!Required informationUse 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 materialsDirect laborOverheadUnits manufacturedStandard Quantity and Cost5 pounds @ $7 per pound3 DLH @ $17 per DLH3 DLH @ $11 per DLHActual Results36,900 pounds @ $7.10 per pound21,500 hours @ $17.60 per hour$ 247,0007,300 unitsExercise 23-10 (Algo) Direct labor variances LO P3Compute 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 2decimal places.AH = Actual HoursSH = Standard HoursAR = Actual RateSR = Standard RateActual Cost$000$0Standard Cost

Step 1: Understanding of labor variances:- Direct labor rate variance is a variance between the rate…

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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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The conversion cost per equivalent unit is one of the following, but how do I get to this conclusion: $2.97 $2.56 $3.33
[You must show your computation for Question 01-03] Question 01 The Pose Corporation manufactures custom-made purses. The following data pertains to Job XY5: Direct materials placed into production Direct labor hours worked Direct labor rate per hour Machine hours worked $4.000 50 hours S1S 100 hours Factory overhead is applied using a plant-wide rale based on direet labor hours. Factory overhead was budgeted at $80,000 for the year and the direct labor hourlavere estimated to be 20,000 Job XY5 consists of 50 units. What is the materials cost per unit for Job XYS Question 02 63% 28°C W
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QUESTION 1 THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1-14. Test Company uses a standard costing system. The company developed the following standard cost sheet for one of its products. Direct materials (6 lbs. @$5 per lb.) (1.5 hours @ $10 per hour) $30 15 Direct labor Variable overhead (1.5 hours @ $4 per hour) Fixed overhead (1.5 hours @ $2 per hour assuming 17,000 hours) During the year, Test Company recorded the following actual results. Units produced 13 Direct materials (71,750 lbs. purchased and used) Direct labor (17,900 hours) Variable overhead Fixed overhead Determine the direct materials price variance. $7,175 unfavorable $7,175 favorable $5,925 unfavorable $5,925 favorable 12,000 $365,925 182,580 69,000 33,000 63
15. ce a complex ABC system. Of the two ways, which has the most merit? CORNERSTONE EXERCISES Cornerstone Exercise 4.1 Applied Overhead and Unit Overhead Cost: Plantwide Rates Seco, Inc., produces two types of clothes dryers: deluxe and regular. Seco uses a plantwide rate based on direct labor hours to assign its overhead costs. The company has the following esti- mated and actual data for the coming year: OB. for CO $2,000,000 50,000 Estimated overhead Expected activity. Actual activity (direct labor hours): Deluxe dryer Regular dryer Units produced: Deluxe dryer Regular dryer 10,000 40,000 20,000 200,000 Required: 1. Calculate the predetermined plantwide overhead rate and the applied overhead for each product, using direct labor hours. 2. Calculate the overhead cost per unit for each product. 3. What if the deluxe product used 20,000 hours (to produce 20,000 units) instead of 10,000 hours (total expected hours remain the same)? Calculate the effect on the profitability of this…
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! Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Direct Materials Units Beginning work in process inventory 70,000 Percent Complete 60% Conversion Percent Complete 40% Units started this period 372,000 Completed and transferred out 350,000 Ending work in process inventory 92,000 85% 35% Exercise 16-9 (Algo) Weighted average: Cost per equivalent unit; costs assigned to output and inventory LO P1 The production department had the cost information below. Beginning work in process inventory Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for $158,320 51,716 $ 210,036 1,062,050 750,904 1,812,954 $ 2,022,990 a. Compute cost per equivalent unit for both direct materials and conversion. Note: Round "Cost per EUP" to 2 decimal places. b. Using the…
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Sandhill Company has the following record of costs. Balance May 1 Materials Labor Overhead Transfer out Balance May 31 MANUFACTURING COSTS Raw Materials Inventory -$5,700 Factory Labor -$2,710 Manufacturing Overhead -$1,280 WORK IN PROCESS Painting $3,790 5,700 2,710 1,280 -? $? FINISHED GOODS INVENTORY ? Production records show that there were 600 units in the beginning inventory, 30% complete, 1,600 units started, and 1,500 units transferred out. The beginning work in process had materials cost of $2,440 and conversion costs of $1,350. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.
Required information [The following information applies to the questions displayed below.] Performance Products Corporation makes two products, titanium Rims and Posts. Data regarding the two products follow: Rims Posts Direct Labor- Hours per unit 0.70 0.60 Annual Production 20,000 units 84,000 units Additional information about the company follows: a. Rims require $16 in direct materials per unit, and Posts require $12. b. The direct labor wage rate is $15 per hour. c. Rims are more complex to manufacture than Posts and they require special equipment. d. The ABC system has the following activity cost pools: Estimated Activity Activity Cost Pool Machine setups Special processing General factory Activity Measure Number of setups Machine-hours Estimated Overhead Cost Rims $ 28,560 80 $ 159,600 6,000 Posts 130 0 Total 210 6,000 Direct labor-hours $ 680,000 14,000 50,400 64,400 2. Determine the unit product cost of each product according to the ABC system. (Do not round intermediate…
! 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 Standard Quantity and Cost 7 pounds @ $9 per pound 3 DLH @ $17 per DLH 3 DLH @ $13 per DLH Actual Results 59,200 pounds @ $9.10 per pound 25,000 hours @ $17.60 per hour $ 334,000 8,400 units Exercise 21-8 (Algo) Standard cost per unit, total budgeted and actual costs, and total cost variance LO P2 (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 Compute total budgeted cost for June production. Total budgeted (standard) cost

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