Provide answer accounting question Shimano Company makes a product that is expected torequire 6 hours of labor per unit of product. The standardcost of labor is $5.30. Shimano actually used 5.90 hours oflabor per unit of product. The actual cost of labor was $5.20per hour. Shimano made 1,600 units of product during theperiod. Based on this information alone, the labor pricevariance is:a. $848 favorable.b. $848 unfavorable.c. $944 unfavorable.d. $944 favorable.

Step 1: Definition of Labor Price VarianceLabor Price Variance (also known as Rate Variance)…

Answered: Shimano Company makes a product that is…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter6: Activity-based, Variable, And Absorption Costing

Section: Chapter Questions

Problem 1PB: Bobcat uses a traditional cost system and estimates next years overhead will be $800.000, as driven...

See similar textbooks

Similar questions

Colonels uses a traditional cost system and estimates next years overhead will be $480,000, with the estimated cost driver of 240,000 direct labor hours. It manufactures three products and estimates these costs: If the labor rate is $25 per hour, what is the per-unit cost of each product?
Rose Company has a relevant range of production between 10,000 and 25.000 units. The following cost data represents average cost per unit for 15,000 units of production. Using the cost data from Rose Company, answer the following questions: If 10,000 units are produced, what is the variable cost per unit? If 18,000 units are produced, what is the variable cost per unit? If 21,000 units are produced, what are the total variable costs? If 11,000 units are produced, what are the total variable costs? If 19,000 units are produced, what are the total manufacturing overhead costs incurred? If 23,000 units are produced, what are the total manufacturing overhead costs incurred? If 19,000 units are produced, what are the per unit manufacturing overhead costs incurred? If 25,000 units are produced, what are the per unit manufacturing overhead costs incurred?
Bluegill Company sells 15,500 units at $320 per unit. Fixed costs are $248,000 and income from operations is $2,728,000. Determine the following: Round the contribution margin ratio to two decimal places. a. Variable cost per unit b. Unit contribution margin per unit c. Contribution margin ratio
Last year, Bagger Company had sales revenue of $1,250,000, direct materials of $280,000, directlabor of $310,700, overhead of $449,300 (30% is variable). Bagger calculates sales price using a markup on cost of goods sold. Required1. Calculate the markup Bagger will use.2. If a job has manufacturing cost of $43,000, what is Bagger’s price?
Jamison Company produces and sells Product X at a total cost of $1,300 per unit, of which $880 is product cost and $420 is selling and administrative expenses. In addition, the total cost of $1,300 is made up of $740 variable cost and $560 fixed cost. The desired profit is $169 per unit. Determine the markup percentage on total cost.fill in the blank 1 %
Pacifica Industrial Products Corporation makes two products, Product H and Product L. Product H is expected to sell 36,000 units next year and Product L is expected to sell 7,200 units. A unit of either product requires 0.9 direct labor-hours. The company's total manufacturing overhead for the year is expected to be $3,304,800. What is the overhead cost per unit for Product L if the overhead cost per unit for Product H is $45.90
Rainbow Inc's products are given below. If the company's total labor capacity is 3200 hours/week, which of the products should be produced in a week? Regarding with this plan what will be the total sales and total variable costs of the firm per week? Labor Total Hour Price VC / Demand Product / Unit / Unit Unit (unit) ХС610 2 2,500 1,000 300 XD740 4 3,100 1,500 250 ZS650 3 1,850 750 400 ST340 2,250 975 500
Estrada Corporation produced 203,000 watches that it sold for $20 each. The company determined that fixed manufacturing cost per unit was $7 per watch. The company reported a $1,624,000 gross margin on its financial statements. Required Determine the variable cost per unit, the total variable product cost, and the total contribution margin. Variable cost per unit Total variable product cost Total contribution margin
Bradley Company manufactures a single product that sells for $360 per unit and whose variable costs are $270 per unit. The company’s annual fixed costs are $1,125,000. The contribution margin ratio is:
Electro Inc. produced 120,000 connector units. The variable manufacturing cost per unit was $25.50, variable overhead costs per unit were $10.00, and the total fixed costs incurred were $1,980,000. What was the average cost per unit produced?
Seaco Products produced 10,000 gears with the following unit costs: variable manufacturing costs $22, fixed manufacturing overhead $6, variable selling and administrative expenses $2, and fixed selling and administrative expenses $3. The company has a desired ROI per unit of $9 and has invested assets of $395,000. Compute the variable-cost pricing markup percentage. (Round answer to 2 decimal places (e.g., 25.02).) Variable-cost pricing markup percentage %
Sunn Company manufactures a single product that sells for $140 per unit and whose variable costs are $105 per unit. The company's annual fixed costs are $563,500. (b) Compute the company's contribution margin ratio. (c) Compute the company's break-even point in units. (d) Compute the company's break-even point in dollars of sales.

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS