The following data are given for Taylor 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 based on standard labor hours. 1,000 units 980 units Favorable Unfavorable $2.00 12 11,800 $23,000 $14.00 per hour 4.5 4,560 $62,928 $27,000 $3.50 per standard labor hour $15,500 Compute the direct labor rate and time variances for Taylor Company. Enter favorable variances as negative numbers. Direct labor rate variance Direct labor time variance

The following data are given for Taylor 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 based on standard labor hours. 1,000 units 980 units Favorable Unfavorable $2.00 12 11,800 $23,000 $14.00 per hour 4.5 4,560 $62,928 $27,000 $3.50 per standard labor hour $15,500 Compute the direct labor rate and time variances for Taylor Company. Enter favorable variances as negative numbers. Direct labor rate variance Direct labor time variance

Name: **Taylor Company Production Analysis**The following data are given fo
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Description: **Taylor Company Production Analysis**The following data are given for Taylor Company for the period under consideration:### Production Data- **Budgeted production:** 1,000 units- **Actual production:** 980 units### Materials Data- **Standard price

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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Tharaldson Corporation makes a product with the following standard costs: Standard Quantity or Hours 5.6 ounces 0.3 hours 0.3 hours Direct materials Direct labor Variable overhead 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 Multiple Choice O O 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 efficiency variance for June is: O O $6,600 F $6,600 U Standard Price or Rate $ 3.00 per ounce $ 10.00 per hour $7.00 per hour $8,800 F $8,800 U 4,000 units 4,000 units 22,000 ounces 22,700 ounces 540 hours $ 42,700 $ 14,000 $ 4,000 Standard Cos Per Unit $ 16.80 $ 3.00 $ 2.10
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The following data are given for Bahia Company: Budgeted production (at 100% of normal capacity) 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 1,054 units 902 units $1.93 12 10,499 $21,523 $14.67 per hour 4.8 4,645.3 $70,841 $1,035,000 $26.00 per standard labor hour $130,068 Overhead is applied on standard labor hours. Round your final answer to the nearest dollar. Do not round int The fixed factory overhead volume variance is
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Sample Problems: 1. A company produces a single product that has the following standard costs: Materials Labor Variable overhead 5 pieces at P4 per piece 3 hours at P10 per hour 3 hours at P15 per hour 3 hours at P5 per hour P20 30 45 15 Fixed overhead Total manufacturing cost P110 The budgeted fixed overhead is P15,000. This is for the budgeted production (the normal capacity level) of 1,000 units requiring total budgeted time of 3,000 hours. During the period, the company produced 1,100 units and incurred the following costs: Materials Labor Variable overhead Fixed overhead Total 5,600 pieces at P3.80 per piece 3,250 hours at P11 per hour 3,250 hours at 14.50 per hour P21,280 35,750 47,125 16,000 P120,155 Prepare variance analysis for materials, labor and overhead.
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Gizmo Whiz manufactures premium food processors. The following are some manufacturing overhead (MOH) data for Gizmo Whiz for the year ended December 31, 2020 (Click the loon to view the overhead data) Read the requirements 1. The budgeted number of machine-hours planned in 2. The budgeted fixed manufacturing overhead costs per machine-hour is 3. The budgeted variable manufacturing overhead costs per machine-hour is 4. The budgeted number of machine-hours allowed for actual output produced in 5. The actual number of output units is (Round your answer to one decimal place.) 6. Actual number of machine-hours used per outpul unit is
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