The Diamond Manufacturing Company uses a standard cost system for and applies overhead based on machine hours. The following information is available for June: Standard: Machine hours (MH) per unit 2 Fixed overhead rate per MH $5.00 Budgeted fixed overhead $25,000 Actual: Machine hours 4,800 Fixed overhead $26,200 Units produced 2,600 Calculate the fixed overhead budget variance and volume variance for the month of June.

The Diamond Manufacturing Company uses a standard cost system for and applies overhead based on machine hours. The following information is available for June: Standard: Machine hours (MH) per unit 2 Fixed overhead rate per MH $5.00 Budgeted fixed overhead $25,000 Actual: Machine hours 4,800 Fixed overhead $26,200 Units produced 2,600 Calculate the fixed overhead budget variance and volume variance for the month of June.

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Robinwood Fixtures manufactures two products, K4 and X7. The company prepares its master budget on the basis of standard costs. The following data are for September: Standards Direct materials Direct labor Variable overhead (per direct labor- $ 22.60 hour) Fixed overhead (per month) Expected activity (direct labor-hours) Actual resulta Direct material (purchased and used) Direct labor Variable overhead Fixed overhead Units produced (actual) pounds at 0.75 $9.40 per pound hours at 1.25 $27.40 per hour K4 $ 418,080 17,420 pounds at 11,000 $8.80 per pound hours at 14,870 $27.70 per hour $ 359,060 $ 393,740 12,340 units X7 pound at 1 $10.00 per pound 1.50 $24.40 $ 494,970 23,570 hours at $30 per hour pounds at 14,270 $10.30 per pound hours at 22,370 $34.00 per hour $ 471,212 $ 491,960 14,570 units Required: a. Prepare a variance analysis for each variable cost for each product. b. Prepare a fixed overhead variance analysis for each product. Note: For all requirements, Do not round…
k I t nces Robinwood Fixtures manufactures two products, K4 and X7. The company prepares its master budget on the basis of standard costs. The following data are for September: Standards Direct materials Direct labor Variable overhead (per direct labor-hour) Fixed overhead (per month) Expected activity (direct labor-hours) Actual results Direct material (purchased and used) Direct labor Variable overhead Fixed overhead Units produced (actual) Direct materials Direct labor Variable overhead Fixed overhead Price Variance K4 K4 0.75 pounds at $8.60 per pound 1.25 hours at $26.60 per hour Efficiency Variance $ 21.80 $ 417,120 17,380 Required: a. Prepare a variance analysis for each variable cost for each product. b. Prepare a fixed overhead variance analysis for each product. Note: For all requirements, Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.…
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The following information relates to Modern, Inc.'s overhead costs for the month: Time Runn Attempt due 2 Hours, & Static budget variable overhead $8,000 24/7 Pro Static budget fixed overhead $4,000 Static budget direct labor hours 1,300 R Liv Static budget number of units to be produced 5,000 Modern allocates manufacturing overhead to production based on standard direct labor hours. Last month, Modern reported the following actual results: actual variable overhead $11,000 actual fixed overhead $3,000 actual direct labor hours 1,400 actual number of units produced 7,000 For the month, Modern's variable overhead efficiency variance is (Round your answer to the nearest whole dollar.)
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In October, Pine Company reports 19,400 actual direct labor hours, and it incurs $122,380 of manufacturing overhead costs Standard hours allowed for the work done is 21,100 hours. The predetermined overhead rate is $5.75 per direct labor hour. Compute the total overhead variance Total Overhead Variance
Petrus Framing's cost formula for its supplies cost is $1,790 per month plus $10 per frame. For the month of March, the company planned for activity of 619 frames, but the actual level of activity was 624 frames. The actual supplies cost for the month was $8,500. The activity variance for supplies cost in March would be closest to:
The following information relates to Steele Manufacturing's overhead costs for the month: Static budget variable overhead $35,900 Static budget fixed overhead $15,600 Static budget direct labor hours 15,400 hours Static budget number of units 5,500 units Steele allocates variable manufacturing overhead to production based on standard direct labor hours. Steele reported the following actual results for last month: actual variable overhead, $35,400;actual fixed overhead, $15,400; actual production of 5,400 units at 2.4 direct labor hours per unit. The standard direct labor time is 2.8 direct labor hours per unit. Compute the variable overhead efficiency variance. (Round the answer to the nearest dollar.) A. $4,474 U B. $5,033 U C. $4,474 F D. $5,033 F
Marv Company's direct labor costs for manufacturing its only product were as follows for October: Standard direct labor hours per unit of product 2.0 Budgeted finished units for the period 6,800 Actual number of finished units produced 5,200 Standard wage rate per direct labor hour (SP) $ 28.00 Direct labor costs incurred $ 299,000 Actual wage rate per direct labor hour (AP) $ 26.00 The direct labor rate variance for October, rounded to the nearest dollar, was: Multiple Choice $23,000 favorable. $51,200 unfavorable. $2,200 unfavorable. $20,400 favorable. $30,800 unfavorable.
The following materials standards have been established for a particular product: Standard quantity per unit: 6.2 feet $ Stand price per foot: 13.60 The following data pertain to operations concerning the product for the last month: Actual materials purchased: 1,000 feet Actual cost of materials purchased: $ 13,300.00 Actual materials used in production: 400 feet Actual output: 60 units What is the materials price variance for the month? What is the materials quantity variance for the month?
A manufactured product has the following information for June. Standard Quantity and Cost Actual Results Direct materials 6 pounds @ $8 per pound 45,500 pounds @ $8.20 per pound Direct labor 2 DLH @ $15 per DLH 14,600 hours @ $15.60 per hour Overhead 2 DLH @ $12 per DLH $ 186,100 Units manufactured 7,500 units Compute the (1) direct labor rate variance and (2) direct labor efficiency variance. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)AH = Actual HoursSH = Standard HoursAR = Actual RateSR = Standard Rate
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bartleby, a Learneo, Inc. business

Standard:
Machine hours (MH) per unit	2
Fixed overhead rate per MH	$5.00
Budgeted fixed overhead	$25,000
Actual:
Machine hours	4,800
Fixed overhead	$26,200
Units produced	2,600