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. 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
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Measure Maps Silver Lining Inc. has a balanced scorecard with a strategy map that shows that delivery time and the number of erroneous shipments are expected to affect the company’s ability to satisfy the customer. Further, the strategy map for the balanced scorecard shows that the hours from ordered to delivered affects the percentage of customers who shop again, and the number of erroneous shipments affects the online customer satisfaction rating. The following information is also available: The company’s target hours from ordered to delivered is 20. Every hour over the ordered-to-delivered target results in a 0.5% decrease in the percentage of customers who shop again. The company’s target number of erroneous shipments per year is no more than 55. Every error over the erroneous shipments target results in a 0.5 point decrease in the online customer satisfaction rating and an added future financial loss of $800. The company estimates that for every 1% decrease in the percentage of…
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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…
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Inputs Direct materials Direct labor Variable manufacturing overhead Actual output Raw materials purchased Actual cost of raw materials purchased Raw materials used in production Actual direct labor-hours Actual direct labor cost Actual variable overhead cost The company has reported the following actual results for the product for September: Standard Quantity or Hours per Unit of Output Required: a. Compute the materials price variance for Septer b. Compute the materials quantity variance for September. c. Compute the labor rate variance for September. a. Materials price variance b. Materials quantity variance Labor rate variance Labor efficiency variance variable overhead spending variance Variable overhead efficiency variance C. d. 9.40 liters 0.60 hours 0.60 hours 11,600 units 110,000 liters $1,010,500 $ $ e. f. d. Compute the labor efficiency variance for September. e. Compute the variable overhead spending variance for September. 109,070 liters 6,380 hours f. Compute the variable…
On January 1, 2019, Kelly Corporation acquired bonds with a face value of $400,000 for $386,808.18, a price that yields a 9% effective annual interest rate. The bonds carry a 8% stated rate of interest, pay interest semiannually on June 30 and December 31, are due December 31, 2022, and are being held to maturity. Required: Prepare journal entries to record the purchase of the bonds and the first two interest receipts using the: 1. straight-line method of amortization 2. effective interest method of amortization
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Robinwood Fixtures manufactures two products, K4 and X7. The company prepares its master budget on the basis of standard costs. The following data are for September: Standards Direct materials Direct labor, Variable overhead (per direct labor-hour) Fixed overhead (per month) Expected activity (direct labor-hours) Actual results Direct material (purchased and used) Direct labor Variable overhead Fixed overhead Units produced (actual) Direct materials Direct labor Variable overhead Fixed overhead Price Variance F F KA -0.75 pounds at $8.00 per pound 1.25 hours at $26.00 per hour $ 21.20 K4 $ 416,400 17,350 Required: a. Prepare a variance analysis for each variable cost for each product. b. Prepare a fixed overhead variance analysis for each product. Note: For all requirements, Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. 10,300 pounds at $7.40 per…