Tharaldson Corporation makes a product with the following standard costs: Standard Standard Quantity or Standard Price or Cost Per Unit $21.98 Hours Rate $ 3.00 per ounce $ 17.00 per hour $ 6.00 per hour Direct materials 7.3 ounces $ 3.40 $ 1.20 Direct labor e.2 hours Variable overhead e.2 hours The company reported the following results conceming this product in June. 2,700 units 2,800 units 18,500 ounces 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 21,600 ounces 480 hours $ 42,100 $ 12,700 $ 3,350 The company applies varlable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materlals are purchased. The labor rate varlance for June is

Tharaldson Corporation makes a product with the following standard costs: Standard Standard Quantity or Standard Price or Cost Per Unit $21.98 Hours Rate $ 3.00 per ounce $ 17.00 per hour $ 6.00 per hour Direct materials 7.3 ounces $ 3.40 $ 1.20 Direct labor e.2 hours Variable overhead e.2 hours The company reported the following results conceming this product in June. 2,700 units 2,800 units 18,500 ounces 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 21,600 ounces 480 hours $ 42,100 $ 12,700 $ 3,350 The company applies varlable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materlals are purchased. The labor rate varlance for June is

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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subject : Accounting
Tharaldson Corporation makes a product with the following standard costs: Direct materials Direct labor Variable overhead Standard Quantity or Hours 7.1 ounces 0.2 hours 0.2 hours Standard Price or Rate Standard Cost Per Unit $ 28.40 $ 4.00 per ounce $ 11.00 per hour $ 2.20 $ 4.00 per hour $ 0.80 The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 2,500 units 3,000 units 21,500 ounces Purchases of raw materials Actual direct labor-hours Actual cost of raw materials purchases Actual direct labor cost Actual variable overhead cost 22,500 ounces 560 hours $ 45,100 $ 12,500 $ 3,250 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 labor rate variance for June is: Multiple Choice $306 F $6.340 U $306 U $6,340 F
rpóration makes a product with the following standards for direct labor and variable overhead: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct labor 0.3 hours $ 14.00 per hour $ 5.00 per hour $ 4.20 $ 1.50 Variable overhead 0.3 hours In November the company's budgeted production was 5,300 units, but the actual production was 5,100 units. The company used 1,650 direct labor-hours to produce this output. The actual variable overhead cost was $7,590. The company applies variable overhead on the basis of direct labor-hours. The variable overhead efficiency variance for November is: Multiple Choice $552 F $600 U $552 U $600 F
Mohammed Company employs a standard cost system. Mohammed has established the following standards for one unit of product: Standard Quantity Standard Price Standard Cost Direct materials 12.0 pounds $ 7.00/pound $ 84.00 Direct labor 2.0 hours $15.00/hour 75.00 During June, Mohammed planned to produce 21,000 units of product. It purchased 330,000 pounds of direct material at a total cost of $2,343,000. The total factory wages for June were $1,440,000. Mohammed manufactured 20,000 units of product during June using 302,000 pounds of direct material and 41,000 direct labor hours. How much is the labor efficiency variance? $15,000 unfavorable $75,000 unfavorable $75,000 favorable $15,000 favorable $35,000 favorable
Assume the following information appears in the standard cost card for a company that makes only one product: Standar Quantity or Hours Standar Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 16.90 per hour $ 33.80 Variable manufacturing overhead 2 hours $ 3.00 per hour $ 6.00 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. What is the direct labor rate variance?
A company makes a product with the following standard costs: Standard Quantity or Hours Standard Cost Per Standard Price or Rate Unit Direct materials 7.6 ounces $4.00 per ounce $30.40 $5.00 $ 4.50 Direct labor 0.5 hours $ 10.00 per hour Variable overhead 0.5 hours $ 9.00 per hour 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 3,000 units 3,100 units 16,300 ounces 17,400 ounces 510 hours $ 45,000 $ 13,000 $3,500 The company applles varlable overhead on the basls of direct labor-hours. The labor rate varlance for June Is: - ఆడిం Multiple Choice $7.900 F $7,900 U $1,337 U
Denger
Tharaldson Corporation makes a product with the following standard costs: Standard Standard Quantity or Hours Standard Price or Cost Per Rate Unit Direct materials $ 4.00 per ounce $ 11.00 per hour $ 4.00 per hour 7.1 ounces $28.40 Direct labor $ 3.30 $ 1.20 0.3 hours Variable overhead e.3 hours The company reported the following results concerning this product in June. Originally budgeted output Actual output Raw materials used in production 2,500 units 3,000 units 21,500 ounces Purchases of raw materials 22,000 ounces 560 hours Actual direct labor-hours Actual cost of raw materials purchases $ 45,100 $ 12,500 $ 3,250 Actual direct labor cost Actual variable overhead cost The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases varlance is computed when the materials are purchase The labor efficiency varlance for June is:
Assume the following information appears in the standard cost card for a company that makes only one product: Standard Quantity or Hours Standard Price or Rate Standard Cost Direct materials 5 pounds $ 11.00 per pound $ 55.00 Direct labor 2 hours $ 17.00 per hour $ 34.00 Variable manufacturing overhead 2 hours $ 3.80 per hour $ 7.60 During the most recent period, the following additional information was available: 20,000 pounds of material was purchased at a cost of $10.50 per pound. All of the material that was purchased was used to produce 3,900 units. 8,000 direct labor-hours were recorded at a total cost of $132,000. The actual variable overhead cost incurred during the period was $25,000. Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead efficiency variance?
Sweet Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 6.0 ounces $ 3.00 per ounce $ 18.00 Direct labor 0.3 hours $ 11.00 per hour $ 3.30 Variable overhead 0.3 hours $ 9.00 per hour $ 2.70 The company reported the following results concerning this product in April. Originally budgeted output 3,600 units Actual output 3,200 units Raw materials used in production 21,000 ounces Purchases of raw materials 22,100 ounces Actual direct labor-hours 500 hours Actual cost of raw materials purchases $ 42,300 Actual direct labor cost $ 13,600 Actual variable overhead cost $ 3,800 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 variable overhead efficiency variance for April is:
I need c and d part
Max Company has developed the following standards for one of its products: Direct materials 15 pounds ´ £16 per poundDirect labour 4 hours ´ £24 per hourVariable overhead 4 hours ´ £14 per hour The following activities occurred during the month of October: Materials purchased 10,000 pounds costing £170,000Materials used 7,200 poundsUnits produced 500 unitsDirect labour 2,300 hours at £23.60 per hourActual variable overhead £30,000 The company records materials price variances at the time of purchase. Refer to Figure 17-1. Max's variable standard cost per unit would be