor budget.
Petrus Framing's cost formula for its supplies cost is $1,790 per month plus $10 per frame. For the month of March, the company planned for activity of 619 frames, but the actual level of activity was 624 frames. The actual supplies cost for the month was $8,500. The activity variance for supplies cost in March would be closest to:
Pittman Framing's cost formula for its supplies cost is $1,040 per month plus $14 per frame. For the month of November, the company planned for activity of 614 frames, but the actual level of activity was 604 frames. The actual supplies cost for the month was $9,200. The spending variance for supplies cost in November would be closest to:
Pratte Boat Wash's cost formula for its cleaning equipment and supplies is $2,640 per month plus $47 per boat. For the month of April, the company planned for activity of 60 boats, but the actual level of activity was 14 boats. The actual cleaning equipment and supplies for the month was $3,420. The activity variance for cleaning equipment and supplies in April would be closest to:
Dermody Snow Removal's cost formula for its vehicle operating cost is $3,060 per month plus $336 per snow-day. For the month of December, the company planned for activity of 18 snow-days, but the actual level of activity was 20 snow-days. The actual vehicle operating cost for the month was $9,385. The spending variance for vehicle operating cost in December would be closest to:
Dermody Snow Removal's cost formula for its vehicle operating cost is $2,900 per month plus $320 per snow-day. For the month of December, the company planned for activity of 15 snow-days, but the actual level of activity was 13 snow- days. The actual vehicle operating cost for the month was $7,980. The spending variance for vehicle operating cost in December would be closest to:
Courington Detailing's cost formula for its materials and supplies is $2,010 per month plus $6 per vehicle. For the month of August, the company planned for activity of 96 vehicles, but the actual level of activity was 56 vehicles. The actual materials and supplies for the month was $2,420. The spending variance for materials and supplies in August would be closest to:
Bade Midwifery's cost formula for its wages and salaries is $1,280 per month plus $250 per birth. For the month of October, the company planned for activity of 108 births, but the actual level of activity was 104 births. The actual wages and salaries for the month was $28,325. The activity variance for wages and salaries in October would be closest to:

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