← Smith Manufacturing designs and manufactures bathtubs for home and commercial applications. The company recorded the following data for its commercial bathtub production line during the month of March: Standard DL hours per tub Standard variable overhead rate per DL hour Standard variable overhead cost per unit Actual variable overhead costs Actual DL hours Actual variable overhead cost per DL hour Actual tubs produced What is the variahle manufacturing overhead rata variance in March? OA. $3,600 favorable O B. $10,500 favorable OC. $10,500 unfavorable O D. $3,600 unfavorable 5 $7.50 $37.50 $30,600 3,600 $8.50 1,000 10

← Smith Manufacturing designs and manufactures bathtubs for home and commercial applications. The company recorded the following data for its commercial bathtub production line during the month of March: Standard DL hours per tub Standard variable overhead rate per DL hour Standard variable overhead cost per unit Actual variable overhead costs Actual DL hours Actual variable overhead cost per DL hour Actual tubs produced What is the variahle manufacturing overhead rata variance in March? OA. $3,600 favorable O B. $10,500 favorable OC. $10,500 unfavorable O D. $3,600 unfavorable 5 $7.50 $37.50 $30,600 3,600 $8.50 1,000 10

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Description: What is tha manufacturing overhead rate variance in march...?? ←Smith Manufacturing designs and manufactures bathtubs for home and commercial applications. The company recordedthe following data for its commercial bathtub production line during the m

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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Manufacturing Overhead Variance is: O a. A product cost and is expensed when the jobs are sent to customers O b. A product cost and is expensed in the period incurred O c. A period cost and is expensed when the jobs are sent to customers O d. A period cost and is expensed in the period incurred
Required: Compute the materials price and quantity variances for the month. EXERCISE 10-8 Direct Materials and Direct Labor Variances [LO10-1, L010-2] Dawson Toys, Ltd., produces a tov called the Maze. The company has recently established a stan. dard cost system to help control costs and has established the following standards for the Maze tow: Direct materials: 6 microns per toy at $0.50 per micron Direct labor: 1.3 hours per toy at $8 per hour During July, the company produced 3,000 Maze toys. Production data for the month on the toy follow: Direct materials: 25,000 microns were purchased at a cost of $0.48 per micron. 5,000 of these microns were still in inventory at the end of the month. Direct labor: 4,000 direct labor-hours were worked at a cost of $36,000.
Variance Industries, Ltd. creates problems for accounting students. At the end of the first quarter of 2021, you have been asked to prepare a variance analysis of the company's operations for the quarter recently ended. You have gathered the data below from the company's accounts and the static budget prepared in December 2020. Variable and fixed manufacturing overhead are allocated based on direct- labour dollars. Units manufactured and sold Sales revenue Variable costs Direct materials Direct labour Variable manufacturing overhead Total variable costs Contribution margin Fixed manufacturing overhead Operating income (loss) Actual results Static budget 10,000 12,000 $320,000 $50,000 125,000 29,000 204,000 116,000 73,000 43,000 $360,000 $60,000 120,000 24,000 204,000 156,000 72,000 84,000
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Trini Company set the following standard costs per unit for its single product Direct materials (30 pounds @ $4.40 per pound) Direct labor (6 hours @ $14 per hour) Variable overhead (6 hours @ $8 per hour) Fixed overhead (6 hours @ $11 per hour) $ 132.00 84.00 48.00 66.00 $ 330.00 Standard cost per unit Overhead is applied using direct labor hours. The standard overhead rate is based on a predicted activity level of 80% of the company's capacity of 50,000 units per quarter. The following additional information is available. Production (in units) Standard direct labor hours (6 DLH per unit) Budgeted overhead (flexible budget) Fixed overhead Variable overhead Operating Levels 70% 80% 90% 35,000 210,000 40,000 240,000 45,000 270,000 $ 2,640,000 $ 1,680,000 $ 2,640,000 $ 2,640,000 $ 1,920,000 $ 2,160,000 During the current quarter, the company operated at 90% of capacity and produced 45,000 units; actual direct labor totaled 266,000 hours. Units produced were assigned the following…
Which of the following is a value-added activity? a.waiting b.inspection c.processing d.moving Which of the following statements is characteristic of overhead? a.The adjusted cost of goods sold is equal to the normal cost of goods manufactured plus or minus the overhead variance. b.Variances in overhead are expected every other month. c.lf the overhead variance shows overapplied overhead, then that amount would be subtracted from normal cost of goods sold. d.lf the overhead variance shows underapplied overhead, then that amount would be subtracted from normal cost of goods sold. Which accounting method is used for external reporting? a.absorption costing b.transfer price costing c.variable costing d.responsibility costing
Which of the following is true of direct labor variances? a. The labor efficiency variance measures the difference between what was paid to direct laborers and what should have been paid. b. The labor rate variance measures the difference between the labor hours that were actually used and the labor hours that should have been used. c. The labor rate variance measures the difference between the labor hours that were originally budgeted and the labor hours that should have been used. d. The labor rate and labor efficiency variances will always add up to the total labor variance. e. The labor rate variance measures the difference between the labor hours that were actually used and the labor hours that were originally budgeted.
Required: Calculate all variances and prepare an operating statement for the month endedJune 2015 by using the following table format. Sales variances £ Favourable (F)/Adverse (A) Sales price variance: Sales volume variance: Total sales variance Direct material variances £ Favourable (F)/Adverse (A) Material price variance: Material usage variance: Total direct material variance Direct labour variances £ Favourable (F)/ Adverse (A) Labour rate variance: Labour efficiency variance: Total direct labour variance Variable overhead variances £ Favourable (F)/ Adverse (A) Variable…
The direct labor rate variance is calculated by multiplying the standard hours that should have been worked for the actual output by the difference between the standard labor rate and the actual labor rate. O True O False
Subject-Acounting
Primara Corporation has a standard costing system in which it applies overhead to products on the basis of the standard direct labour- hours allowed for the actual output of the period. Data concerning the most recent year appear below: Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted standard direct labour-hours (denominator level of activity) Actual direct labour-hours Standard direct labour-hours allowed for the actual output $ 500,000 $ 508,000 50,000 54,000 52,000 Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. Predetermined overhead rate per DLH