Standard Quantity 15 sq. ft. 10 hrs. Standard Price (Rate) $ 5 per sq. ft. $15 per hr. Standard Unit Cost $ 75.00 Direct materials (fiberglass) Direct labor 150.00 Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24, 000 + 300 units) 10 hrs. $ 6 per hr. 60.00 80.00 Rip Tide has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass used Cost of fiberglass used Number of labor hours worked 329 5,090 $27,995 3,230 $50,711 $14,090 $25,450 Direct labor cost Variable overhead cost Fixed overhead cost Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide. 2. Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide. 4. Calculate the fixed overhead spending (budget) and volume variances for Rip Tide.

Standard Quantity 15 sq. ft. 10 hrs. Standard Price (Rate) $ 5 per sq. ft. $15 per hr. Standard Unit Cost $ 75.00 Direct materials (fiberglass) Direct labor 150.00 Variable manufacturing overhead (based on direct labor hours) Fixed manufacturing overhead ($24, 000 + 300 units) 10 hrs. $ 6 per hr. 60.00 80.00 Rip Tide has the following actual results for the month of June: Number of units produced and sold Number of square feet of fiberglass used Cost of fiberglass used Number of labor hours worked 329 5,090 $27,995 3,230 $50,711 $14,090 $25,450 Direct labor cost Variable overhead cost Fixed overhead cost Required: 1. Calculate the direct materials price, quantity, and total spending variances for Rip Tide. 2. Calculate the direct labor rate, efficiency, and total spending variances for Rip Tide. 3. Calculate the variable overhead rate, efficiency, and total spending variances for Rip Tide. 4. Calculate the fixed overhead spending (budget) and volume variances for Rip Tide.

Name: StandardStandard PriceStandardQuantity15 sq. ft.(Rate)$ 5 per sq. ft.
Uploaded: 2024-03-20T06:32:49.000Z
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Description: StandardStandard PriceStandardQuantity15 sq. ft.(Rate)$ 5 per sq. ft.$15 per hr.Unit CostDirect materials (fiberglass)$ 75.00Direct labor10 hrs.150.00Variable manufacturing overhead(based on direct labor hours)Fixed manufacturing overhead($24, 000 +

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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Nevada Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate 3.00 per ounce 6.4 ounces 0.4 hours 0.4 hours $ $ 13.00 per hour S 5.00 per hour The company reported the following results concerning this product in March. Originally budgeted output Actual output Raw materials used in production Actual direct labor-hours Direct materials Direct labor Variable overhead Purchases of raw materials Actual price of raw materials Actual direct labor rate Actual variable overhead rate O $3,136 F O $3,260 F S S S O $3,136 U O $3,260 U Standard Cost Per Unit S S S 4,800 units 4,900 units 30,230 ounces 1,910 hours. 32,600 ounces 2.90 per ounce 12.40 per hour 4.90 per hour 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 materials price variance for March is: 19.20 5.20 2.00
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Valera Corporation makes a product with the following standards for labor and variable overhead: Direct labor Variable overhead Standard Quantity Standard Price or Standard Cost Per or Hours 0.4 hours 0.4 hours Rate $21.00 per hour. $ 6.00 per hour Unit $8.40 $2.40 The company budgeted for production of 5,300 units in July, but actual production was 5,400 units. The company used 2,130 direct labor-hours to produce this output. The actual variable overhead rate was $6.10 per hour. The company applies variable overhead on the basis of direct labor-hours. The variable overhead rate variance for July is:
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6
Subject: acounting
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