Sedona Company set the following standard costs for one unit of its product for this year Direct terial (15 pounds 53.40 per pound) Direct labor (1e hourss9.70 per DLH) Veriable overhead (10 hours e $4.90 per DLH) Fised overhead (10 hours $2.00 per DLH) Standard cost per unit $$1.00 97,00 49.00 20.00 $ 217.00 The $6.90 ($4.90 $2.00) total overhead rate per direct labor hour (DLH) is based on a predicted activity level of 41,300 units, which is 70% of the factory's capacity of 59.000 units per month. The following monthly flexible budget information Is avallable. Operat ing levels (K of capacity) 70 41, 00 41), 00 lexible Budget Budgeted production (units) udgeted direct labor (standard hours) Budgsted everhead Variable overhead Fised overhead Total evertead 30, 5e 363,500 75 44,250 442, 500 $ 1,879,150 826, 000 $2,705,150 $ 2,023, 700 826, 000 $2,49, 700 $2,168,250 126, 00 $2,994,25e During the current month, the company operated at 65% of capacity, direct labor of 365,000 hours were used, and the following actual overhead costs were incurred. Actual variable overhead Actual fiad overhead Actuel total verhead $1,816,000 899,050 52,715,ese

Sedona Company set the following standard costs for one unit of its product for this year Direct terial (15 pounds 53.40 per pound) Direct labor (1e hourss9.70 per DLH) Veriable overhead (10 hours e $4.90 per DLH) Fised overhead (10 hours $2.00 per DLH) Standard cost per unit $$1.00 97,00 49.00 20.00 $ 217.00 The $6.90 ($4.90 $2.00) total overhead rate per direct labor hour (DLH) is based on a predicted activity level of 41,300 units, which is 70% of the factory's capacity of 59.000 units per month. The following monthly flexible budget information Is avallable. Operat ing levels (K of capacity) 70 41, 00 41), 00 lexible Budget Budgeted production (units) udgeted direct labor (standard hours) Budgsted everhead Variable overhead Fised overhead Total evertead 30, 5e 363,500 75 44,250 442, 500 $ 1,879,150 826, 000 $2,705,150 $ 2,023, 700 826, 000 $2,49, 700 $2,168,250 126, 00 $2,994,25e During the current month, the company operated at 65% of capacity, direct labor of 365,000 hours were used, and the following actual overhead costs were incurred. Actual variable overhead Actual fiad overhead Actuel total verhead $1,816,000 899,050 52,715,ese

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 standard costs and actual costs for factory overhead for the manufacture of 3,000 units of actual production are as follows: Standard Costs Fixed overhead (based on 10,000 hours) Variable overhead 3 hours per unit @ $0.78 per hour 3 hours per unit @ $2.00 per hour a. $0 b. $624 favorable O c. $780 unfavorable O d. $624 unfavorable Actual Costs Total variable cost, $18,000 Total fixed cost, $7,900 The amount of the fixed factory overhead volume variance is
Assume the following information appears in the standard cost card for a company that makes only one product: Standar Quantity or Hours Standar Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 16.90 per hour $ 33.80 Variable manufacturing overhead 2 hours $ 3.00 per hour $ 6.00 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. What is the direct labor rate variance?
Round to two decimal places please
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The materials price variance for January is: Multiple Cholce $280 U $420 F $420 U $280 F
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Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 3.80 per hour $ 7.60 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance?
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Please do not give solution in image format thanku
Milar Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Direct materials 7.7 pounds $ 4.00 per pound Direct labor 0.1 hours $ 20.00 per hour Variable overhead 0.1 hours $ 4.00 per hour In January the company produced 2,000 units using 16,060 pounds of the direct material and 210 direct labor-hours. During the month, the company purchased 16,900 pounds of the direct material at a cost of $65,910. The actual direct labor cost was $4,473 and the actual variable overhead cost was $756.The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased.The variable overhead rate variance for January is: $84 U $84 F $80 U $80 F Do not give solution in image
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