pink Rip Tide Company manufactures surfboards, its standard cost information follows: Standard Standard Quantity Price (Rate) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 +300 units) 15 sq. ft. 10 hrs. 10 hrs. 331 5,110 $ 29,127 3.250 $ 50,375 $ 13,890 $ 19,600 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide Standard Unit Cost Rip Tide has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass used Cost of fiberglass used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost S $ per 5 sq S ft $15 per hr. per 6 hr. 75.00 150.00 60.00 80.00

pink Rip Tide Company manufactures surfboards, its standard cost information follows: Standard Standard Quantity Price (Rate) Direct Materials Price Variance Direct Materials Quantity Variance Direct Materials Spending Variance Direct materials (fiberglass) Direct labor Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24,000 +300 units) 15 sq. ft. 10 hrs. 10 hrs. 331 5,110 $ 29,127 3.250 $ 50,375 $ 13,890 $ 19,600 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide Standard Unit Cost Rip Tide has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass used Cost of fiberglass used Number of labor hours worked Direct labor cost Variable overhead cost Fixed overhead cost S $ per 5 sq S ft $15 per hr. per 6 hr. 75.00 150.00 60.00 80.00

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Description: pinkDirect Materials Price VarianceDirect Materials Quantity VarianceDirect Materials Spending VarianceRip Tide Company manufactures surfboards, its standard cost information follows:StandardPrice(Rate)Direct materials(fiberglass)Direct Labor Rate V

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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2.Given the following data, calculate the total product cost per unit under variable costing. Direct labor $3.50 per unit Direct materials $1.25 per unit Overhead Total variable overhead $41,400 Total fixed overhead $150,000 Expected units to be produced 18,000 units a.$4.75 per unit b.$7.05 per unit c.$15.38 per unit d.$13.08 per unit e.$16 per unit
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Q.No.2 The standard and actual cost data of M/s. ABC Company are as follows: Standard Raw Material (DM) is 5000 units @ Rs. 10 while Actual 4900 units @ Rs. 8 Standard Direct Labor (DL) is 10000 hours @ Rs. 4 while Actual 12000 Hours @ Rs. 5 Standard Factory Overhead (FOH) is 50% of Direct Labor while Actual FOH Rs. 15000 Required: A) Calculate; Material Price Variance and Material Quantity Variance Labor rate variance and Labor time variance Overhead Variance B) Give journal entries to record the above information and close the variance accounts.
Alibaba Manufacturing manufactures widgets for distribution. The standard costs for the manufacture of widgets follow: Standard Costs Actual CostsDirect materials 3 lbs. per widget at 31,000 lbs. at $34 $35 per pound per poundDirect labor 2.5 hours per widget 22,500 hours at at $11 per hour $11.80 per hourFactory overhead Variable cost, $24/widget $241,500 variable cost Fixed cost, $40/widget $381,250 fixed cost Budgeted factory overhead was $640,000. Overhead applied is based on widgets produced. The company estimated that 10,000 widgets would be produced; however, only 9,600 were produced. InstructionsCalculate the following amounts.1. Rate at which total factory overhead is applied2. Materials price…
Question Content Area The standard costs and actual costs for factory overhead for the manufacture of 2,900 units of actual production are as follows: Standard Costs Line Item Description Value Fixed overhead (based on 10,000 hours) 3 hours per unit at $0.70 per hour Variable overhead 3 hours per unit at $1.93 per hour Actual Costs Total variable cost, $18,000 Total fixed cost, $8,200 The fixed factory overhead volume variance is a. $0 b. $728 unfavorable c. $910 unfavorable d. $728 favorable
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ACTUAL Direct Materials Direct Labor Summary Mat. Req. No. Description Amount Time Ticket No. Description Amount Item Amount Direct Materials 132 360 meters at $32 H9 18 hours at $19 Direct Labor 134 50 meters at $32 H12 18 hours at $19 Factory Overhead Total Total Total Cost Feedback V Check My Work 1 & 2. Include the estimated and actual direct materials and direct labor. Include the estimated and applied factory overhead. What is the best explanation for the variances between actual costs and estimated costs. For this purpose, assume that the additional meters of material used in the job were spoiled, the factory overhead rate has proven to be satisfactory, and an inexperienced employee performed the work. a. The direct materials cost exceeded the estimate by $40 because 2 meters of materials were spoiled. b. Management didn't provide enough direction to complete tasks on budget. c. The direct materials cost exceeded the estimate by $320 because 10 meters of materials were spoiled.…
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Subject: Accounting
Schwiesow Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Multiple Choice O $14,750 Variable administrative expense Fixed selling and administrative expense If 4,500 units are produced, the total amount of manufacturing overhead cost is closest to:
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