Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. InMay 2020, 10,600 suits were produced. The following standard and actual cost data applied to the month of May when normalcapacity was 17,000 direct labor hours. All materials purchased were used.Cost ElementDirectmaterialsDirect laborOverhead(a)(1)(2)6 yards at $5.00 per yard(b)1.20 hours at $13.00 per hour1.20 hours at $6.90 per hour (fixed $4.00; variable$2.90)Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $68,000, and budgetedvariable overhead was $49,300.Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round per unit values to 2 decimal places, e.g. 52.75 andfinal answers to O decimal places, e.g. 52.)Total materials varianceMaterials price varianceMaterials quantity varianceTotal labor varianceStandard (per unit)Labor price varianceLabor quantity varianceCompute the total overhead variance.Total overhead variance $$$$$Actual$$312,825 for 64,500 yards ($4.85 per yard)$$183,870 for 13,620 hours ($13.50 per hour)$49,400 fixed overhead $36,500 variableoverhead

Name: Rudd Clothiers is a small company that manufactures tall-men's suits.
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting system. InMay 2020, 10,600 suits were produced. The following standard and actual cost data applied to the month of May when normal

Material Price Variance (MPV) It is a difference between standard price and actual price of material…

Business

Accounting

Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting May 2020, 10,600 suits were produced. The following standard and actual cost data applied to the month of May when r capacity was 17,000 direct labor hours. All materials purchased were used. Cost Element Direct materials Direct labor Overhead (1) (2) 6 yards at $5.00 per yard 1.20 hours at $13.00 per hour 1.20 hours at $6.90 per hour (fixed $4.00; variable $2.90) Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $68,000, variable overhead was $49,300. (a) Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round per unit values to 2 decimal places, e final answers to O decimal places, e.g. 52.) Total materials variance Materials price variance Materials quantity variance Total labor variance Standard (per unit) Labor price variance Labor quantity variance tA tA tA $ tA Actual EA $312,825 for 64,500 yards ($4.85 per $183,870 for 13,620 hours ($13.50 p $49,400 fixed overhead $36,500 vari overhead < < <

Rudd Clothiers is a small company that manufactures tall-men's suits. The company has used a standard cost accounting May 2020, 10,600 suits were produced. The following standard and actual cost data applied to the month of May when r capacity was 17,000 direct labor hours. All materials purchased were used. Cost Element Direct materials Direct labor Overhead (1) (2) 6 yards at $5.00 per yard 1.20 hours at $13.00 per hour 1.20 hours at $6.90 per hour (fixed $4.00; variable $2.90) Overhead is applied on the basis of direct labor hours. At normal capacity, budgeted fixed overhead costs were $68,000, variable overhead was $49,300. (a) Compute the total, price, and quantity variances for (1) materials and (2) labor. (Round per unit values to 2 decimal places, e final answers to O decimal places, e.g. 52.) Total materials variance Materials price variance Materials quantity variance Total labor variance Standard (per unit) Labor price variance Labor quantity variance tA tA tA $ tA Actual EA $312,825 for 64,500 yards ($4.85 per $183,870 for 13,620 hours ($13.50 p $49,400 fixed overhead $36,500 vari overhead < < <

