Alpesh Required information[The following information applies to the questions displayed below.]A manufactured product has the following information for June.Standard Quantity andCostActual ResultsDirect materials7 pounds @ $7 perpound63,500pounds @ $7.10 perpoundDirect labor2 DLH @ $16 per DLH17,800hours $16.60 perhour$Overhead2 DLH @ $12 per DLH221,200Units manufactured9,000 unitsCompute the (1) direct materials price variance and (2) direct materials quantity variance.Note: Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.Round "Cost per unit" answers to 2 decimal places.AQ Actual QuantitySQStandard QuantityAPActual PriceSPStandard PriceActual CostStandard Cost

Step 1: Direct materials price variance Direct materials price variance = (AQ x AP) - (AQ x…

Answered: Required information [The following…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 7EA: A company estimates its manufacturing overhead will be $750,000 for the next year. What is the...

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The following product costs are available for Kellee Company on the production of eyeglass frames: direct materials, $32,125; direct labor, $23.50; manufacturing overhead, applied at 225% of direct labor cost; selling expenses, $22,225; and administrative expenses, $31,125. The direct labor hours worked for the month are 3,200 hours. A. What are the prime costs? B. What are the conversion costs? C. What is the total product cost? D. What is the total period cost? E. If 6.425 equivalent units are produced, what is the equivalent material cost per unit? F. What is the equivalent conversion cost per unit?
The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be 3,150,000, and total direct labor costs would be 1,800,000. During February, the actual direct labor cost totalled 160,000, and factory overhead cost incurred totaled 283,900. a. What is the predetermined factory overhead rate based on direct labor cost? b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory OverheadBlending Department? d. Does the balance in part (c) represent over- or underapplied factory overhead?
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
Total and Unit Product Cost Martinez Manufacturing Inc. showed the following costs for last month: Last month, 4,000 units were produced and sold. Required: 1. Classify each of the costs as product cost or period cost. 2. What is the total product cost for last month? 3. What is the unit product cost for last month?
Refer to the data in Problem 6.31. Assume that the FIFO method is used. Required: 1. Prepare a physical flow schedule. 2. Calculate equivalent units of production for direct materials and conversion costs. 3. Compute unit cost. Round to three decimal places. 4. Calculate the cost of goods transferred to Painting at the end of the month. Calculate the cost of ending inventory.
A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following Independent allocation bases? Budgeted direct labor hours: 90,615 Budgeted direct labor expense: $750000 Estimated machine hours: 150,000
Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Using the data in P5-9, draft the journal entries to record: 1. The cost of goods received from Rolling during the month. 2. The production costs incurred in Converting during the month. 3. The cost of goods completed and transferred to finished goods during the month.
[The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 7 pounds @ $7 per pound 58,600 pounds @ $7.20 per pound Direct labor 2 DLH @ $16 per DLH 16,300 hours @ $16.50 per hour Overhead 2 DLH @ $12 per DLH $ 205,500 Units manufactured 8,300 units (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. Compute total budgeted cost for June production. Total budgeted (standard) cost Compute total actual cost for June production. Actual cost Compute total cost variance for June. (Indicate the effect of the variance by selecting…
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 7 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Actual Results 62,900 pounds @ $8.20 per pound 26,500 hours @ $16.50 per hour 8,900 units $ 325,700 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 Hours SH Standard Hours Standard Rate AR Actual Rate SR Actual Cost G < Prev 8 of 8 Next 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 Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $12 per DLH Actual Results 62,900 pounds @ $8.20 per pound 26,500 hours @ $16.50 per hour $ 325,700 8,900 units (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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the standard cost card showing standard cost per unit. Direct materials Direct labor Overhead Total S
Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds @ $7 per pound 2 DLH @ $17 per DLH 2 DLH @ $11 per DLH Actual Results Direct materials Direct labor 44,300 pounds @ $7.20 per pound 14,300 hours @ $17.40 per hour $ 165,800 7,300 units Overhead Units manufactured 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 Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate 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 Standard Quantity and Cost 7 pounds @ $8 per pound 3 DLH @ $15 per DLH 3 DLH @$13 per DLH Actual Results 62,100 pounds @ $8.10 per pound 26,000 hours @ $15.50 per hour $ 349,600 8,800 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 Hours SH=Standard Hours AR = Actual Rate SR Standard Rate Actual Cost $ 0 $ 00 0 0 $ 0 Standard Cost

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