The following data are given for Harry Company:Budgeted productionActual productionMaterials:Standard price per ounceStandard ounces per completed unitActual ounces purchased and used in productionActual price paid for materialsLabor:Standard hourly labor rateStandard hours allowed per completed unitActual labor hours workedActual total labor costs1,002 units933 unitsThe direct labor rate variance isO a $16,794.10 unfavorableOb $9,465.05 unfavorableOc. 19,465.85 favorableO d. $16,794.10 favorable$1.9161211,532$23,641$14.28 per hour.4.64,805$78,081Overhead:Actual and budgeted fixed overheadStandard variable overhead rateActual variable overhead costsOverhead is applied on standard labor hours. (Do not round intermediate calculations and final answer to two decimal places.)$1,058,000$26.00 per standard labor hour$134,540

Introduction to standard costing-Standard costing is one of the systems in costing that deals with…

The following data are given for Harry Company: Budgeted production Actual production Materials: Standard price per ounce Standard ounces per completed unit Actual ounces 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 1,002 units 933 units $1.916 12 11,532 $23,641 $14.28 per hour 4.6 4,805 $78,081 Overhead: Actual and budgeted fixed overhead Standard variable overhead rate Actual variable overhead costs Overhead is applied on standard labor hours. (Do not round intermediate calculations and final answer to two decimal places.) The direct labor rate variance is O a. 516,794.10 unfavorable Ob 59,465.05 unfavorable O 19,465.85 favorable O d. $16.794.10 favorable $1,058,000 $26.00 per standard labor hour $134,540

The following data are given for Harry Company: Budgeted production Actual production Materials: Standard price per ounce Standard ounces per completed unit Actual ounces 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 1,002 units 933 units $1.916 12 11,532 $23,641 $14.28 per hour 4.6 4,805 $78,081 Overhead: Actual and budgeted fixed overhead Standard variable overhead rate Actual variable overhead costs Overhead is applied on standard labor hours. (Do not round intermediate calculations and final answer to two decimal places.) The direct labor rate variance is O a. 516,794.10 unfavorable Ob 59,465.05 unfavorable O 19,465.85 favorable O d. $16.794.10 favorable $1,058,000 $26.00 per standard labor hour $134,540

