Requirement 1. Compute the flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead. Begin by computing the following amounts for the variable manufacturing overhead. Actual Input Qty. - X More info Actual Costs Allocated Incurred Budgeted Rate Flexible Budget Overhead Variable manufacturing overhead cost is allocated to each suit on the basis of budgeted direct manufacturing labor-hours per suit. For June 2017, each suit is budgeted to take 3 labor-hours. Budgeted variable manufacturing overhead cost per labor-hour is $11. The budgeted number of suits to be manufactured in June 2017 is 1,020. - X Requirements Actual variable manufacturing overhead costs in June 2017 were $53,880 for 1,000 suits started and completed. There were no beginning or ending inventories of suits. Actual direct manufacturing labor-hours for June were 4,490. 1. Compute the flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead. 2. Comment on the results

Requirement 1. Compute the flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead. Begin by computing the following amounts for the variable manufacturing overhead. Actual Input Qty. - X More info Actual Costs Allocated Incurred Budgeted Rate Flexible Budget Overhead Variable manufacturing overhead cost is allocated to each suit on the basis of budgeted direct manufacturing labor-hours per suit. For June 2017, each suit is budgeted to take 3 labor-hours. Budgeted variable manufacturing overhead cost per labor-hour is $11. The budgeted number of suits to be manufactured in June 2017 is 1,020. - X Requirements Actual variable manufacturing overhead costs in June 2017 were $53,880 for 1,000 suits started and completed. There were no beginning or ending inventories of suits. Actual direct manufacturing labor-hours for June were 4,490. 1. Compute the flexible-budget variance, the spending variance, and the efficiency variance for variable manufacturing overhead. 2. Comment on the results

Name: Tailored Clothing is a manufacturer of designer suits. The cost of ea
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Description: Tailored Clothing is a manufacturer of designer suits. The cost of each suit is the sum of three variable costs (direct material costs, direct manufacturing labor costs, and manufacturing overhead costs) and one fixed-cost category (manufacturing ov

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 [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 AQ = Actual Quantity SQ = Standard Quantity AP = Actual Price SP = Standard Price Actual Cost Compute 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. $ GA Standard Quantity and Cost 6 pounds @ $8 per pound 3 DLH @ $17 per DLH 3 DLH @ $12 per DLH 0 $ Actual Results 47,400 pounds @ $8.10 per pound 23,100 hours @ $17.50 per hour $ 286,100 0 0 7,800 units S $ 0 Standard Cost
Spree Party Lights overhead expenses are: Indirect material, pounds per unit Indirect material, cost per pound Indirect labor hours Indirect labor rate per hour Variable maintenance per unit Variable utilities per unit Supervisor salaries Maintenance salaries Insurance Depreciation Units to Produce Variable Costs Indirect Material Indirect Labor Maintenance Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,400, 3,100, and 2,800, respectively. Spree Party Lights Manufacturing Overhead Budget For the Quarter Ending January - March January February 2,400 3,100 Utilities Total Variable Manufacturing Costs Fixed Costs 0.30 Supervisory Salaries Maintenance Salaries Insurance Depreciation Total Fixed Manufacturing Coats Total Manufacturing Overhead $2 $16.50 $0.75 $0.20 $11,000 $9,000 $3,000 $1,600 1,440 30,500 1.1900 11,000 5,000 3,000 1,500 24,600 67,020 1,860 51,150 620 53,955 11,000 9,000 3,000 1,000 24,400 10,355 March 2,1800…
Required: 1. Compute the factory overhead flexible-budget variance, the factory overhead spending variance, and the efficiency variance for variable factory overhead for March and state whether each variance is favorable (F) or unfavorable (U). 2. Provide the appropriate journal entry to record the variable overhead spending variance and a second entry to record the variable overhead efficiency variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs.
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
Spree Party Lights overhead expenses are: Indirect material, pounds per unit Indirect material, cost per pound Indirect labor hours Indirect labor rate per hour Variable maintenance per unit Variable utilities per unit Supervisor salaries Maintenance salaries Insurance Depreciation Units to Produce Variable Costs Indirect Material Indirect Labor Maintenance Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,400, 2,900, and 2,600, respectively. Spree Party Lights Manufacturing Overhead Budget For the Quarter Ending January - March January February Utilities Total Variable Manufacturing Costs Fixed Costs Supervisory Salaries Maintenance Salaries Insurance Depreciation 0.30 $2 1 Total Fixed Manufacturing Costs Total Manufacturing Overhead $16.00 $0.75 $0.20 $9,000 $8,000 $4,000 $1,400 March
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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
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● W S Required Information [The following information applies to the questions displayed below.] The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot includes direct materials, direct labor, and manufacturing (factory) overhead. The firm traces all direct costs to products, and it assigns overhead cost to products based on direct labor hours. Required: 1. Compute the factory overhead flexible-budget variance, the factory overhead spending variance, and the efficiency variance for variable factory overhead for March and state whether each variance is favorable (F) or unfavorable (U). 2. Provide the appropriate journal entry to record the variable overhead spending variance and a second entry to record the variable overhead efficiency variance for March. Assume that the company uses a single account, Factory Overhead, to record overhead costs. The company budgeted $11,925 variable factory overhead cost, $96,750 for fixed factory overhead cost and…
Assume that a company uses a standard cost system and applies overhead to production based on direct labor-hours. It provided the following information for its most recent year: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted direct labor-hours Actual direct labor-hours Standard direct labor-hours allowed for the actual output What is the fixed overhead volume variance? Multiple Choice O $20,000 U $20,000 F $9,000 U $9,000 F $ 300,000 $ 276,000 60,000 56,000 58, 200
Requirement 1. Compute the budgeted fixed manufacturing overhead rate per barrel for each of the denominator-level capacity concepts. Explain why they are different. Begin by determing the formula to calculate the budgeted fixed manufacturing overhead rate per barrel, then compute the rate for each of the denominator-level capacity concepts. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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