The following information is available for Marigold's Hot Dogs: Actual production Budgeted production Standard direct labor hours Actual direct labor hours Standard variable overhead rate Actual variable overhead costs 11,760 packages 12,500 packages Variable overhead spending variance eTextbook and Media 18 direct labor hours per package Variable overhead efficiency variance 22,208 $82,612 Calculate the variable overhead spending and efficiency variances. (Round answers to O decimal places, eg. 125. If variance is zero, select "Not Applicable and enter O for the amounts) $4 per direct labor hour $

The following information is available for Marigold's Hot Dogs: Actual production Budgeted production Standard direct labor hours Actual direct labor hours Standard variable overhead rate Actual variable overhead costs 11,760 packages 12,500 packages Variable overhead spending variance eTextbook and Media 18 direct labor hours per package Variable overhead efficiency variance 22,208 $82,612 Calculate the variable overhead spending and efficiency variances. (Round answers to O decimal places, eg. 125. If variance is zero, select "Not Applicable and enter O for the amounts) $4 per direct labor hour $

Name: The following information is available for Marigold's Hot Dogs:Actual
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: The following information is available for Marigold's Hot Dogs:Actual productionBudgeted productionStandard direct labor hoursActual direct labor hoursStandard variable overhead rateActual variable overhead costs11,760 packages12,500 packagesVariabl

