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The following information is provided to assist you in evaluating the performance of the production operations of Studio Company: 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 Price Variance 56,000 $127,710 108,360 162,540 $1.65 x 2 gallons per unit of output $14 per hour x 0.2 hour per unit $12.00 per direct labor-hour $158,145 (81,100 gallons) 133,874 (9,880 hours) 176,200 (61% 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 variances. (Do not round intermediate calculations. 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.) Efficiency Variance Production Volume Variance

The following information is provided to assist you in evaluating the performance of the production operations of Studio Company: 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 Price Variance 56,000 $127,710 108,360 162,540 $1.65 x 2 gallons per unit of output $14 per hour x 0.2 hour per unit $12.00 per direct labor-hour $158,145 (81,100 gallons) 133,874 (9,880 hours) 176,200 (61% 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 variances. (Do not round intermediate calculations. 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.) Efficiency Variance Production Volume Variance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following information is provided to assist you in evaluating the performance of the production operations of Studio Company: 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 Direct materials Direct labor Variable overhead Fixed overhead Price Variance 56,000 $127,710 108,360 162,540 $1.65 x 2 gallons per unit of output $14 per hour x 0.2 hour per unit $12.00 per direct labor-hour 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 variances. (Do not round intermediate calculations. 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.) $158,145 (81,100 gallons) 133,874 (9,880 hours) 176,200 (61% is variable) Efficiency Variance Production Volume Variance
Transcribed Image Text:The following information is provided to assist you in evaluating the performance of the production operations of Studio Company: 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 Direct materials Direct labor Variable overhead Fixed overhead Price Variance 56,000 $127,710 108,360 162,540 $1.65 x 2 gallons per unit of output $14 per hour x 0.2 hour per unit $12.00 per direct labor-hour 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 variances. (Do not round intermediate calculations. 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.) $158,145 (81,100 gallons) 133,874 (9,880 hours) 176,200 (61% is variable) Efficiency Variance Production Volume Variance
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