Standard Quantity/Hours 6.5 yards 0.2 hours Standard Cost per Unit $13.00 $ 4.60 $ 1.20 Standard Price/Rate $2.00 per yard $23.00 per hour $6.00 per hour Direct materials Direct labor Variable overhead 0.2 hours The company reported the following results concerning this product in January. Master Budget Output Actual Output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost 2,700 units 2,840 units 19,380 yards 21,400 yards 500 hours $ 41,260 $ 12,050

Standard Quantity/Hours 6.5 yards 0.2 hours Standard Cost per Unit $13.00 $ 4.60 $ 1.20 Standard Price/Rate $2.00 per yard $23.00 per hour $6.00 per hour Direct materials Direct labor Variable overhead 0.2 hours The company reported the following results concerning this product in January. Master Budget Output Actual Output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost 2,700 units 2,840 units 19,380 yards 21,400 yards 500 hours $ 41,260 $ 12,050

Name: A company uses a standard costing system with the standards per unit
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Description: A company uses a standard costing system with the standards per unit below:Direct materialsDirect laborVariable overheadStandard Quantity/Hours6.5 yards0.2 hours0,2 hoursStandard Price/Rate$2.00 per yard$23.00 per hour$6.00 per hourStandard Cost per

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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A report for a company's Assembly Department for the month of March follows: Assembly Department Cost Report For the Month Ended March 31 Machine-hours Variable costs: Supplies Scrap Indirect materials Fixed costs: Actual Master Budget Results 15,000 Variances 20,000 $ 10,800 39,200 111,800 $ 11,400 42,000 133,500 $ 600 F 2,800 F 21,700 F 83,500 108,000 78,000 108,000 5,500 U e $ 353,300 $ 372,900 $ 19,600 F Wages and salaries Equipment depreciation Total cost Required: Prepare a flexible budget performance report for the month of March.
Paragraph Styles Question 1: WPC Company's Budget and actual costs per unit are provided below for the most recent period. During this period, 700 units were actually produced. Product Product Standard Cost Actual Cost Materials Unit Price Per Metre $2.00 $2.20 Metres Standard $10.00 Actual 5.2 $11.44 Direct labour Hours Hourly Rate $50 $5.50 Standard 3. $15.00 Actual 3.2 $17.60 Variable overhead Hours Hourly Rate Standard 4 $3.00 $12.00 $3.10 $13.02 Actual 4.2 Total unit cost $37.00 $42.06 Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable.
Question Content Area Skagit Company manufactures Hooks and Nooks. The following shows the activities per product and total activity information: Line Item Description Units Setups Inspections Assembly (dlh) Hooks 4,000 1 3 1 Nooks 8,000 2 2 1 Activity Total Activity - Base Usage Budgeted Activity Cost Setups 20,000 $60,000 Inspections 24,000 120, 000 Assembly (dlh) 28,000 420,000 The total factory overhead to be allocated to Nooks is a. $600, 000 b. $488,000 c. $400, 000 d. $300,000
Budgeted variable factory overhead costs: $354,000 Budgeted production in units: 60,000 units Budgeted time: 2 direct labor hours per unit Allocation base: direct labor hours Actual production in units: 58,600 units Actual variable factory overhead costs incurred: $338,500 Actual direct labor hours used: 119,000 hours CALCULATE VARIABLE FACTORY OVERHEAD ALLOCATED: Allocated: $__________ CALCULATE VARIABLE FACTORY OVERHEAD SPENDING (PRICE) VARIANCE :…
Direct materials Direct labor Variable overhead 6.5 ounces 0.2 hours 0.2 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost ➡ 2,700 2,800 19,380 21,400 x 500 $ 40,660 $ 12,050 $3,100 The variable overhead Efficiency variance for June is: $360 F $360 U $372 U $372 F $ 2.00 per ounce $23.00 per hour $6.00 per hour The company applies variable overhead on the basis of direct labor-hours. units units ounces ounces hours $ 13.00 $4.60 $1.20
#3 Required information [The following information applies to the questions displayed below.] A manufactured product has the following information for June. Direct materials Direct labor Overhead Units manufactured Standard Quantity and Cost 6 pounds @ $9 per pound 2 DLH @ $17 per DLH 2 DLH @ $12 per DLH Total budgeted (standard) cost Actual Results (1) Prepare the standard cost card showing standard cost per unit. (2) Compute total budgeted cost for June production. (3) Compute total actual cost for June production. (4) Compute total cost variance for June.
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Standards: 3 yards of cloth per unit at $1.15 per yard 2 direct labor hours per unit at $10.75 per hour Overhead allocated at $5.00 per direct labor hour Actual: 2,300 yards of cloth were purchased at $1.20 per yard Employees worked 1,700 hours and were paid $10.25 per hour Actual variable overhead was $1,600 Actual fixed overhead was $6,700 Direct materials cost variance $115 U Direct materials efficiency variance 805 F Direct labor cost variance 850 F Direct labor efficiency variance 3,225 F Variable overhead cost variance 1,600 U Variable overhead efficiency variance 1,600 F Fixed overhead cost variance 700 U Fixed overhead volume variance 2,400 F Begin by journalizing the purchase of direct materials on account, including the related variance. (Prepare a single compound journal entry.) Date Accounts and Explanation Debit Credit
The Ring The Bells, Co. collected the following data regarding production of one of its products. Budgeted units 12,500 units Standard direct labor hours per unit of output 1.2 DL hours per unit Predetermined variable factory overhead rate $2.50 Per DL hour Predetermined fixed factory overhead rate $1.75 Per DL hour Actual finished units produced 11,800 units Actual direct labor hours 13,900 hrs. Actual variable overhead costs incurred $ 37,530 Actual fixed overhead costs incurred $ 28,500 Compute the variable overhead cost variance. a. $2,780U b. $30F c. $30U d. $2,130U e. $2,130F
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