!Required informationUse the following information for the Quick Study below. (Algo)[The following information applies to the questions displayed below.]BatCo makes baseball bats. Each bat requires 2.00 pounds of wood at $22 per pound and 0.35 direct labor hour at $30per hour. Overhead is assigned at the rate of $60 per direct labor hour.QS 23-6 (Algo) Total Cost variances LO P2Assume the actual cost to manufacture 110 bats is $8,855.00. Compute the total cost variance and identify it as favorable orunfavorable.Note: Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.Actual costBudgeted standard costTotal cost variance+

Step 1: Calculate the budgeted standard costMaterials Cost:• Each bat requires 2.00 pounds of wood.•…

Answered: ! Required information Use the…

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 Exercises below. (Algo) [The following information applies to the questions displayed below] Hart Company made 3,100 shelves using 22,100 pounds of wood costing $278.460. The company's direct materials standards for one shelf are 8 pounds of wood at $12.50 per pound. Exercise 21-14A (Algo) Recording and closing materials variances LO P6 Hart Company uses a standard costing system. Prepare the journal entry to charge direct materials costs to Work in Process Inventory and record the direct materials variances. View transaction list Journal entry worksheet < A Record direct materials price and quantity variances, Note: Enter debits before credits.
I attached my original solution in the attachment, alot o fit is wrong, please help Direct Materials and Direct Labor, Variance Analysis; Factory Overhead Cost Variance Analysis Route 66 Tire Co. manufactures automobile tires. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 6,000 tires were as follows: Standard Costs Actual Costs Direct materials 7,800 lbs. at $5.40 7,700 lbs. at $5.30 Direct Labor 1,500 hrs. at $17.90 1,530 hrs. at $18.20 Factory Overhead Rates per direct labour hr., based on 100% of normal capacity of 1,560 direct labor hrs. Variable Cost, $3.50 $5,200 Variable Cost Fixed Cost, $5.50 $8,560 Fixed Cost Each tire requires 0.25 hours of direct labor. Required: a. Determine the price variance, quantity variance, and total direct materials cost variance. Enter a favorable variance as a negative amount, and an unfavorable variance as a positive amount. Price…
Question 3 Owen plc manufactures one product, and the entire product is sold as soon as it is produced. The company operates a standard costing system and analysis of variances is made every month. The standard cost card for a product is as follows. Materials (4 Kg at £4 per Kg) Labour (4 Hours at £5 per hr) Variable overheads (5 hrs at £2 per hr) Fixed overheads (6 hrs at £3 per hr) Budgeted selling price is £80 per unit Budgeted production Budgeted sales There is no opening inventory The actual results are as follows: Sales: 8,400 units for £613,200 Production: 9,900 units Actual costs: Materials (35,464 kg): £163,455 Labour: £ 234,515 Variable overheads: £97,348 Fixed overheads: £ 144,074 £ per Unit 16 20 10 18 £64 8.900 units 8,200 units Required: a) Prepare a flexed budget and calculate the total variances b) Using the data, analyse each of the cost variances: Materials; Labour; Variable Overheads and; Fixed Overheads c) Using data, calculate the Sales price variance and the Sales…
0 Required information [The following information applies to the questions displayed below] Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: Direct materials: 5 pounds at $11 per pound Direct labor: 3 hours at $12 per hour $ 55 36 Variable overhead: 3 hours at $7 per hour 21 Total standard cost per unit $ 112 The planning budget for March was based on producing and selling 21,000 units. However, during March the company actually produced and sold 26,600 units and incurred the following costs: a. Purchased 154,000 pounds of raw materials at a cost of $9.50 per pound. All of this material was used in production. b. Direct laborers worked 63,000 hours at a rate of $13 per hour. c. Total variable manufacturing overhead for the month was $510,930. 5. If Preble had purchased 178,000 pounds of materials at $9.50 per pound and used 154,000 pounds in production,…
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
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 0.40 0.60 Additional information about the company follows: a. Rims require $20 in direct materials per unit, and Posts require $18. b. The direct labor wage rate is $18 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: Activity Cost Pool Machine setups Special processing General factory Annual Production 26,000 units 88,000 units Unit product cost of Rims Unit product cost of Posts Activity Measure Number of setups Machine-hours Direct labor-hours. Estimated Overhead Cost $28,160 $ 164,560 $ 780,000 Estimated Activity Rims 110 2,000 10,400 Posts 90 0 52,800 Total 200 2,000 63,200 2. Determine the unit product cost of each product…
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