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Calculating overhead variances Mills, Inc. is a competitor of Murry, Inc, from Exercise E2348. Mills also uses a standard cost system and provides the following information: Mills allocates manufacturing overhead to production based on standard direct labor hours. Mills reported the following actual results for 2018: actual number of units produced, 1,000; actual variable overhead, $4,000; actual fixed overhead, $3,100; actual direct labor hours, 1,600. Requirements Compute the variable overhead cost and efficiency variance and fixed overhead cost and volume variances. 2 Explain Why the variances are favorable or unfavorable.
Acme Inc. has the following information available: Actual Price paid for material $1.00 Standard Price for material $0.90 Actual quantity purchased and used in production 100 Standard quantity for units produced 90 Actual labor rate per hour $15.00 Standard labor rate per hour $14.00 Actual hours 200 hours Standard hours for units produced 190 hours Variance Variance Amount Favorable (F) or Unfavorable (U) Material Price Material Quantity Total DM Cost Variance Labor Rate Labor Efficiency Total DL Cost Variance
Direct labor variances Bellingham Company produces a product that requires 3 standard direct labor hours per unit at a standard hourly rate of $22.00 per hour. 15,200 units used 65,200 hours at an hourly rate of $19.50 per hour. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet What is the direct labor (a) rate variance, (b) time variance, and (c) cost variance? Round your answers to the nearest dollar. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. a. Direct labor rate variance b. Direct labor time variance c. Direct labor cost variance
ThingOne Company has the following information available for the past year. They use machine hours to allocate overhead. Actual total overhead $81,140 Actual fixed overhead $33,500 Actual machine hours 11,000 Standard hours for the units produced 10,400 Standard variable overhead rate $4.60 What is the variable overhead efficiency variance? Enter the amount as positive number. Variable overhead efficiency variance $fill in the blank 1
Records at the Farnsworth Corporation contained the following data for the most recent period of activity: Actual total direct labor cost Actual direct labor-hours worked Standard direct labor-hours allowed for actual output (flexible budget) Direct labor price variance Actual variable overhead Standard variable overhead rate per standard direct labor-hour Variable overhead is applied based on standard direct labor-hours allowed. Direct labor: Price variance Efficiency variance Required: Compute the labor and variable overhead price and efficiency variances. Note: 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. Variable overhead: Price variance Efficiency variance $ 48,000 X F ✓ $ 16,000 X U $ 468,100 $ 5,000 X F $ 8,000 U 15,100 14,200 $45,300 F $347,300 $ 22
* 00 CH R E. Exercise 16-35 (Algo) Profit Variance Analysis (LO 16-4) Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 116,000 liters at a budgeted price of $195 per liter this year. The standard direct cost sheet for one liter of the preservative follows. Direct materials Direct labor (2 pounds @ $12) (0.5 hours @ $40) $24 Variable overhead is applied based on direct labor hours. The variable overhead rate is $100 per direct-labor hour. The fixed overhead rate (at the master budget level of activity) is $50 per unit. All non-manufacturing costs are fixed and are budgeted at $2 million for the coming year. At the end of the year, the costs analyst reported that the sales activity variance for the year was $606,000 unfavorable. The following is the actual income statement (in thousands of dollars) for the year. Sales revenue Less variable…
Acme Inc. has the following information available: Actual price paid for material $1.00 Standard price for material $1.10 Actual quantity purchased and used in production 100 Standard quantity for units produced 130 Actual labor rate per hour $15 Standard labor rate per hour $17 Actual hours 200 Standard hours for units produced 230 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
Amos, Inc. uses a standard cost system with the following labor standards for one unit of product: standard hours 0.2 and standard wage rate $10. During January, Amos incurred 3,415 hours of direct labor and paid $33,606 in wages in production of 16,600 units. Calculate the direct labor rate and efficiency variances and indicate whether the variances are favorable or unfavorable. Direct labor rate variance Direct labor efficiency variance $ Click if you would like to Show Work for this question: Open Show.Work
Variance Analysis for Decision Making Bronfenbrenner Co. uses a standard cost system for its single product in which variable overhead is applied on the basis of direct labor hours. The following information is given: Standard costs per unit: Raw materials (1.5 grams at $16 per gram) ............................ $24.00 Direct labor (0.75 hours at $8 per hour).................................. $6.00 Variable overhead (0.75 hours at $3 per hour)........................ $2.25 Actual experience for current year: Units produced ........................................................................ 22,400 units Purchases of raw materials (21,000 grams at $17 per gram) .. $357,000 Raw materials used.................................................................. 33,400 grams Direct labor (16,750 hours at $8 per hour).............................. $134,000 Variable overhead cost incurred.............................................. $48,575 Required: Compute the following variances for raw…
Required information [The following information applies to the questions displayed below.] Antuan Company set the following standard costs per unit for its product. Direct materials (3.0 pounds @ $4.00 per pound) Direct labor (1.8 hours @ $12.00 per hour) $ 12.00 21.60 33.30 Overhead (1.8 hours @ $18.50 per hour) Standard cost per unit $ 66.90 The standard overhead rate ($18.50 per direct labor hour) is based on a predicted activity level of 75% of the factory's capacity of 20,000 units per month. Following are the company's budgeted overhead costs per month at the 75% capacity level. Overhead Budget (75% Capacity) Variable overhead costs Indirect materials $ 15,000 Indirect labor 75,000 Power 15,000 Maintenance 30,000 135,000 Total variable overhead costs Fixed overhead costs Depreciation-Building 24,000 70,000 Depreciation-Machinery Taxes and insurance 16,000 Supervisory salaries 254,500 Total fixed overhead costs 364,500
Use the information provided below to calculate the following manufacturing variances for March 2022. Note: Each answer must state whether the variance is favourable or unfavourable. Question: What is the Variable overheads expenditure variance INFORMATIONNevada Limited set a standard labour rate of R32 per hour and a standard variable overhead rate of R3.80 perlabour hour.Actual hours worked for March 2022 were 4 910 at a cost of R149 264. The actual variable overhead cost incurredwas R19 640. The standard allowance of labour hours for the output achieved was 5 000 hours.
A company reports the following information for its direct labor. Actual hours of direct labor used (AH) Actual rate of direct labor per hour (AR) Standard rate of direct labor per hour (SR) Standard hours of direct labor for units produced (SH) 72,000 $ 16 $ 15 73,300 AH = Actual Hours SH = Standard Hours AR = Actual Rate SR = Standard Rate Compute the direct labor rate and efficiency variances and identify each as favorable or unfavorable. Actual Cost Standard Cost