Problem 21-4A (Algo) Computing materials, labor, and overhead variances LO P3, P4Required:1. Compute the direct materials variance, including its price and quantity variances.2. Compute the direct labor variance, including its rate and efficiency variances.3. Compute the overhead controllable and volume variances.Complete this question by entering your answers in the tabs below.Req 3ControllableReq 3 VolumeVarianceReq 1Req 2VarianceCompute the overhead volume variances. (Indicate the effect of the variance by selecting favorable, unfavorable, or novariance.)Volume varianceBudgeted total overheadStandard overhead appliedVolume variance$ 2,393,600$ 2,692,800$ 299,200Favorable< Req 3 Controllable VarianceReg 3 Volume Variance > !Required informationUse the following information for the Problems below. (Algo)[The following information applies to the questions displayed below.]Trini Company set the following standard costs per unit for its single product$ 153.00Direct materials (30 pounds @ $5.10 per pound)Direct labor (4 hours @ $15 per hour)Variable overhead (4 hours @ $6 per hour)Fixed overhead (4 hours @ $11 per hour)60.0024.0044.00Standard cost per unit$ 281.00Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% ofthe company's capacity of 68,000 units per quarter. The following additional information is available.Operating Levels80%54,400217,60070%90%Production (in units)Standard direct labor hours (4 DLH/unit)Budgeted overhead (flexible budget)47,600190,40061, 200244,800$ 2,393,600$ 1,142,400$ 2,393, 600$ 1,305, 600$ 2,393,600$ 1,468,800Fixed overheadVariable overheadDuring the current quarter, the company operated at 90% of capacity and produced 61,200totaled 239,800 hours. Units produced were assigned the following standard costs.actual direct labor$ 9,363,600Direct materials (1,836,000 pounds @ $5.10 per pound)Direct labor (244,800 hours @ $15 per hour)Overhead (244,800 hours @ $17 per hour)3,672,0004,161,600Standard (budgeted) cost$ 17,197, 200Actual costs incurred during the current quarter follow.Direct materials (1,826, 000 pounds @ $6.70 per pound)Direct labor (239, 800 hours @ $12.00 per hour)$ 12,234,2002,877,6001,942,8001,818,800Fixed overheadVariable overheadActual cost$ 18,873,400es LO D ? RA

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Description: Problem 21-4A (Algo) Computing materials, labor, and overhead variances LO P3, P4Required:1. Compute the direct materials variance, including its price and quantity variances.2. Compute the direct labor variance, including its rate and efficiency va

The variance is the difference between the actual data and standard output of the production.

Business

Accounting

Problem 21-4A (Algo) Computing materials, labor, and overhead variances LO P3, P4 Required: 1. Compute the direct materials variance, including its price and quantity variances. 2. Compute the direct labor variance, including its rate and efficiency variances. 3. Compute the overhead controllable and volume variances. Complete this question by entering your answers in the tabs below. Req 3 Controllable Variance Reg 3 Volume Variance Req 1 Reg 2 Compute the overhead volume variances. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Volume variance Budgeted total overhead Standard overhead applied Volume variance $ 2,393,600 O $ 2,692,800 8 $ 299,200 0 Favorable < Req 3 Controllable Variance Req 3 Volume Variance >

Problem 21-4A (Algo) Computing materials, labor, and overhead variances LO P3, P4 Required: 1. Compute the direct materials variance, including its price and quantity variances. 2. Compute the direct labor variance, including its rate and efficiency variances. 3. Compute the overhead controllable and volume variances. Complete this question by entering your answers in the tabs below. Req 3 Controllable Variance Reg 3 Volume Variance Req 1 Reg 2 Compute the overhead volume variances. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.) Volume variance Budgeted total overhead Standard overhead applied Volume variance $ 2,393,600 O $ 2,692,800 8 $ 299,200 0 Favorable < Req 3 Controllable Variance Req 3 Volume Variance >

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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Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price tires actual amount of materials used Actual production Standard direct materials costs per unit produced Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that 4,552 units remained in the warehouse. $ 378,300 $361,500 $ 333,500 56,900 units $6 Required: a. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. b. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to…
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Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (16 pounds @ $4 per pound) $ 64 Direct labor (3 hours @ $15 per hour) 45 During May the company incurred the following actual costs to produce 8,000 units. Direct materials (131,100 pounds @ $3.80 per pound). Direct labor (27,300 hours @ $15.10 per hour) AR-Actual Rate SR Standard Rate AQ-Actual Quantity SQ = Standard Quantity AP Actual Price SP- Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Required 1 $ 498,180 412,230 Required 2
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