Puvd, Inc manulactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor hours. The company uses standord cost system md has established the following standards for one unit of product Standard Price or Rate $ 6.75 per pound $21.00 per hour $ 5.00 per hour Standard Cost $ 10.12 $10.se $ 2.50 Standard Quantity 1.5 pounds Direct materials Direct labor Variable manufacturing overhead 0.5 hours 0.5 hours During March, the following activity was recorded by the company • The company produced 6,000 units during the month. A total of 12.500 pounds of material were purchased at a cost of $35.000. • There was no beginning inventory of materials on hand to start the month; at the end of the month, 2.500 pounds of material remaned yorebo • During March, 3.200 direct labor hours were worked at a rate of $21.50 per hour. • Varlable manufacturing overhead costs during March totaled $8.200. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is:

Puvd, Inc manulactures a single product in which variable manufacturing overhead is assigned on the basis of standard direct labor hours. The company uses standord cost system md has established the following standards for one unit of product Standard Price or Rate $ 6.75 per pound $21.00 per hour $ 5.00 per hour Standard Cost $ 10.12 $10.se $ 2.50 Standard Quantity 1.5 pounds Direct materials Direct labor Variable manufacturing overhead 0.5 hours 0.5 hours During March, the following activity was recorded by the company • The company produced 6,000 units during the month. A total of 12.500 pounds of material were purchased at a cost of $35.000. • There was no beginning inventory of materials on hand to start the month; at the end of the month, 2.500 pounds of material remaned yorebo • During March, 3.200 direct labor hours were worked at a rate of $21.50 per hour. • Varlable manufacturing overhead costs during March totaled $8.200. The direct materials purchases variance is computed when the materials are purchased. The materials quantity variance for March is:

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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Fluegge Incorporated has provided the following data concerning one of the products in its standard cost system. Variable manufacturing overhead is applied to products on the basis of direct labor-hours. Inputs Standard Quantity or Hours per Unit of Output Standard Price or Rate Direct materials 5.7 liters $ 5.40 per liter Direct labor 0.70 hours $ 20.60 per hour Variable manufacturing overhead 0.70 hours $ 5.50 per hour The company has reported the following actual results for the product for December: Actual output 4,100 units Raw materials purchased 25,100 liters Actual price of raw materials $ 4.80 per liter Actual cost of raw materials purchased $ 120,480 Raw materials used in production 23,360 liters Actual direct labor-hours 2,700 hours Actual direct labor rate $ 21.20 per hour Actual direct labor cost $ 57,240 Actual variable overhead rate $ 5.90 per hour Actual variable overhead cost $ 15,930 The raw materials price variance…
Milar Corporation makes a product with the following standard costs Standard Quantity Standard Price on or Hours 6.5 pounds Direct materials Direct labor Nariable overhead Rate. $ 6.00 per pound $25.00 per hour $11.50 per hour 0.8 hours 0.8 hours In January the company produced 3,360 units using 13.440 pounds of the direct material and 2.808 direct labor-hours, During the month, the company purchased 16,900 pounds of the direct material at a cost of $14,200. The actual direct labor cost was S69,795 and the actual Varlable overhead cost Was $30,940. The company applies variable overhead on the basis of direct iabor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for January is Multiple Choice $405 F $405 U Windows Update S2.595U Countdown to goodnes... We're all set to do the restart you scheduled. Mc Graw Hill Prev 24 of 36 Nexflm Type here to search |耳 59 F Mostly cloudy 8:34 AM 10/21/2021 DELL F1 F2 F3 F4 F5 F6 F7…
Antuan Company set the following standard costs per unit for its product. Direct materials (4.0 pounds @ $5.00 per pound) Direct labor (1.7 hours @ $12.00 per hour) Overhead (1.7 hours @ $18.50 per hour) $ 20.00 20.40 31.45 Standard cost per unit $ 71.85 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials Indirect labor Power $ 15,000 75,000 15,000 30,000 135,000 Maintenance Total variable overhead costs Fixed overhead costs Depreciation-Building Depreciation-Machinery Taxes and insurance Supervisory salaries Total fixed overhead costs 23,000 71,000 17,000 225, 750 336, 750 $ 471,750 Total overhead costs The company incurred the following actual costs when it operated at 75% of capacity in October. $ 317, 200 248, 000…
S Direct materials (cork board) Direct labor Bullseye Company manufactures dartboards. Its standard cost information follows: Standard Price (Rate) $ 2.30 per sq. ft. $10.00 per hr. Standard Unit Cost Standard Quantity 3.00 sq. ft. 1 hrs. $ 6.90 10.00 Variable manufacturing overhead. (based on direct labor hours) Fixed manufacturing overhead ($58,000+145,000 units) 1 hrs. $ 0.55 per hr. 0.55 0.40 Bullseye has the following actual results for the month of September: Number of units produced and sold Number of square feet of corkboard used Cost of corkboard used Number of labor hours worked Direct labor cost 125,000 390,000 $ 936,000 135,000 $1,228,500 Variable overhead cost Fixed overhead cost $ 71,000 $ 53,000 Required: 1. Calculate the direct materials price, quantity, and total spending variances for Bullseye. 2. Calculate the direct labor rate, efficiency, and total spending variances for Bullseye. 3. Calculate the variable overhead rate, efficiency, and total spending variances for…
Standard Product Cost Sana Rosa Furniture Company manufactures designer home furniture. Sana Rosa uses a standard cost system. The direct labor, direct materials, and factory overhead standards for an unfinished dining room table are as follows: Direct labor: standard rate $20.00 per hr. standard time per unit 3.00 hrs. Direct materials (oak): standard price $10.00 per bd. ft. standard quantity 18 bd. ft. Variable factory overhead: standard rate $2.80 per direct labor hr. Fixed factory overhead: standard rate $1.20 per direct labor hr. a. Determine the standard cost per dining room table. If required, round your answer to two decimal places.$fill in the blank 1 per dining room table b. A standard cost system provides Rosa Furniture management a cost control tool using the principle of cost control . Using this principle, minor cost deviations from standards can be investigated and corrected.
