Problem 3Yukidaruma Company uses a standard cost system for its single product. The following data areavailable:Actual experience for the current year:Raw materials purchased and used (23,500 pieces at $5.20 each)Direct labor costs (5,600 hours at $11.00 per hour)Actual variable overhead costActual units produced.Standards per unit of product:Raw materials.Direct labor..Variable overhead2 pieces at $5.00 each0.5 hours at $10.00 per hour$3.00 per direct laber, hour$122,200$61,600$17,50011,500 unitsRequired:Compute the following variances for raw materials, direct labor, and variable overhead, assuming that theprice variance for materials is recognized at point of usage:a. Direct materials price variance and Direct materials quantity variance.b. Direct labor rate variance and Direct labor efficiency variance.c. Variable overhead rate variance and Variable overhead efficiency variance.

The variance is the difference between the actual and standard production data. The variance can be…

Answered: Problem 3 Yukidaruma Company uses a…

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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Evaluating Selected Cost Driver Assume that a manufacturer of specialized machine parts developed the following total cost estimating equation for manufacturing costs. Y = $14,400 + $1,250 (actual units) a. What is total estimated manufacturing costs if 180 units are produced? $Answer 0
Using this information from Planters, Inc., what is the cost per unit under absorption costing? Round to the nearest penny, two decimal places. Planters, Inc data Cost Production Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Amount 10,348 units $248 293 103 1,008,619
Make or by product.Montrose incorportaion manufactures part 345 for use in one of its main products. normal annual production for part 345 is 100,000 units. the cost for 100 units lot for the part follows: Direct direct labor............100 Factory overhead: material.…….…….……....$260 variable............ 120 fixed...............160 total cost per 100 units....640 kalispel incorporation has offered to sell Montrose all 100,000 units it will need during coming year for $600 per 100 units. if montrose accepts the offer from kalispiel, the facilities used to manufacure part 345 can be used in production of part 789. this change would save montrose $90000 in fixed cost related to the rental of capacity neccessary to produce part 789. in addition a $50000 cost item included in factory overhead which specifically related to part 345( rental of special equipment not usable in manufacturing of other products) would be eliminated. Required. determine whether or not Montrose incorporataion make…
8. Given the following data, calculate product cost per unit under variable costing. Direct labor $7 per unit Direct materials $1 per unit Overhead Total variable overhead $20,000 Total fixed overhead $90,000 Expected units to be produced 40,000 units A. $8 per unit B. $8.50 per unit C. $10.25 per unit D. $10.75 per unit E. $12 per unit
show Total Period cost by using absorption costing.
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PROBLEM #1 Xavier Company produces a single product. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. The standard costs for one unit of product are as follows: Direct material: 6 ounces at $0.50 per ounce.... Direct labor: 1.8 hours at $10 per hour... 18 Variable manufacturing overhead: 1.8 hours at $5 per hour....... 9 Total standard variable cost per unit .... $30 $3 During June, 2,000 units were produced. The costs associated with June's operations were as follows: Material purchased: 18,000 ounces at $0.60 per ounce.. Material used in production: 14,000 ounces. Direct labor: 4,000 hours at $9.75 per hour ….. Variable manufacturing overhead costs incurred . ..$10,800 $39,000 $20,800 Required: Compute the direct materials, direct labor, and variable manufacturing overhead variances.
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1. COMPUTE THE UNIT PRODUCT COST UNDER ABSORPTION COSTING 2. COMPUTE THE UNIT PRODUCT COST UNDER VARIABLE COSTING
1. Cabaret Corporation produces a single product. Data concerning the company's operations last year appear below: Units in beginning inventory... Units produced. Units sold....... Selling price per unit.. Variable costs per unit: Direct materials. Direct labor. Variable manufacturing overhead.. Variable selling and administrative. Fixed costs in total: Fixed manufacturing overhead... Fixed selling and administrative... Assume direct labor is a variable cost. 10,000 9,000 $60 $15 $5 $2 $4 $200,00 0 $70,000 Required: a. Compute the unit product cost under both absorption and variable costing. b. Prepare an income statement for the year using absorption costing. c. Prepare an income statement for the year using variable costing. d. Prepare a report reconciling the difference in net operating income between absorption and variable costing for the year.
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