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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Anthon Corporation has provided the following information regarding last month's activities. Units produced (actual) Master production budget Direct materials Direct labor Overhead Standard costs per unit Direct materials Direct labor Variable overhead Actual costs Direct materials purchased and used Direct labor Overhead 10,500 $ 237,600 201,600 267,000 $ 3.96 per liter x 5 liters per unit of output $ 33.60 per hour x 0.5 hour per unit $ 28.50 per direct labor-hour $ 207,480 (53,200 liters) 176,472 (5,160 hours) 272,000 (58% is variable) Variable overhead is applied on the basis of direct labor-hours Required: Calculate all variable production cost price and efficiency variances and fixed production cost price and production volume variance- Note: Do not round intermediate calculations. Indicate the effect of each veriance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.
BUDGETED DATA: Budgeted machine hours 60,000 machine hours Budgeted direct labor hours 400,000 direct labor hours Budgeted direct labor costs $6,000,000 Budgeted manufacturing overhead costs $10,000,000 Company allocates manufacturing overhead using direct labor hours used ACTUAL DATA: Actual manufacturing overhead costs incurred $9,700,000 Actual machine hours used 62,000 machine hrs used Actual direct labor hours used 380,000 actual DL hours used 1. Calculate budgeted (applied) manufacturing overhead rate per direct labor hour 2. Calculate applied (allocated) manufacturing overhead:
compute the budgeted factory overhead rate (i.e., the $ rate per activity base hour, etc.) for department x
Static budget variable overhead $7,500 Static budget fixed overhead $3,000 Static budget direct labor hours 1,500 hours Static budget number of units 7,500 units Longman allocates manufacturing overhead to production based on standard direct labor hours. Last month, Longman reported the following actual results: actual variable overhead, $10,200; actual fixed overhead, $2,820; actual production of 6,900 units at 0.25 direct labor hours per unit. The standard direct labor time is 0.2 direct labor hours per unit (1,500 static direct labor hours / 7,500 static units). 1. Compute the overhead variances for the month: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable.
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Question Content Area Pinnacle Corp. budgeted $265,170 of overhead cost for the current year. Actual overhead costs for the year were $245,850. Pinnacle's plantwide allocation base, machine hours, was budgeted at 49,430 hours. Actual machine hours were 49,970. A total of 104,380 units was budgeted to be produced and 98,000 units were actually produced. Pinnacle's plantwide factory overhead rate for the current year is: a.$2.36 per machine hour b.$2.54 per machine hour c.$4.97 per machine hour d.$5.36 per machine hour
Spree Party Lights overhead expenses are: Indirect material, pounds per unit 0.30 Indirect material, cost per pound $2 Indirect labor hours 1 Indirect labor rate per hour $16.50 Variable maintenance per unit $0.70 Variable utilities per unit $0.10 Supervisor salaries $11,000 Maintenance salaries $10,000 Insurance $3,000 Depreciation $1,400 Prepare a manufacturing overhead budget if the number of units to produce for January, February, and March are 2,400, 3,100, and 2,600, respectively. Spree Party Lights Manufacturing Overhead Budget For the Quarter Ending January - March January February March Units to Produce fill in the blank 1 fill in the blank 2 fill in the blank 3 Variable Costs Indirect Material $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 Indirect Labor fill in the blank 9 fill in the blank 10 fill in the blank 11 Maintenance fill in the blank 13 fill in the blank 14 fill in the blank 15 Utilities…
The following data are given for Stringer Company: Line Item Description Value Budgeted production 940 units Actual production 1,045 units Materials: Standard price per ounce $1.78 Standard ounces per completed unit 11 Actual ounces purchased and used in production 11,840 Actual price paid for materials $24,272 Labor: Standard hourly labor rate $14.00 per hour Standard hours allowed per completed unit 4.4 Actual labor hours worked 5,381.75 Actual total labor costs $82,072 Overhead: Actual and budgeted fixed overhead $1,099,000 Standard variable overhead rate $24.00 per standard labor hour Actual variable overhead costs $150,689 Overhead is applied on standard labor hours. The direct materials quantity variance is a. 3,196.80 favorable b. 3,196.80 unfavorable c. 614.10 unfavorable d. 614.10 favorable
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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 @ $8 per pound 3 DLH @ $16 per DLH 3 DLH @ $13 per DLH (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. Actual Results 43,700 pounds @ $8.20 per pound 21,400 hours @ $16.60 per hour $ 287,500 7,200 units
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: Wages and salaries Equipment depreciation Total cost Actual Results 15,000 Master Budget Variances 20,000 $ 10,800 39,200 $ 11,400 42,000 $ 600 F 2,800 F 111,800 133,500 21,700 F 83,500 108,000 78,000 108,000 5,500 U 0 $ 353,300 $ 372,900 $ 19,600 F Required: Prepare a flexible budget performance report for the month of March.
Direct materials-1 pound plastic at $6 per pound Direct labor-2.50 hours at $11.35 per hour Variable manufacturing overhead Fixed manufacturing overhead Total standard cost per unit The predetermined manufacturing overhead rate is $10 per direct labor hour ($25.00 +2.50). It was computed from a master manufacturing overhead budget based on normal production of 14,500 direct labor hours (5,800 units) for the month. The master budget showed total variable costs of $101,500 ($7.00 per hour) and total fixed overhead costs of $43,500 ($3.00 per hour). Actual costs for October in producing 4,600 units were as follows. Direct materials (4,710 pounds) Direct labor (11,400 hours) Variable overhead Fixed overhead Total manufacturing costs $ 29,202 132,810 $ 6.00 28.38 17.50 7.50 $59.38 85,098 32,202 $279,312 The purchasing department buys the quantities of raw materials that are expected to be used in production each month. Raw materials inventories, therefore, can be ignored. Compute all of the…