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Sheffield Irrigation, Inc. is known throughout the world for its H2O-X high-capacity water pump, used in irrigation systems. The pump's standard cost is as follows. The company's predetermined fixed overhead rate is based on an expected capacity of 100,000 direct labor hours per month. Standard Standard Standard Price Quantity Cost Direct materials $5 per pound 14 pounds $70 Direct labor $10 per DLH 4 DLH 40 Variable overhead $9 per DLH 4 DLH 36 Fixed overhead $4 per DLH 4 DLH 16 $162 During the month of September, the company produced 22,330 of the 25,000 pumps that had been scheduled for production in the

Sheffield Irrigation, Inc. is known throughout the world for its H2O-X high-capacity water pump, used in irrigation systems. The pump's standard cost is as follows. The company's predetermined fixed overhead rate is based on an expected capacity of 100,000 direct labor hours per month. Standard Standard Standard Price Quantity Cost Direct materials $5 per pound 14 pounds $70 Direct labor $10 per DLH 4 DLH 40 Variable overhead $9 per DLH 4 DLH 36 Fixed overhead $4 per DLH 4 DLH 16 $162 During the month of September, the company produced 22,330 of the 25,000 pumps that had been scheduled for production in the

FINANCIAL ACCOUNTING
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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$ Direct materials price variance Direct materials quantity variance Direct labor rate variance Direct labor efficiency variance Variable overhead spending variance Variable overhead efficiency variance $ Fixed overhead spending variance > > > > > %24 %24 %24 %24 %24 %24 %24
Transcribed Image Text:$ Direct materials price variance Direct materials quantity variance Direct labor rate variance Direct labor efficiency variance Variable overhead spending variance Variable overhead efficiency variance $ Fixed overhead spending variance > > > > > %24 %24 %24 %24 %24 %24 %24
Sheffield Irrigation, Inc. is known throughout the world for its H20-X high-capacity water pump, used in irrigation systems. The pump's standard cost is as follows. The company's predetermined fixed overhead rate is based on an expected capacity of 100,000 direct labor hours per month. Standard Standard Standard Price Quantity Cost Direct materials $5 per pound 14 pounds $70 Direct labor $10 per DLH 4 DLH 40 Variable overhead $9 per DLH 4 DLH 36 Fixed overhead $4 per DLH 4 DLH 16 $162 During the month of September, the company produced 22,330 of the 25,000 pumps that had been scheduled for production in the budget. The company used 356,270 pounds of material during September. The direct labor payroll for the month was $793,200 for 95,400 direct labor hours. Variable overhead costs were $847,500; fixed overhead costs were $364,200. The company's purchasing agent signed a new supply contract that resulted in purchases of 476,600 pounds of direct materials at a total price of $2,192,360. Calculate Sheffield' direct materials, direct labor, and overhead variances for September. (Round per unit values to 2 decimal places, eg. 52.75 and final answers to 0 decimal places, e.g. 5,725. If variance is zero, select "Not Applicable" and enter O for the amounts.)
Transcribed Image Text:Sheffield Irrigation, Inc. is known throughout the world for its H20-X high-capacity water pump, used in irrigation systems. The pump's standard cost is as follows. The company's predetermined fixed overhead rate is based on an expected capacity of 100,000 direct labor hours per month. Standard Standard Standard Price Quantity Cost Direct materials $5 per pound 14 pounds $70 Direct labor $10 per DLH 4 DLH 40 Variable overhead $9 per DLH 4 DLH 36 Fixed overhead $4 per DLH 4 DLH 16 $162 During the month of September, the company produced 22,330 of the 25,000 pumps that had been scheduled for production in the budget. The company used 356,270 pounds of material during September. The direct labor payroll for the month was $793,200 for 95,400 direct labor hours. Variable overhead costs were $847,500; fixed overhead costs were $364,200. The company's purchasing agent signed a new supply contract that resulted in purchases of 476,600 pounds of direct materials at a total price of $2,192,360. Calculate Sheffield' direct materials, direct labor, and overhead variances for September. (Round per unit values to 2 decimal places, eg. 52.75 and final answers to 0 decimal places, e.g. 5,725. If variance is zero, select "Not Applicable" and enter O for the amounts.)
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