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Quinnen Williams Roughing the Passer Corporation has provided-the folowing data concerning one of the products In Its standard cost system. Varlable manufacturing overhead Is applied to products on the basis of direct labor-hours. Standard Quantity or Hours per Unit of Output 8.9 ounces 8.6 hours Standard Price or Rate $ 7.00 per ounce $29.50 per hour $ 5.30 per hour Inputs Direct materials Direct labor Variable manufacturing overhead e.6 hours The company has reported the following actual results for the product for April: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost 6,500 units 58,470 ounces $323, 250 57,860 ounces 3,550 hours $112,570 $ 18,317 Required: a. Compute the materlals price varlance for April. b. Compute the materlals quantity varlance for April. c. Compute the labor rate varlance for April. d. Compute the labor efficiency varlance for Aprl. e. Compute the varlable overhead rate varlance for April. f. Compute the varlable overhead efficlency variance for April. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e. zero varlance). Input all amounts as positive values.) a. Materials price variance Materials quantity variance C. Labor rate variance d. Labor efficiency variance e Variable overhead rate variance f.Variable overhead efficiency variance

Quinnen Williams Roughing the Passer Corporation has provided-the folowing data concerning one of the products In Its standard cost system. Varlable manufacturing overhead Is applied to products on the basis of direct labor-hours. Standard Quantity or Hours per Unit of Output 8.9 ounces 8.6 hours Standard Price or Rate $ 7.00 per ounce $29.50 per hour $ 5.30 per hour Inputs Direct materials Direct labor Variable manufacturing overhead e.6 hours The company has reported the following actual results for the product for April: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost 6,500 units 58,470 ounces $323, 250 57,860 ounces 3,550 hours $112,570 $ 18,317 Required: a. Compute the materlals price varlance for April. b. Compute the materlals quantity varlance for April. c. Compute the labor rate varlance for April. d. Compute the labor efficiency varlance for Aprl. e. Compute the varlable overhead rate varlance for April. f. Compute the varlable overhead efficlency variance for April. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (1.e. zero varlance). Input all amounts as positive values.) a. Materials price variance Materials quantity variance C. Labor rate variance d. Labor efficiency variance e Variable overhead rate variance f.Variable overhead efficiency variance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Quinnen Williams Roughing the Passer Corporation has provided the following data concerning one of the products In Its standard cost system. Varlable manufacturing overhead Is applied to products on the basls of direct labor-hours. Standard Quantity or Hours per Unit of Output Standard Price or Rate $ 7.00 per ounce $29.50 per hour $ 5.30 per hour Inputs Direct materials 8.9 ounces 0.6 hours 0.6 hours Direct labor Variable manufacturing overhead • The company has reported the following actual results for the product for April: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost 6.500 units 58,470 ounces $323, 250 57,860 ounces 3,550 hours $112,570 $ 18,317 Actual variable overhead cost Required: a. Compute the materlals price varlance for April. b. Compute the materlals quantity varlance for April. c. Compute the labor rate varlance for April. d. Compute the labor efficiency variance for April. e. Compute the varlable overhead rate varlance for April. f. Compute the varlable overhead efficlency varlance for Aprll. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (L.e., zero varlance). Input all amounts as positive values.) a. Materials price variance b. Materials quantity variance C. Labor rate variance d. Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance
Transcribed Image Text:Quinnen Williams Roughing the Passer Corporation has provided the following data concerning one of the products In Its standard cost system. Varlable manufacturing overhead Is applied to products on the basls of direct labor-hours. Standard Quantity or Hours per Unit of Output Standard Price or Rate $ 7.00 per ounce $29.50 per hour $ 5.30 per hour Inputs Direct materials 8.9 ounces 0.6 hours 0.6 hours Direct labor Variable manufacturing overhead • The company has reported the following actual results for the product for April: Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost 6.500 units 58,470 ounces $323, 250 57,860 ounces 3,550 hours $112,570 $ 18,317 Actual variable overhead cost Required: a. Compute the materlals price varlance for April. b. Compute the materlals quantity varlance for April. c. Compute the labor rate varlance for April. d. Compute the labor efficiency variance for April. e. Compute the varlable overhead rate varlance for April. f. Compute the varlable overhead efficlency varlance for Aprll. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (L.e., zero varlance). Input all amounts as positive values.) a. Materials price variance b. Materials quantity variance C. Labor rate variance d. Labor efficiency variance Variable overhead rate variance Variable overhead efficiency variance
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