Standard Cost Journal Entries Bellingham Company produced 4,400 units that require eight standard pounds per unit at a $8 standard price per pound. The company actually used 36,300 pounds in production. Journalize the entry to record the standard direct materials used in production. If an amount box does not require an entry, leave it blank.
Bruce Corporation makes four products in a single facility. These products have the following unit product costs: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead. Unit product cost Additional data concerning these products are listed below. Multiple Choice Product C Product B Product D Product A Products A B C D $17.20 $ 21.10 $ 14.10 $ 16.80 19.20 22.60 17.00 11.00 6.00 7.20 29.10 16.00 $71.50 A 2.25 $ 86.70 $ 2.95 4,600 9.70 16.10 $66.90 $ 56.90 Products Grinding minutes per unit Selling price per unit Variable selling cost per unit Monthly demand in units. The grinding machines are potentially the constraint in the production facility. A total of 10,500 minutes are available per month on these machines. Direct labor is a variable cost in this company. Which product makes the MOST profitable use of the grinding machines? Note: Round your intermediate calculations to 2 decimal places. B 1.30 $ 79.10 $ 3.65 3,600 C 0.85 $ 75.90 $4.40 3,600
Bruce Corporation makes four products in a single facility. These products have the following unit product costs: Products A B C D Direct materials $ 19.90 $ 15.20 $ 20.80 $ 23.20 Direct labor 12.20 8.70 10.50 7.40 Variable manufacturing overhead $ 1.60 $ 2.10 $ 2.00 $ 2.10 Fixed manufacturing overhead 10.80 11.90 8.80 10.70 Unit product cost 44.50 37.90 42.10 43.40 Additional data concerning these products are listed below. Products A B C D Grinding minutes per unit 1.20 0.70 0.60 0.60 Selling price per unit $ 59.30 $ 51.70 $ 59.50 $ 55.60 Variable selling cost per unit $ 3.60 $ 1.50 $ 2.20 $ 3.60 Monthly demand in units 4,000 2,000 4,000 2,000 The grinding machines are potentially the constraint in the production facility. A total of 9,000 minutes are available per month on these machines. Direct labor is a variable cost in this company. Which product makes the MOST profitable use of the grinding machines? (Round your intermediate calculations to…
Doles Corporation uses the following activity rates from its activity-based costing to assign overhead costs to products. Activity Cost Pools Setting up batches Processing customer orders Assembling products Data concerning two products appear below: Number of batches Number of customer orders Number of assembly hours Total overhead cost Activity Rate $69.22 per batch $26.28 per customer order $ 12.11 per assembly hour Product K52W 65 45 418 Required: How much overhead cost would be assigned to each of the two products using the company's activity-based costing system? (Round your intermediate calculations and final answers to 2 decimal places.) Product K52W Product X94T Product X94T 52 30 161
Handerson Corporation makes a product with the following standard costs: Standard Quantity Standard Price or or Hours 8.5 kilos Rate Direct materials $46.00 r kilo $ 20.00 per hour $ 6.00 per hour Direct labor 0.4 hours Variable overhead 0.4 hours The company reported the following results concerning this product in August. Actual output 3,200 units 29,030 kilos 31,600 kilos 1,160 hours $ 195,920 $ 22,736 $ 7,540 Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is cor purchased. The labor efficiency variance for August is:
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Standard Product CostsDeerfield Company manufactures product M in its factory. Production of M requires 2 pounds of material P, costing $8 per pound and 0.5 hour of direct labor costing, $14 per hour. The variable overhead rate is $12 per direct labor hour, and the fixed overhead rate is $16 per direct labor hour. What is the standard product cost for product M? Direct material Answer Direct labor Answer Variable overhead Answer Fixed overhead Answer Standard product cost per unit Answer