SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the company's products is grilled salmon withnew potatoes and mixed vegetables. During the most recent week, the company prepared 6,200 of these meals using 1,200 directlabor-hours. The company paid its direct labor workers a total of $10,800 for this work, or $9.00 per hour.According to the standard cost card for this meal, it should require 0.20 direct labor-hours at a cost of $8.50 per hour.Required:1. What is the standard labor-hours allowed (SH) to prepare 6,200 meals?2. What is the standard labor cost allowed (SH × SR) to prepare 6,200 meals?3. What is the labor spending variance?4. What is the labor rate variance and the labor efficiency variance?(For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" forno effect (i.e., zero variance). Input all amounts as positive values.)1. Standard labor-hours allowed2. Standard labor cost allowed3. Labor spending variance4. Labor rate variance4. Labor efficiency varianceI

Lets understand the basics.Direct labor rate variance is a variance between the rate at which direct…

SkyChefs, Incorporated, pre new potatoes and mixed ve labor-hours. The company F According to the standard c Required: 1. What is the standard labor 2. What is the standard labo 3. What is the labor spendin 4. What is the labor rate vari (For requirements 3 and 4, no effect (i.e., zero variance 1. Standard labor-hours allowed 2. Standard labor cost allowed 3. Labor spending variance 4. Labor rate variance 4. Labor efficiency variance

SkyChefs, Incorporated, pre new potatoes and mixed ve labor-hours. The company F According to the standard c Required: 1. What is the standard labor 2. What is the standard labo 3. What is the labor spendin 4. What is the labor rate vari (For requirements 3 and 4, no effect (i.e., zero variance 1. Standard labor-hours allowed 2. Standard labor cost allowed 3. Labor spending variance 4. Labor rate variance 4. Labor efficiency variance

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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Find the values of the missing items (a) through (x). Assume the actual sales volume equals actual production volume. Marketing and Administrative Sales Price Variance Variance Units Sales Revenue Less: Variable Manufacturing Costs Variable marketing and administrative costs Contribution margin Fixed manufacturing costs Fixed marketing and administrative costs Operating Profit PreviousNext Reported income statement (based on actual sales volume) Manufacturing variance (a) (g) (n) (q) (r) (t) $4,320 $3,600 (0) $1,800 U $ 400 F (u) (p) (s) (v) (w) $3,600 F (X) $3,600 F Flexible Budget (based on actual sales volume (b) (h) (m) Sales Activity Variance 4,000 F (1) $19,200 (i) $4,800 $800 U $12,000 (k) $3,000 $4,000 (1) Master Budget (based on budgeted sales volume) 20,000 $30,000 (c) (d) (e) (f) $16,000 $10,000
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Fischer Fabrication reported the following information concerning its direct materials: Direct materials purchased (actual) Standard cost of materials purchased Standard price tires actual amount of materials used Actual production Standard direct materials costs per unit produced Assume that Fischer Fabrication had no beginning finished goods inventory and only produced one product. A count of inventory showed that 4,552 units remained in the warehouse. $ 378,300 $361,500 $ 333,500 56,900 units $6 Required: a. Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to record and close out the variances. b. Assume Fischer prorates all variances to the appropriate accounts. Prepare the entries Fischer would make to record and close out the variances. Complete this question by entering your answers in the tabs below. Required A Required B Assume Fischer writes off all variances to Cost of Goods Sold. Prepare the entries Fischer would make to…
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Gauging the Favorableness of Variances When variances occur, they are described as being either favorable or unfavorable. When actual activity consumes more time or money than initially planned, an unfavorable variance exists. However, when actual activity consumes less time or money than initially planned, a favorable variance exists. Note that the terms favorable and unfavorable are used, rather than saying that a variance is good or bad, because until the cause of a variance is discovered, it is not clear whether a variance is either good or bad. Note: Use the minus sign to indicate negative values (when the budgeted amount is greater than the actual). If a company calculates that the actual cost for the actual hours worked by employees was $4,600,000, and the amount budgeted for those hours actually worked was $4,800,000, the actual cost for hours worked less the budgeted cost for hours worked is $ less than ✔ the budgeted cost at actual hours worked. What type of variance is this?…
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Pickul Awning manufactures awnings and uses a standard cost system. The company allocates overhead based on the number of direct labor hours. The following are the company's cost and standards data: (Click the icon to view the standards.) Requirement 1. Calculate the standard cost of one awning. Standard cost Direct materials Direct labor Variable MOH Fixed MOH Total standard cost Standard cost per unit Requirement 2a. Calculate the direct material variances. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variance as fa First determine the formula for the price variance, then compute the price variance for direct materials. Determine the formula for the quantity variance, then compute the quantity variance for direct materials. = DM price variance ) = First determine the formula for the efficiency variance, then compute the efficiency variance for direct labor. x( x( x ( x( = DM quantity…