The following data are given for Bahia Company: Budgeted production Actual production Materials: Standard price per pound Standard pounds per completed unit Actual pounds purchased and used in production Actual price paid for materials Labor: Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs Overhead: Actual and budgeted fixed overhead Standard variable overhead rate Actual variable overhead costs Overhead is applied on standard labor hours. The variable factory overhead controllable variance is a. $540 favorable Ob. $540 unfavorable c. $65 favorable Od. $65 unfavorable 1,000 units 980 units $2.00 12 11,800 $23,000 $14.00 per hour 4.5 4,560 $62,928 $27,000 $3.50 per standard direct labor hour $15,500

The following data are given for Bahia Company: Budgeted production Actual production Materials: Standard price per pound Standard pounds per completed unit Actual pounds purchased and used in production Actual price paid for materials Labor: Standard hourly labor rate Standard hours allowed per completed unit Actual labor hours worked Actual total labor costs Overhead: Actual and budgeted fixed overhead Standard variable overhead rate Actual variable overhead costs Overhead is applied on standard labor hours. The variable factory overhead controllable variance is a. $540 favorable Ob. $540 unfavorable c. $65 favorable Od. $65 unfavorable 1,000 units 980 units $2.00 12 11,800 $23,000 $14.00 per hour 4.5 4,560 $62,928 $27,000 $3.50 per standard direct labor hour $15,500

Name: The following data are given for Bahia Company:Budgeted productionAct
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Description: The following data are given for Bahia Company:Budgeted productionActual productionMaterials:Standard price per poundStandard pounds per completed unitActual pounds purchased and used in productionActual price paid for materialsLabor:Standard hourly

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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manufacturer of industrial equipment has a standard costing system based on standard direct labor-hours (DLHs) as the measure of activity. Data from the company's flexible budget for manufacturin overhead are given below: Level of activity Overhead costs at the denominator activity level: Variable overhead cost Fixed overhead cost The following data pertain to operations for the most recent period: Actual hours Standard hours allowed for the actual output Actual total variable manufacturing overhead cost Actual total fixed manufacturing overhead cost 2,550 DLHs $ 8,600 $ 35,125 2,700 DLHs 2,597 DLHs $ 9,200 $ 35,525 How much overhead was applied to products during the period to the nearest dollar? Note: Do not round Intermediate calculations. Multiple Cholce $44.125 $43.725 $44.725 $44.531 $44.725
Use the following information for Questions 18 & 19 18. 19. The Maxit Corporation has a standard costing system in which variable manufacturing overhead is assigned to production on the basis of standard machine-hours. The following data are available for July: C. d. The variable overhead efficiency variance for July is: a. $600 U b. $540 U $540 F $600 F ● a. b. Actual variable manufacturing overhead cost incurred: $11,310 Actual machine-hours worked: 1,600 hours Variable overhead rate variance: $1,710 U Total variable overhead spending variance: $2,310 U The standard number of machine-hours allowed for July production is closest to: 1,600 hours 1,700 hours C. d. 1,300 hours 1,500 hours
This Company uses standard costing. Variable overhead is applied at $8 per direct labor hour. Data for the month of September follows: Actual overhead variable costs $78,000 Standard hours allowed for actual production 10,000 Actual labor hours worked 9,800 How much is the controllable overhead spending variance? a. $2,000 favorable b. $400 favorable c. $400 unfavorable d. $2,000 unfavorable
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Inputs Direct materials Direct labor Variable manufacturing overhead Actual results: Actual output Actual variable manufacturing overhead cost $ Actual direct materials cost Actual direct labor cost Standard Quantity 2.9 pounds 0.65 hours 0.65 hours Actual Quantity 6,550 pounds 1,120 hours Required: Use the information above to calculate the variances. 2,120 units 7,260 $ $ $ $ $ Actual Price 3.97 per pound 21.35 per hour Standard Price 4.15 per pound 22.00 per hour 5.89 per hour
Data on Gantry Company's direct labor costs are given below: Standard direct labor-hours Actual direct labor-hours Direct labor efficiency variance-favorable Direct labor rate variance-favorable Total direct labor payroll What was Gantry's actual direct labor rate? 35,000 34,000 $ 4,100 $ 6,800 $ 132,600 Multiple Choice $4.10 $3.70 $3.90 $6.80
Manufacturing overhead data for the production of Product H by Kingbird Company, assuming the company uses a standard cost system, are as follows. Overhead incurred for 46,100 actual direct labor hours worked $281,880 Overhead rate (variable $5; fixed $1) at normal capacity of 58,300 direct labor hours $6 Standard hours allowed for work done $47,180 Compute the total overhead variance
Print Item Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 90 Actual quantity purchased and used in production 110 Standard quantity for units produced Actual labor rate per hour $15 Standard labor rate per hour $16 Actual hours 200 230 Standard hours for units produced A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all amounts as positive numbers. Material price variance Material quantity variance Labor rate variance Labor efficiency variance 2$ B. What are some possible causes for this combination of favorable and unfavorable variances?
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Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL's standard cost card follows: Variable manufacturing overhead During August, LLL had the following actual results: Units produced and sold Actual variable overhead Actual direct labor hours Standard. Quantity 0.6 Variable Overhead Rate Variance Variable Overhead Efficiency Variance Variable Overhead Spending Variance 24,900 $ 9,480 15,900 Standard Rate $0.80 Standard Unit Cost $0.48 Required: Compute LLL's variable overhead rate variance, variable overhead efficiency variance, and over- or underapplied variable overhead. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).