The following data relates to Bermuda Company for the year 20X6: Estimated Manufacturing Overhead Costs $240,000 Estimated direct labour cost $300,000 Estimated Direct Labour Hours Actual Manufacturing Overhead Costs Actual direct labour cost Actual direct labour hours Allocation Base 30,000 $289,000 $315,000 33,000 Direct Labour Hours The manufacturing overhead variance for 20X6 is: Select one: O a. $2,900 over-applied O b. $25,000 over-applied

The following data relates to Bermuda Company for the year 20X6: Estimated Manufacturing Overhead Costs $240,000 Estimated direct labour cost $300,000 Estimated Direct Labour Hours Actual Manufacturing Overhead Costs Actual direct labour cost Actual direct labour hours Allocation Base 30,000 $289,000 $315,000 33,000 Direct Labour Hours The manufacturing overhead variance for 20X6 is: Select one: O a. $2,900 over-applied O b. $25,000 over-applied

Name: The following data relates to Bermuda Company for the year 20X6:Estim
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Description: The following data relates to Bermuda Company for the year 20X6:Estimated Manufacturing Overhead Costs $240,000Estimated direct labour cost$300,000Estimated Direct Labour Hours30,000$289,000$315,000Actual Manufacturing Overhead CostsActual direct la

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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If factory overhead is to be applied based on direct labor costs, the predetermined overhead rate is choices 196% 198.88% P14.92 P15.65
Board Company's direct labor information for February is as follows: Direct labor hours worked (AQ) 35,800 Standard direct labor hours for units manufactured (SQ) 38,000 Unfavorable direct labor rate variance 17,900 Total payroll for direct labor $ 411,700 The standard direct labor rate per hour (SP) for February was: Multiple Choice $11.00. $10.83. $11.31. $12.00. $11.50.
7 EB7. 4.4 A company estimates its manufacturing overhead will be $840,000 for the next year. What is the predetermined overhead rate given each of the following independent allocation bases? expense: $750,000 C. Estimated machine hours: 150,000 A. Budgeted direct labor hours: 90,615 B. Budgeted direct labor
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 $ 3.00 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. The actual variable overhead cost incurred during the period was $25,050. Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the variable overhead rate variance? Multiple Choice $1,650 F $1,650 U $1,050 U $1,050 F
The standard costs and actual costs for factory overhead for the manufacture of 2,800 units of actual production are as follows: Line Item DescriptionValueFixed overhead (based on 10,000 hours)3 hours per unit at $0.71 per hourVariable overhead3 hours per unit at $1.98 per hour Actual Costs Total variable cost, $18,200 Total fixed cost, $8,200 The fixed factory overhead volume variance is Group of answer choices $1,136 unfavorable $909 unfavorable $909 favorable $0
Assume the following: • The variable portion of the predetermined overhead rate is $1.50 per direct labor-hour. • The standard labor-hours allowed per unit of finished goods is 3 hours. • The variable overhead efficiency variance is $1,500 F. • The company produced 15,000 units of finished goods during the period. What is the actual quantity of direct labor-hours worked during the period? Multiple Choice о о O O 44,000 hours 44,500 hours 43,500 hours 43,000 hours
The following information relates to production activities of Mercer Manufacturing for the year. Actual direct materials used 17,300 pounds at $4.70 per pound Actual direct labor used 17,935 hours at $32 per hour Actual units produced 32,600 Standard quantity and price per unit for direct materials 0.50 pound at $4.65 per pound Standard quantity and rate per unit for direct labor 0.50 hour at $33 per hour AR = Actual RateSR = Standard RateAQ = Actual QuantitySQ = Standard QuantityAP = Actual PriceSP = Standard Price (1) Compute the direct materials price and quantity variances.(2) Compute the direct labor rate and efficiency variances.
The standard costs and actual costs for factory overhead for the manufacture of 2,700 units of actual production are as follows: Fixed overhead (based on 10,000 hours) Variable overhead Actual Costs Total variable cost, $17,800 Total fixed cost, $8,200 The total factory overhead cost variance is Oa. $1,600 unfavorable Ob. $2,930 favorable Oc. $2,930 unfavorable Od. $4,260 favorable Standard Costs 3 hours per unit at $0.70 per hour 3 hours per unit at $2.00 per hour
( a ) Period cost ( b ) Expected manufacturing overhead cost for a production level of 60,000 units. Zou Pty Ltd prepared a summary showing the following expected costs for a production level of 50,000 units: Direct labour $ 80,000 Fixed manufacturing overhead 60,000 Fixed selling and administration 110,000 Variable manufacturing overhead 30,000 Variable manufacturing 250,000 Variable selling 70,000 Zou Pty Ltd accounts for all manufacturing costs as inventorial (product) costs. COST SHEET Direct Labour $80,000.00 Direct Material 0 Prime Cost $80,000.00 Fixed Manufacturing Overhead $60,000.00 Variable Manufacturing Overhead 30,000.00 Variable Manufacturing 250,000.00 Conversion Cost $420,000.00 Variable Setting $70,000.00 Fixed Selling and Administration 110,000.00 Product Cost $600,000.00
Santorini Ltd. has accumulated the following data over a six-month period: Indirect Labor Hours Indirect Labor Cost January 500 $ 9,500 February 400 9,000 March 600 10,000 April 800 12,000 May 700 11,000 June 650 10,500 Determine the formula that could be used to determine Santorini’s indirect labor cost at various levels of production using the high-low method.
The standard costs and actual costs for factory overhead for the manufacture of 2,500 units of actual production are as follows: Standard Costs 3 hours per unit at $0.71 per hour 3 hours per unit at $1.90 per hour Fixed overhead (based on 10,000 hours) Variable overhead Actual Costs Total variable cost, $17,800 Total fixed cost, $7,900 The fixed factory overhead volume variance is Oa. So Ob. $1,420 unfavorable Oc. $1,775 unfavorable Od. $1,420 favorable
The standard costs and actual costs for factory overhead for the manufacture of 3,000 units of actual production are as follows: Standard Costs Fixed overhead (based on 10,000 hours) Variable overhead 3 hours per unit @ $0.78 per hour 3 hours per unit @ $2.00 per hour a. $0 b. $624 favorable O c. $780 unfavorable O d. $624 unfavorable Actual Costs Total variable cost, $18,000 Total fixed cost, $7,900 The amount of the fixed factory overhead volume variance is