FILEPasteClipboardE40HOMECalibriBIU3 Direct materials:4 Standard5 Actual6 Direct labor:7 Standard8 ActualINSERT⠀1213 Total cost per unit14Font9 Variable overhead:10 Standard11 ActualX11 Α Α΄2.4 yards @3 yards @0.6 hours @0.5 hours @Basic Variance Analysis and the Impact of Variances on Unit Costs - ExcelPAGE LAYOUTFORMULASDATAREVIEWVIEW0.6 hours @0.5 hours @4-ABCDEFG1 Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month:2fxxF%Alignment Number$2.75 per yard$2.70 per yard$18.00 per hour$22.00 per hour$7.00 per hour$7.10 per hourConditional Format as CellFormatting Table StylesStyles15 Excess of actual cost over standard cost per unit1617 Actual production for the month13,500 units18 Variable overhead is assigned to products based on direct labor hours. There19 was no beginning or ending inventory of materials for the month.20$6.6010.804.20Cells Editin,$21.60$8.1011.003.55$22.65$1.05

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Description: FILEPasteClipboardE40HOMECalibriBIU3 Direct materials:4 Standard5 Actual6 Direct labor:7 Standard8 ActualINSERT⠀1213 Total cost per unit14Font9 Variable overhead:10 Standard11 ActualX11 Α Α΄2.4 yards @3 yards @0.6 hours @0.5 hours @Basic Variance An

Standard costing signifies wherein the total cost is budgeted and then the actual cost is compared…

Business

Accounting

Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: Direct materials: Standard Actual Direct labor: Standard 2.4 yards @ 3 yards @ Total cost per unit 0.6 hours @ 0.5 hours @ Actual Variable overhead: Standard Actual 0.6 hours @ 0.5 hours @ $2.75 per yard $2.70 per yard $18.00 per hour $22.00 per hour $7.00 per hour $7.10 per hour Excess of actual cost over standard cost per unit Actual production for the month 13,500 units Variable overhead is assigned to products based on direct labor hours. There was no beginning or ending inventory of materials for the month. $6.60 10.80 4.20 $21.60 $8.10 11.00 3.55 $22.65 $1.05

Standards for one of Patterson, Inc.'s products is shown below, along with actual cost data for the month: Direct materials: Standard Actual Direct labor: Standard 2.4 yards @ 3 yards @ Total cost per unit 0.6 hours @ 0.5 hours @ Actual Variable overhead: Standard Actual 0.6 hours @ 0.5 hours @ $2.75 per yard $2.70 per yard $18.00 per hour $22.00 per hour $7.00 per hour $7.10 per hour Excess of actual cost over standard cost per unit Actual production for the month 13,500 units Variable overhead is assigned to products based on direct labor hours. There was no beginning or ending inventory of materials for the month. $6.60 10.80 4.20 $21.60 $8.10 11.00 3.55 $22.65 $1.05

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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During the period, Shalom Company produced 8,000 units and applied overhead based on the direct labor hours. The standard cost card showed the following information: Standard Direct labor hours per unit Actual Direct labor hours Standard Fixed overhead per DLH Standard Variable overhead per DLH Budgeted variable overhead Actual Variable overhead cost Budgeted fixed overhead 3 25,000 P1.90 P2.20 P48,000 P51,000 P55,000 P57,500 Actual Fixed overhead cost Determine the variances based on the information above. Indicate as favorable or unfavorable. Format should be: 8,000 F or 8,000 UF No need to indicate if the amount is positive or negative. Amounts must be in whole numbers. Example: 88,000 or (88,000) Unit costs be in whole numbers. Example: 88 Format of percentages: 88% Words must be in capital letters. What is the fixed overhead budget variance?
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Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Rex Industries data Activity Machine setups Machine hours Inspections Overhead per Activity $155,000 352,800 120,750 Annual Usage 4,000 14,112 3,500 Overhead Rate per Activity $ Complete the chart and compute the overhead rate for each activity. Round to the nearest penny, two decimal places.
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6
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