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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Use this information for Harry Company to answer the question that follow.The following data are given for Harry Company: Budgeted production 26,000 units Actual production 27,500 units Materials: Standard price per ounce $6.50 Standard ounces per completed unit 8 Actual ounces purchased and used in production 228,000 Actual price paid for materials $1,504,800 Labor: Standard hourly labor rate $22.00 per hour Standard hours allowed per completed unit 6.6 Actual labor hours worked 183,000 Actual total labor costs $4,020,000 Overhead: Actual and budgeted fixed overhead $1,029,600 Standard variable overhead rate $24.50 per standard labor hour Actual variable overhead costs $4,520,000 Overhead is applied on standard labor hours. (Round interim calculations to the nearest cent.)The direct labor rate variance is a.$5,490 favorable b.$5,490 unfavorable c.$33,000 unfavorable d.$33,000 favorable
The following data are given for Stringer Company: Budgeted production Actual production Materials: Standard price per ounce Standard ounces per completed unit Actual ounces 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 ate Actual variable overhead costs Overhead is applied on standard labor hours. The direct materials quantity variance is 965 units 1,067 units $1.95 11 12,089 $24,782 $14.56 per hour 4.1 5,495.05 $83,800 $1,138,000 $24.00 per standard labor hour $153,861
Information concerning Johnston Company's direct materials costs is as follows: Standard price per pound $ 8.05 Actual quantity purchased 3,450 pounds Actual quantity used in production 3,350 pounds Units of product manufactured 860 Materials purchase-price variance–favorable $ 1,015 Budget data for the period: Units to manufacture 1,160 Units of direct materials 4,640 pounds The actual purchase price per pound of direct materials was: $7.72. $8.34. $8.72. $8.09. $7.76.
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.
The following data are given for Zoyza Company: Budgeted production (at 100% of normal capacity) 26,000 units Actual production 27,500 units Materials: Standard price per ounce $6.50 Standard ounces per completed unit 8 Actual ounces purchased and used in production 228,000 Actual price paid for materials $1,504,800 Labor: Standard hourly labor rate $22.00 per hour Standard hours allowed per completed unit 6.6 Actual labor hours worked 183,000 Actual total labor costs $4,020,000 Overhead: Actual and budgeted fixed overhead $1,029,600 Standard variable overhead rate $24.50 per standard labor hour Actual variable overhead costs $4,520,000 Overhead is applied on standard labor hours. The fixed factory overhead volume variance is a.$73,250 unfavorable b.$73,250 favorable c.$59,400 favorable d.$59,400 unfavorable
The following data are given for Stringer Company: Budgeted production 930 units Actual production 1,042 units Materials: Standard price per ounce $1.94 Standard ounces per completed unit 12 Actual ounces purchased and used in production 12,879 Actual price paid for materials $26,402 Labor: Standard hourly labor rate $14.40 per hour Standard hours allowed per completed unit 4.4 Actual labor hours worked 5,366.3 Actual total labor costs $81,836 Overhead: Actual and budgeted fixed overhead $1,110,000 Standard variable overhead rate $28.00 per standard labor hour Actual variable overhead costs $150,256 Overhead is applied on standard labor hours. The direct materials quantity variance is O a. 1,416.74 favorable Ob. 1,416.74 unfavorable Oc. 727.50 unfavorable Od. 727.50 favorable
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Miguez Corporation makes a product with the following standard costs: Standard Quantity or Hours Standard Price or Rate Standard Cost Per Unit Direct materials 2.3 liters $ 7.00 per liter $ 16.10 Direct labor 0.7 hours $ 22.00 per hour $ 15.40 Variable overhead 0.7 hours $ 2.00 per hour $ 1.40 The company budgeted for production of 2,600 units in September, but actual production was 2,500 units. The company used 5,440 liters of direct material and 1,680 direct labor-hours to produce this output. The company purchased 5,800 liters of the direct material at $7.20 per liter. The actual direct labor rate was $24.10 per hour and the actual variable overhead rate was $1.90 per hour. 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 September is: Multiple Choice $3,675 F $3,528 U $3,528 F $3,675 U
Tharaldson 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 $ 9.00 per ounce $ 54.00 Direct labor 0.7 hours $ 11.00 per hour $ 7.70 Variable overhead 0.7 hours $ 9.00 per hour $ 6.30 The company reported the following results concerning this product in June. Originally budgeted output 3,600 units Actual output 3,200 units Raw materials used in production 21,000 ounces Purchases of raw materials 20,900 ounces Actual direct labor-hours 5,000 hours Actual cost of raw materials purchases $ 42,100 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 materials quantity variance for June is:
Stafford Company prepared a static budget for a production and sales volume of 11,200 units. Per unit Static standards Budget Number of units 11,200 Sales revenue $77.00 $862,400 Variable manufacturing costs: Materials $18.00 201,600 Labor $14.00 156,800 Overhead $ 5.40 60,480 Variable general, selling, and administrative costs Contribution margin $18.00 201,600 $241,920 Fixed costs Manufacturing overhead 112,800 General, selling, and administrative costs 57,000 Net income $ 72,120 What is the net income if 10,200 units are sold? Multiple Choice $71,995 $72,478 $64,268 $50,520
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
Consider the following data for two products of Vigano Manufacturing. Activity Budgeted Cost Activity Driver Machine setup $ 16,000 (20 machine setups) Parts handling 12,800 (16,000 parts) Quality inspections 19,200 (100 inspections) Total budgeted overhead $ 48,000 Unit Information Product A Product B Units produced 1,600 units 320 units Direct materials cost $ 26 per unit $ 36 per unit Direct labor cost $ 46 per unit $ 56 per unit Direct labor hours 2 per unit 2.50 per unit 1. Using a plantwide overhead rate based on 4,000 direct labor hours, compute the total product cost per unit for each product.2. Consider the following additional information about these two products. If activity-based costing is used to allocate overhead cost, (a) compute overhead activity rates, (b) allocate overhead cost to Product A and Product B and compute overhead cost per unit for each, and (c) compute product cost per unit for each. Actual Activity Usage Product A…