7 part 2 Req 1Req 2Req 3ControllableVarianceCompute the overhead volume variances. (Indicate the effect of the variance by selecting favorable, unfavorable, or novariance.)Volume varianceBudgeted total overheadStandard overhead appliedVolume varianceReq 3 VolumeVariance Trini Company set the following standard costs per unit for its single productDirect materials (30 pounds @ $5.50 per pound)Direct labor (7 hours @ $14 per hour)Variable overhead (7 hours @ $6 per hour)Fixed overhead (7 hours @ $12 per hour)Standard cost per unitOverhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% ofthe company's capacity of 62,000 units per quarter. The following additional information is available.Operating LevelsProduction (in units)Standard direct labor hours (7 DLH/unit)Budgeted overhead (flexible budget)Fixed overheadVariable overhead$ 165.0098.0042.0084.00$ 389.0070%43, 400303, 800$ 4, 166, 400$ 1,822, 800Direct materials (1,674, 000 pounds @ $5.50 per pound)Direct labor (390, 600 hours @ $14 per hour)Overhead (390, 600 hours @ $18 per hour)Standard (budgeted) costActual costs incurred during the current quarter follow.Direct materials (1,658,000 pounds @ $7.60 per pound)Direct labor (386, 600 hours @ $12.00 per hour)Fixed overheadVariable overheadActual cost80%49, 600347, 200During the current quarter, the company operated at 90% of capacity and produced 55,800 units; actual direct labortotaled 386,600 hours. Units produced were assigned the following standard costs.$ 4,166, 400$ 4,166,400$ 2,083, 200 $ 2,343, 600$ 9,207,0005,468, 4007,030, 800$ 21, 706, 20090%55,800390, 600$ 12, 600, 8004,639, 2003,321, 4003,109,400$ 23,670, 800Required: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.

Direct material variance refers to the concept of determining the gap between the estimated quantity…

Answered: Req 3 Controllable Variance the…

Req 3 Controllable Variance the overhead volume variances. (Indicate the effect of the Req 2 Volume variance tal overhead erhead applied ance 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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