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please help me with all answers thanku
Angler Industries produces a product which goes through two operations, Assembly and Finishing, before it is ready to be shipped. Next year's expected costs and activities are shown below. Assembly 248,888 DLH Finishing 154,000 DLH 68,000 MH 448,800 MH $440,000 Direct labor hours Machine hours Overhead costs Assume that Angler Industries allocates overhead using a plantvide overhead rate based on machine hours. How much total overhead will be assigned to a product that requires 1 direct labor hour and 3.90 machine hours in the Assembly Department, and 4.00 direct labor hours and 0.6 machine hours in the Finishing Department? Multiple Chaises O O O $21.50 $17.60 $2.00. $18.10 $ 677,680 $13.20.
immy Author Company has the following data for the past year: Actual overhead $512,000 Applied overhead: Work-in-process inventory $125,000 Finished goods inventory 170,000 Cost of goods sold 150,000 Total $445,000 Calculate the overhead variance for the year and close it to cost of goods sold. Provide all the details and working outs.
Your Company applies manufacturing overhead to jobs using a predetermined overhead rate of 75% of direct labor cost. Any underapplied or overapplied manufacturing overhead cost is closed out to Cost of Goods Sold at the end of the month. During March, the following transactions were recorded by the company: Direct labor costs $20,000 Actual manufacturing costs: $17,000 How much overhead was applied for the period?
A Company estimates its overhead to be $375,000 It expects to have 125,000 direct labor hours costing $1,500,000 in labor It expects to utilize 15,000 machine hours Calculate the predetermined overhead rate using: Direct labor hours Direct labor dollars Machine hours Predetermined overhead allocation rate= estimated manufacturing overhead cost/ allocation base
A Mark uses 1,100 units of the component IMC2 every month to manufacture one of its products. The unit costs incurred to manufacture the component are as follows. Direct materials $58.89 Direct labor 39.08 Overhead 126.50 Total $224.47 Overhead costs include variable material handling costs of $6.50, which are applied to products on the basis of direct material costs. The remainder of the overhead costs are applied on the basis of direct labor dollars and consist of 60% variable costs and 40% fixed costs. A vendor has offered to supply the IMC2 component at a price of $250 per unit. (a) Prepare the incremental analysis for the decision to make or buy IMC2. (Round answers to 2 decimal places, e.g. 12.25. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Make IMC2 (per unit) Buy IMC2 (per unit) Net Income Increase (Decrease)
A manufacturing company applies factory overhead based on direct labor hours. At the beginning of the year, it estimated that factory overhead costs would be $360,000 and direct labor hours would be 30,000. Actual manufacturing overhead costs incurred were $377,200, and actual direct labor hours were 36,000. The journal entry to apply the factory overhead costs for the year would include a
Copdog
Online A company uses direct labor-hours for its predetermined overhead rate. The company estimated direct labor-hours would be 25,000 hours and the total estimated manufacturing overhead would be $500,000. At the end of the year, actual direct labor-hours for the year were 23,000 hours and the actual manufacturing overhead for the year was $490,000. Overhead at the end of the year was: (Do not round your intermediate calculations.) Multiple Choice
Camila Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds @ $5 per pound) $ 70 Direct labor (2 hours @ $14 per hour) 28 During June the company incurred the following actual costs to produce 8,800 units. Direct materials (125,300 pounds @ $4.75 per pound) $ 595,175 Direct labor (22,300 hours @ $14.15 per hour) 315,545 AR = Actual RateSR = Standard RateAQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price(1) Compute the direct materials price and quantity variances.(2) Compute the direct labor rate variance and the direct labor efficiency variance.
Submit UOJPBY781 Corp.s manufacturing overhead for the year was estimated to be $783,200 at the begining of the year. O Quiz Tools At the end of the year, UOJPBY781's actual direct labor-hours for the year were 36,260 hours. (ID#65031) UOJPBY781's actual manufacturing overhead for the year was $760,000. 100% UOJPBY781's manufacturing overhead for the year was overapplied by $37,720. Collapse Q.) If UOJPBY781's predetermined overhead rate is based on direct labor-hours, then the estimated direct labor-hours at the beginning of the year used in the predetermined overhead rate must have been: (Round your intermediate calculations to 2 decimal places.) Multiple Choice 32,831 direct labor-hours 36,260 direct labor-hours 35,600 direct labor-hours MacBook Air ...
Sharp Company manufactures a product for which the following standards have been set: Direct materials Direct labor Standard Quantity or Hours 3 feet ? hours Standard Price or Rate $5 per foot ? per hour Standard Cost $ 15 ? During March, the company purchased direct materials at a cost of $53,730, all of which were used in the production of 2,875 units of product. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this labor time was $37,600. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: $ 1,650 U $ 3,100 U $ 750 U a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of…