Required information [The following information applies to the questions displayed below.] Cooper Corporation produces decorator wall coverings. Budgeted production is 240,000 square feet per month, and the standard direct labor requirement to make this amount is 6,000 hours. All overhead is allocated based on direct labor hours. The following information is available: Actual Budgeted Amounts Results. Production in units. Total labor hours 260,000 320,000 6,500 8,000 $ 12,000 Total variable overhead Total fixed overhead $ 9,750 $6,500 $ 6,800 $ 18,800 Total overhead $ 16,250 The overhead spending variance for the month in question was:

Required information [The following information applies to the questions displayed below.] Cooper Corporation produces decorator wall coverings. Budgeted production is 240,000 square feet per month, and the standard direct labor requirement to make this amount is 6,000 hours. All overhead is allocated based on direct labor hours. The following information is available: Actual Budgeted Amounts Results. Production in units. Total labor hours 260,000 320,000 6,500 8,000 $ 12,000 Total variable overhead Total fixed overhead $ 9,750 $6,500 $ 6,800 $ 18,800 Total overhead $ 16,250 The overhead spending variance for the month in question was:

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Description: Required information[The following information applies to the questions displayed below.]Cooper Corporation produces decorator wall coverings. Budgeted production is 240,000 square feet per month, and thestandard direct labor requirement to make thi

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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Required information Use the following information for the Quick Studies below. (Algo) Rafner Manufacturing has the following budgeted data for its two production departments. Budgeted Data Overhead cost Direct labor hours Machine hours. Assembly 12,600 direct labor hours 5,400 machine hours Department Assembly Finishing Total $ 1,461,600 QS 17-8 (Algo) Allocating overhead with departmental rates LO P2 Allocate overhead to a job that uses 76 direct labor hours in the Assembly department and uses 62 machine hours in the Finishing department. Departmental Overhead Rate Hours Used $939,400 Finishing 19,400 direct labor hours 15,400 machine hours $ $ Overhead Allocated 0 0 0
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III. Folsom Company manufactures specialty tools to customer order. There are three producing departments. Departmental information on budgeted overhead and various activity measures for the coming year is as follows: Estimated overhead Direct labor hours Direct labor cost Machine hours Direct materials Direct labor cost Direct labor hours: Welding $ 220,000 $ 4,500 90,000 5,000 Welding Assembly Finishing Number of machine hours: Welding Assembly Finishing Assembly $ 62,000 10,000 $ 150,000 1,000 Currently, overhead is applied on the basis of machine hours using a plantwide rate. However, Janine, the controller, has been wondering whether it might be worthwhile to use departmental overhead rates. She has analyzed the overhead costs and drivers for the various departments and decided that Welding and Finishing should base their overhead rates on machine hours and that Assembly should base its overhead rate on direct labor hours. Janine has been asked to prepare bids for two jobs with…
Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Manuel Company predicts it will operate at 80% of its productive capacity. Its overhead allocation base is DLH and its standard amount per allocation base is 0.5 DLH per unit. The company reports the following for this period. Production (in units) Overhead Variable overhead Fixed overhead Total overhead Flexible Budget at 80% Capacity 50,250 Required 1 Required 2 $ 276,375 50, 250 $ 326,625 Exercise 21-18 (Algo) Volume and controllable variances LO P4 Actual Results 44,400 (1) Compute the overhead volume variance. Indicate variance as favorable or unfavorable. (2) Compute the overhead controllable variance. Indicate variance as favorable or unfavorable. Budgeted (flexible) overhead Standard overhead applied Volume variance $ 308,300 Complete this question by entering your answers in the tabs below. Volume Variance Compute the overhead volume variance.…
Use this information for Stringer Company to answer the question that follow. The following data are given for Stringer Company: Budgeted production 930 units Actual production 1,013 units Materials: Standard price per ounce $1.85 Standard ounces per completed unit 10 Actual ounces purchased and used in production 10,434 Actual price paid for materials $21,390 Labor: Standard hourly labor rate $14.60 per hour Standard hours allowed per completed unit 4.7 Actual labor hours worked 5,216.95 Actual total labor costs $79,558 Overhead: Actual and budgeted fixed overhead $1,015,000 Standard variable overhead rate $25.00 per standard labor hour Actual variable overhead costs $146,075 Overhead is applied on standard labor hours. Round your intermediate calculations and final answer to the nearest cent. The direct materials price variance is a.$5,217.00 favorable b.$2,086.80 favorable c.$2,086.80…
Use this information for Stringer Company to answer the question that follow. The following data are given for Stringer Company: Budgeted production 911 units Actual production 1,080 units Materials: Standard price per ounce $1.89 Standard ounces per completed unit 10 Actual ounces purchased and used in production 11,124 Actual price paid for materials $22,804 Labor: Standard hourly labor rate $14.32 per hour Standard hours allowed per completed unit 4.3 Actual labor hours worked 5,562 Actual total labor costs $84,821 Overhead: Actual and budgeted fixed overhead $1,082,000 Standard variable overhead rate $25.00 per standard labor hour Actual variable overhead costs $155,736 Overhead is applied on standard labor hours. The direct materials quantity variance is a.$1,779.64 favorable b.$1,779.64 unfavorable c.$612.36 unfavorable d.$612.36 favorable
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Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Its Production Department's planning budget and flexible budget are based on the following formulas, where q is the number of labor-hours worked in a month: Direct labor Indirect labor Utilities Cost Formulas $16.60q $4,300 +$1.60q $5,700 +$0.40q Supplies $1,200 + $0.20q Equipment depreciation Factory rent $18,600 + $2.80q $8,400 $2,500 Property taxes Factory administration $13,100 +$0.50q The Production Department planned to work 4,500 labor-hours in March; however, it actually worked 4,300 labor-hours during the month. Its actual costs incurred in March are listed below: Actual Cost Incurred in March $ 73,020 Direct labor Indirect labor Utilities Supplies Equipment depreciation Factory rent Property taxes Factory administration Required: $ 10,680 $ 7,890 $ 2,310 $ 30,640 $ 8,800 $ 2,500 $ 14,580 1. Prepare the Production Department's planning budget for the month. 2. Prepare the Production…