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Rate variance: Actual rate per hour Standard rate per hour Variance Actual hours Direct labor rate variance Time variance: Actual direct labor hours Standard direct labor hours Variance Standard rate per hour Direct labor time variance Total direct labor cost variance Direct Labor Cost Variance Factory Overhead Cost Variance Variable factory overhead controllable variance: Actual variable FO cost incurred Budgeted variable FO cost for 2,080 hrs. Variance Pr. 23-3B

Rate variance: Actual rate per hour Standard rate per hour Variance Actual hours Direct labor rate variance Time variance: Actual direct labor hours Standard direct labor hours Variance Standard rate per hour Direct labor time variance Total direct labor cost variance Direct Labor Cost Variance Factory Overhead Cost Variance Variable factory overhead controllable variance: Actual variable FO cost incurred Budgeted variable FO cost for 2,080 hrs. Variance Pr. 23-3B

FINANCIAL ACCOUNTING
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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r Obj. 3, 4 Road Gripper Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 4,160 tires were as follows: Direct materials Direct labor Factory overhead Standard Costs 100,000 lb. at $6.40 2,080 hrs. at $15.75 Rates per direct labor hr., based on 100% of normal capacity of 2,000 direct labor hrs.: Variable cost, $4.00 Fixed cost, $6.00 Each tire requires 0.5 hour of direct labor. Actual Costs 101,000 lb. at $6.50 2,000 hrs. at $15.40 $8,200 variable cost $12,000 fixed cost Excel
Transcribed Image Text:r Obj. 3, 4 Road Gripper Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 4,160 tires were as follows: Direct materials Direct labor Factory overhead Standard Costs 100,000 lb. at $6.40 2,080 hrs. at $15.75 Rates per direct labor hr., based on 100% of normal capacity of 2,000 direct labor hrs.: Variable cost, $4.00 Fixed cost, $6.00 Each tire requires 0.5 hour of direct labor. Actual Costs 101,000 lb. at $6.50 2,000 hrs. at $15.40 $8,200 variable cost $12,000 fixed cost Excel
A 32 b. 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 c. C. 51 52 53 54 55 > B Rate variance: с Actual rate per hour Standard rate per hour Variance Actual hours Direct labor rate variance Time variance: Actual direct labor hours Standard direct labor hours Variance Standard rate per hour Direct labor time variance Total direct labor cost variance Pr. 23-3B D E F G Direct Labor Cost Variance Variable factory overhead controllable variance: Actual variable FO cost incurred Budgeted variable FO cost for 2,080 hrs. Variance + Factory Overhead Cost Variance H J K LM N O I P Alternative Computation of Overhead Variances: Actual costs Balance ◄ QR S TU V W X YZ AA Factory Overhead Applied costs AIAC A▲
Transcribed Image Text:A 32 b. 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 c. C. 51 52 53 54 55 > B Rate variance: с Actual rate per hour Standard rate per hour Variance Actual hours Direct labor rate variance Time variance: Actual direct labor hours Standard direct labor hours Variance Standard rate per hour Direct labor time variance Total direct labor cost variance Pr. 23-3B D E F G Direct Labor Cost Variance Variable factory overhead controllable variance: Actual variable FO cost incurred Budgeted variable FO cost for 2,080 hrs. Variance + Factory Overhead Cost Variance H J K LM N O I P Alternative Computation of Overhead Variances: Actual costs Balance ◄ QR S TU V W X YZ AA Factory Overhead Applied costs AIAC A▲
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