Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Required 1 Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Complete this question by entering your answers in the tabs below. Required 2 Required 3 $ Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total 0 Required 4 Actual Results 46,100 pounds @ $8.20 per pound 22,500 hours @ $16.50 per hour $ 278,600 7,600 units

Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Required 1 Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Complete this question by entering your answers in the tabs below. Required 2 Required 3 $ Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total 0 Required 4 Actual Results 46,100 pounds @ $8.20 per pound 22,500 hours @ $16.50 per hour $ 278,600 7,600 units

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Description: ### Required Information**The following information applies to the questions displayed below:**A manufactured product has the following information for June:| | Standard Quantity and Cost | Actual Results

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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Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 7.1 ounces 0.2 hours 0.2 hours Standard Price or Rate Standard Cost Per Unit $ 28.40 $ 4.00 per ounce $ 11.00 per hour $ 2.20 $ 4.00 per hour $ 0.80 The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 2,500 units 3,000 units 21,500 ounces Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 22,500 ounces 560 hours $ 45,100 $ 12,500 $ 3,250 The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The labor rate variance for June is: Multiple Choice $306 F $6.340 U $306 U $6,340 F
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Predetermined Overhead Rates, Overhead Variances, Unit Costs Primera Company produces two products and uses a predetermined overhead rate to apply overhead. Primera currently applies overhead using a plantwide rate based on direct labor hours. Consideration is being given to the use of departmental overhead rates where overhead would be applied on the basis of direct labor hours in Department 1 and on the basis of machine hours in Department 2. At the beginning of the year, the following estimates are provided: Department 1 Department 2 Direct labor hours 640,000 128,000 Machine hours 16,000 192,000 Overhead cost $384,000 $1,152,000 Actual results reported by department and product during the year are as follows: Department 1 Department 2 Direct labor hours 627,200 134,400 Machine hours 17,600 204,800 Overhead cost $400,000 $1,232,000 Product 1 Product 2…
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 5 pounds @ $7 per pound 3 DLH @ $15 per DLH 3 DLH @ $11 per DLH Direct materials Direct labor Overhead Units manufactured Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places. AH = Actual Hours SH - Standard Hours AR = Actual Rate SR Standard Rate = Actual Results. 43,400 pounds @ $7.20 per pound. 25,400 hours @ $15.40 per hour. $ 290,400 8,600 units Actual Cost Standard Cost
Required information [The following information applies to the questions displayed below.) A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June. Standard Quantity and Cost 6 pounds @ $8 per pound. 3 DLH@ $16 per DLH 3 DLH @ $13 per DLH Required 1 Complete this question by entering your answers in the tabs below. Required 4 Prepare the standard cost card showing standard cost per unit. Required 2 Direct materials Direct labor Overhead Total Required 3 Actual Results 44,300 pounds @ $8.10 per pound 21,500 hours @ $16.50 per hour $ 291, 200 7,300 units
A company makes a product with the following standard costs: Standard Quantity or Hours Standard Cost Per Standard Price or Rate Unit Direct materials 7.6 ounces $4.00 per ounce $30.40 $5.00 $ 4.50 Direct labor 0.5 hours $ 10.00 per hour Variable overhead 0.5 hours $ 9.00 per hour The company reported the following results concerning this product In June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 3,000 units 3,100 units 16,300 ounces 17,400 ounces 510 hours $ 45,000 $ 13,000 $3,500 The company applles varlable overhead on the basls of direct labor-hours. The labor rate varlance for June Is: - ఆడిం Multiple Choice $7.900 F $7,900 U $1,337 U
Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Exercise 21-9 (Algo) Direct materials variances LO P3 Standard Quantity and Cost 6 pounds @ $9 per pound 3 DLH @ $17 per DLH 3 DLH @ $11 per DLH AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Actual Results 45,500 pounds @ $9.20 per pound 22,300 hours @ $17.50 per hour $ 254,300 Compute the (1) direct materials price variance and (2) direct materials quantity variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.) 7,500 units Standard Cost
The following materials standards have been established for a particular product: Standard quantity per unit: 6.2 feet $ Stand price per foot: 13.60 The following data pertain to operations concerning the product for the last month: Actual materials purchased: 1,000 feet Actual cost of materials purchased: $ 13,300.00 Actual materials used in production: 400 feet Actual output: 60 units What is the materials price variance for the month? What is the materials quantity variance for the month?
#3 Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 6 pounds @ $9 per pound 2 DLH @ $17 per DLH 2 DLH @ $12 per DLH Total budgeted (standard) cost Actual Results (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June.
Tharaldson Corporation makes a product with the following standard costs: Standard Standard Quantity or Hours Standard Price or Cost Per Rate Unit Direct materials $ 4.00 per ounce $ 11.00 per hour $ 4.00 per hour 7.1 ounces $28.40 Direct labor $ 3.30 $ 1.20 0.3 hours Variable overhead e.3 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 2,500 units 3,000 units 21,500 ounces Purchases of raw materials 22,000 ounces 560 hours Actual direct labor-hours Actual cost of raw materials purchases $ 45,100 $ 12,500 $ 3,250 Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases varlance is computed when the materials are purchase The labor efficiency varlance for June is:
A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 45,500 pounds @ $8.20 per pound Direct labor 2 DLH @ $15 per DLH 14,600 hours @ $15.60 per hour Overhead 2 DLH @ $12 per DLH $ 186,100 Units manufactured 7,500 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)AH = Actual HoursSH = Standard HoursAR = Actual RateSR = Standard Rate
Amada Company's standard cost system reports this information from its December operations. Standard direct materials cost Direct materials quantity variance Direct materials price variance Actual direct labor cost Direct labor efficiency variance Direct labor rate variance Actual overhead cost Volume variance Controllable variance View transaction list Journal entry worksheet 1 Required: 1. Prepare December 31 journal entries to record the company's costs and variances for the month for (a) direct materials, (b) direct labor, and (c) overhead. Ignore the journal entry to close the variances. 2 3 Record direct materials costs and variances. Date December 31 Note: Enter debits before credits. $ 100,000 General Journal 3,000 U 500 F 90,000 7,000 F 1,200 U 375,000 12,000 U 9,000 U Debit Credit >