Homework Help is Here – Start Your Trial Now!
Business
Accounting
REQUIRED: 1. Determine the following graphically for: a. Actual cost per pound of raw materials b. Actual number of pounds used up rounded to the nearest whole pound c. Standard number of pounds allowed the actual production d. Actual labor rate per hour

REQUIRED: 1. Determine the following graphically for: a. Actual cost per pound of raw materials b. Actual number of pounds used up rounded to the nearest whole pound c. Standard number of pounds allowed the actual production d. Actual labor rate per hour

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Pa help po. Salamat.
240 REQUIRED: 1. Determine the following graphically for: a. Actual cost per pound of raw materials b. Actual number of pounds used up rounded to the nearest whole pound c. Standard number of pounds allowed the actual production d. Actual labor rate per hour e. Actual number of hours used up f. Standard number of hours allowed the actual production g. Actual number of units produced (double-check) h. Normal production in units and hours i. Actual fixed overhead j. Actual variable overhead
Transcribed Image Text:240 REQUIRED: 1. Determine the following graphically for: a. Actual cost per pound of raw materials b. Actual number of pounds used up rounded to the nearest whole pound c. Standard number of pounds allowed the actual production d. Actual labor rate per hour e. Actual number of hours used up f. Standard number of hours allowed the actual production g. Actual number of units produced (double-check) h. Normal production in units and hours i. Actual fixed overhead j. Actual variable overhead
Exercise 6-17 Reliance, Inc. utilizes a standard cost system for budget and control purposes. Flexible budgets are determined and all overhead cost items are assigned on the basis of standard direct labor hours. The following standard cost per finished unit was determined on the basis of a projected monthly normal production for 2020: Direct materials (3 pounds @ P6.00) Direct labor (0.30 hour @P40.00) Variable overhead (0.30 hour @P10) Fixed overhead ().30 hour @ P6-2/3) P18.00 12.00 3.00 2.00 Total P35.00 You have just received the condensed performance report for the month of Sept., 2020. VARIANCE ANALYSIS Quantity or time or Standard Price or Сараcity Costs Rate Applied P162,000 108,000 27,000 18,000 Efficiency P6,000 U 1,200 U 300 U Variances P14,000 F *18,200 U 5,250 U 1,500 U Direct materials used Direct labor costs Variable overhead Fixed overhead P4,000** U *Includes labor joint variance. ** Includes overhead capacity variance & fixed overhead efficiency variance
Transcribed Image Text:Exercise 6-17 Reliance, Inc. utilizes a standard cost system for budget and control purposes. Flexible budgets are determined and all overhead cost items are assigned on the basis of standard direct labor hours. The following standard cost per finished unit was determined on the basis of a projected monthly normal production for 2020: Direct materials (3 pounds @ P6.00) Direct labor (0.30 hour @P40.00) Variable overhead (0.30 hour @P10) Fixed overhead ().30 hour @ P6-2/3) P18.00 12.00 3.00 2.00 Total P35.00 You have just received the condensed performance report for the month of Sept., 2020. VARIANCE ANALYSIS Quantity or time or Standard Price or Сараcity Costs Rate Applied P162,000 108,000 27,000 18,000 Efficiency P6,000 U 1,200 U 300 U Variances P14,000 F *18,200 U 5,250 U 1,500 U Direct materials used Direct labor costs Variable overhead Fixed overhead P4,000** U *Includes labor joint variance. ** Includes overhead capacity variance & fixed overhead efficiency variance
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Information
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS