Robinwood Fixtures manufactures two products, K4 and X7. The companyprepares its master budget on the basis of standard costs. The following dataare for September:StandardsDirect materialsDirect laborVariable overhead(per direct labor- $ 22.60hour)Fixed overhead (permonth)Expected activity(direct labor-hours)Actual resultaDirect material(purchased and used)Direct laborVariable overheadFixed overheadUnits produced(actual)pounds at0.75 $9.40 perpoundhours at1.25 $27.40 perhourK4$418,08017,420pounds at11,000 $8.80 perpoundhours at14,870 $27.70 perhour$359,060$393,74012,340 unitsX7pound at1 $10.00 perpound1.50$24.40$494,97023,570hours at $30per hourpounds at14,270 $10.30 perpoundhours at22,370 $34.00 perhour$471,212$491,96014,570 unitsRequired:a. Prepare a variance analysis for each variable cost for each product.b. Prepare a fixed overhead variance analysis for each product.Note: For all requirements, Do not round intermediate calculations.Indicate the effect of each variance by selecting "F" for favorable, or"U" for unfavorable. If there is no effect, do not select either option.

Variance analysis : > Under variance analysis, we compute the various variances from the actual…

Required: a. Prepare a variance analysis for each variable cost for each product. b. Prepare a fixed overhead variance analysis for each product. Note: For all requirements, Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.

Required: a. Prepare a variance analysis for each variable cost for each product. b. Prepare a fixed overhead variance analysis for each product. Note: For all requirements, Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.

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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Which method of closing out the fixed MOH volume variance will have no effect on the financial statements, no matter the capacity used? Question options: a) Prorating the fixed MOH volume variance to FG inventory and COGS. b) Allocating the fixed MOH volume variance equally among WIP Inventory, FG inventory and COGS. c) Prorating the fixed MOH volume variance to WIP Inventory, FG inventory and COGS. d) Allocating the fixed MOH volume variance to COGS.
please guve the the accurate answers only please What is the labor efficiency variance? answer: ??????? since it is unfavorable What is the variable overhead efficiency variance? answer: ?????????? since its unfavorable What is the variable overhead rate variance? answer:??????????? since it is unfavorable
The rate variance and total direct labor cost variance were not correct, please re do those calculations.
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Wetherbee Tech Services (WTS) is a chain of computer maintenance technicians for households and small businesses. The following data are available for last year's services: • WTS recorded 120,900 tech calls last year. It had budgeted 126,800 calls, averaging 90 minutes each. • Standard variable labor and support costs per tech call were as follows: Direct IT specialist services: 90 minutes at $54 per hour Variable support staff, supplies, and overhead: 30 minutes at $24 per hour Fixed overhead costs: Annual budget $4,141,800 • Fixed overhead is applied at the rate of $36.00 per call. . Actual tech service call costs: Direct IT specialist services: 120,900 calls averaging 84 minutes at $56.00 per hour Variable support staff, supplies, and overhead: averaging 40 minutes per call at $22.50 per hour x 120,900 calls Fixed overhead Required: a. Prepare a cost variance analysis for each variable cost for last year. b. Prepare a fixed overhead cost variance analysis. Complete this question by…
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а. Standard Cost per Unit for Direct Materials and Direct Labor b. Direct Materials Price Variance Wrong Direct Materials Quantity Variance Wrong Total Direct Materials Cost Variance Wrong с. Direct Labor Rate Variance Wrong Direct Labor (Time) Efficiency Variance Wrong Total Direct Labor Cost Variance Wrong
"Required 2" looks the save as "Required 1" (pictured).